FHA Loans
Q: If there is a 100% financing on an FHA loan, do I still have to pay 1% down when sigining the P&S? Or would it be at 0 down? Thank you.
A: Unless you have an FHA loan already in the process, you probably wont be able to get 100% financing. The rules & guidelines for FHA are set to change starting next month (September) with all of thier products conforming to the new guidelines by October.The VA still will offer 100% financing if you were in the service.So, if you really want 100% financing, get with your lender & apply today (the 100% FHA loans are also known as ‘downpayment assistance’ loans - ‘Ameridream is one of them). Oh yea, you will need a house & a seller willing to participate.
Q: Yes, I am already a part of one. Thank you.
A: Good job with getting in under the deadline. You should do what is required to comply with the lenders to get your loan processed as quickly as possible. In the event you paid too much in prior to the closing ( referred as P.O.C. - or Paid Outside Closing on your closing statement), you should get re-embursed at the time of your closing. Refer to your ‘good faith estimate’ of closing costs your lender supplied to you.That is the best estimate of your costs you will have at this time.
FHA loan question
Q: i applied for a fha loan on a house and the house had allready been purchachased buy someone else who used a fha loan and they backed out at closing this all occured in the last six months my loan officer is having a problem he say s he can t get the loan to go threw because it is defaulting back to the first buyers who never actuallt bought the property, he says threw current fha standards it is aproved but when he put s the property in it get s declined …even if he drasticlly changes income…ect…he has 5 calls in to fha and get s no response…we are suppusew to close on the 29 th and he say s the only optio n is go with 5 % down loan and it goes threw …any idea s?
A: I have never heard of this. FHA appraisal’s no longer stay with the property for 6 months like it did in the past. The last people should have nothing to do with them. Is it the same company who did both loans? Maybe they did not issue a withdrawal or denial of the loan.
2 FHA Loans ?
Q: If I have a FHA loan now, can I assume another FHA loan?
A: I don’t believe that an FHA loan is an assumable loan. Make sure you check with the company holding the ‘paper’ on it. As far as I know, V.A. loans are the last of the assumable bunch (with a few exceptions). There still might be some ‘old’ loans ‘out there’ that are assumable but the balance will be low & the difference between the balance & the sale price may be too much of a varience to make it realistic. Consult with your Realtor for some ‘creative’ ways to assume a low balance with a second mortgage or purchace money mortgage.
Name off of mortgage
Q: The mortgage loan on my house is in my ex-husband’s name, we divorced in 2000. My ex put my name on the deed and took his out but the mortgage remained in his name. He now wants his name off the mortgage. I have been paying the home on a timely basis for the past ten years and have done numerous repairs to the home. How can I get the bank to switch the mortgage to my name? My ex is threatening to sell the home in order to get his name off, but the deed only has my name, can he do this? Please help, I need answers.
A: The only way to get the mortgage in only your name would be to re-finance. That way when closing on the re-fi, the old loan w/ your ex’s name would be paid off & his name would disappear.The other way is almost non existent, that would be for you to assume the loan. That would require you to qualify financially & the lending institution to be willing to do so. As far as him selling the house, that is nothing but an idle threat. It is in your name only, giving you all the control when it comes to selling & / or refinancing.
Mortgage acceptance
Q: We have buyers for our house who have still not gotten WRITTEN mortgage acceptance. They are closing June 26th and want to come into our house to measure for their furniture. We have had the house off the market for close to a month and want to know if this issue we need to \”push.\” Our lawyer has had verbal verfication of their loan. We are uncomfortable letting these people in our home when they have no writtten commitment to buy. Help.
A: Your purchase agreement should contain a ‘mortgage contingency’ clause which includes a timeframr in which the buyers are to obtain their written approval for said mortgage. Read the cause carefully as it stipulates what options either party has in the event the timeframe is not met. Also, just because they are past this date does not void the agreement. This means that the buyers are simply ‘out of contract’ . A much larger problem would present itself if the closing date was not met.You indicated your lawyer has spoke with the lender & all seems well. Good job on getting the professional guidence you needed. I would not be concerned or worried, just be (& stay) aware of the situation.Let the buyers come through to measure, this keeps them excited & on track with the transaction, focusing on the end result - the closing.
Loan for home purchase for my mother
Q : I am obtaining a loan to purchase a home for my mother. In order to receive a
break on property taxes available because my mother is a senior citizen, we want
the deed to the home to be in both of our names. The agent dealing with my
mother on the purchase is telling us that the initial deed will have to be
issued to me and that we must get a lawyer and have ownership transferred to my
mother and myself as co-owners after closing. I disagree and believe that while
the mortgage/deed of trust might have to be in my name (since the loan will be
in my name only), that the deed to the home can be issue to us jointly at
closing (thereby saving us attorney’s fees later). Who’s right?
A : You are both correct. The title company facilitating the paperwork for the transaction should be able to assist you with a quit claim deed signed & processed subsequent to the closing. You would quit claim your interest in the property from yourself to yourself and your mother, putting you both on record as co-owners. Your agent is partially correct in the 1st deed with the transaction would be executed to you & you would add your mother to title after. When you see that 1st deed recorded, then take the fully executed quit claim deed to the records department at the registrar of deeds for recording.
In the event the title company will not assist, even for a fee, then you should have an attorney help you.
