Tag Archive for: fha financing

In Defense of FHA! Misconceptions Persist!

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FHA financing is ideal for first-time homebuyers or borrowers with low credit and limited savings. FHA loans have lower rates than conforming (Fannie/Freddie) loans. This is especially the case for borrowers with low credit scores (under 680).Read More

If Property Won’t Appraise, Change Financing!

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We have a buyer who is willing to offer $450,000 for a property with 10% down. The problem is that, according to her agent, “the property will never appraise for more than $380,000, because there are no comparable sales anywhere above $380,000.” Read More

FHA Financing – Why & When Listing Agents Should Not Be Leery

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INTRODUCING JVM’S BLOG PODCAST We have turned our blog posts into podcast episodes – perfect for listening on the go. You can listen to this blog as well as some […]Read More

Using Rental Income From Units to Qualify; Vacant Units; Illegal Units

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I blogged recently about “House Hacking” (here and here) or buying multiple-unit properties in order to use the rental income to subsidize one’s mortgage payment. We received numerous questions in […]Read More

No Bubble Here; FHA Condo Spot Approvals

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FHA CONDO SPOT APPROVALS ARE BACK STARTING TOMORROW Starting tomorrow, an entire condominium complex will no longer need to be “FHA Approved” for a buyer to use FHA financing to […]Read More

Competing With Builder Financing – False Enticements & Lender Credits!

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Most new home builders offer large credits to buyers who opt to use the builder’s preferred mortgage company. The credits come in the form of interior “upgrades” (better floor coverings, […]Read More

FHA Financing Is Fast, “As Is,” & Easy; 15 Day Close

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Heejin and I did a presentation yesterday on marketing for real estate agents, based on everything we have seen work and not work with the hundreds of agents we have […]Read More

FHA Reminders: Attached PUDs, Refi’s to 96.5%; Cash-out Refi to 85%

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A few quick but important reminders about FHA Financing, as we get questions often: 1. FHA financing is available for all Planned Unit Developments (PUDs) or “townhomes,” even if they […]Read More

We Push 5% Down Conventional Over FHA, If Loan Is Under $417,000

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We had a buyer come to us this weekend who had been approved for FHA financing by an online lender. The buyer, however, was very well qualified and should have been encouraged […]Read More

FHA Not ONLY For 1st Time Buyers; Who Uses FHA Financing?

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FHA Financing is not just for first time buyers. FHA financing can be used by anybody who does not currently have an FHA loan. FHA financing is best for borrowers […]Read More

FHA Financing for “Fixer;” Save Cash For Repairs; Refi Later

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We sometimes have buyers, with ample cash, use FHA financing to buy total “fixers” and then use their cash savings (from the smaller down payment) for improvements. Once their improvements […]Read More

“Title Only” (On Title; Not On Loan); OK at Most Lenders

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This is a reminder that almost all lenders allow spouses, partners, children, etc. to be on purchase contracts and therefore to be “on title” to a property, but not on […]Read More