Tag Archive for: fha

Homes Do Not Need Appliances Unless “Built In”

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Properties do not need to have appliances installed at close if they are not “built in” in most cases. Hence, many properties do not need stoves or refrigerators to be […]Read More

FHA to Reduce Annual MI by 0.50% – 0.85% in Most Cases

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President Obama is announcing a proposed reduction in FHA Mortgage Insurance today. Currently, most FHA Loans (with 3.5% down) have Annual Mortgage Insurance Premiums of 1.35%. The Obama Administration wants […]Read More

FHA No Longer Finances FLIPS

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FHA will no longer finance “Flips.” A “Flip” is any property that was purchased and re-sold within 90 days of the purchase date. This means the contract for 2nd purchase […]Read More

Commercial Use In Condo Complex Is OK

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JVM Lending is open today. This is a reminder that Commercial Use within a condo complex is OK (for Fannie, Freddie, and FHA) as long as the commercial use does […]Read More

When VA /FHA Clearly Stronger Than Conventional? Large Down

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We often have buyers willing to take VA or FHA financing even though they have substantial funds for down payments. The reason is that they are often bidding on properties […]Read More

Minimum Credit Score for FHA: 580; Minimum Score Conventional: 620

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Our FHA investors and lenders allow credit scores as low as 580 for low balance loans (under $417,000). Scores under 620 require a “manual underwrite.” Manual underwrites require perfect credit […]Read More

All Questions to Ask When Evaluating Condo Financing/Purchases

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We frequently discuss Owner Occupancy ratio requirements for condos, but there are many other important considerations that need to be addressed up front. The below are questions we ask all […]Read More

Financing “Fixers;” What to Look For? Avoid? Options?

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When it comes to buying “fixers” in relatively poor condition, either FHA or Conventional financing can be used. As long as there are no glaring condition issues (major leaks, sloping […]Read More