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Hi All, It appears that lenders have placed an overlay of no more than 4 total properties financed on FHA loans. I have a borrower looking to refinance their primary residence with an FHA but they have a total of 5 financed properties (none of them are FHA loans). Does anyone know of any lenders who do not have the 4 financed property overlay on FHA
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Most any lender should take this conventional, they may have a pretty decent bump for a low loan amount, but I don't think a 60k loan is below a minimum amount. Most lenders have conventional minimums around the 25k level, a couple at 50k, I don't know of any that would have one at 75k or lower. AC
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Little to none. If they own the property, and not you they have the rights. Your choices in this case are going to be what they are presenting to you, start paying rent or move out. Unfortunately the past 7-8 years of them allowing you to live there don't entitle you to any legal claim to the property, it was their choice to let you live there rent
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Even though a home is an 'investment' that is used (lived in), it is ultimately still an investment . By definition an investment is something that can gain or lose value. Unfortunately in this case the value has gone down, thus the fact that your home appraised for less than what you purchased it for. The only way to 'recoup' down payment
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In a case of new construction you typically have 3 options - 1.) Obtain a construction loan. In this case you are paying interest on the funds disbursed as the builder takes draws to build the home. This is typically the least desirable to the buyer (since you are paying interest while the home is being built, but you cannot live there). The positive
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[quote user="Kent Mikkola"]Great answer AC... 5 stars for you![/quote] Sweeeeeeeet!
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The common conception is the end of the month. While that is typically true, it is not as true as most people think. Here is the scoop - People say close at the end of the month so that you can avoid prepaid interest. The general thought is that you are somehow saving interest. While this is technically true (closing at the end of the month will require
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Not through a conventional or government loan. FHA requires at least 3 years from the sale date, which is the shortest. Note this is also not the date foreclosure started, it is the date the property is sold out of foreclosure. The overall situation sounds positive, however lenders will look very closely at someone who has had a foreclosure, especially
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There could be a number of reasons why the bank is doing this. What is most likely is that the bank is currently overwhelmed with the number of properties they have taken back. Each property that is bank owned requires manpower to manage, paying utilities, property taxes, making sure the property is maintained, and coordinating the upkeep on it, etc
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I don't believe so. You can typically have a title agency in your area do this fairly inexpensively. It should run not more than $100 to get added to title, and the title company will handle the doc prep and the recording of the documents. If you want to do it yourself, be aware that you will need to pay to record the items with your county, so