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Questions tagged [fha]

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Would it be beneficial for me to open a savings account with a bank or credit union from which I plan to obtain a mortgage?

As a first-time homebuyer with limited information or experience in the field, I'm planning to purchase my first home in winter 2024 or spring 2025. Currently, I have approximately $50,000 in my ...
best_of_man's user avatar
3 votes
4 answers

Is it financially smart for my girlfriend and I to get our own FHA loans for separate properties before marrying?

My girlfriend (22) is a nurse and I (22) am currently in my last year of undergrad for BS in Computer Science. I want to invest in real estate for the purpose of renting or using as an Airbnb to help ...
Jason B's user avatar
  • 33
0 votes
2 answers

Is it possible to create a LLC for property investment and obtain an FHA loan?

I'm interested in forming a company to invest in property for tax reasons. I currently don't have a mortgage and never have, is it possible to obtain an FHA loan for a piece of property and have the ...
Jim's user avatar
  • 175
4 votes
1 answer

Is it legal for a Lender to decline an offer after providing me a commitment letter?

I had my commitment letter given to me on August 8th. I provided all requirements for the commitment to get clear to close. The letter states that the commitment can be revoked only for any CHANGE for ...
Travis Easton's user avatar
-2 votes
1 answer

Is it considered mortgage fraud if you work for your friend who can assign you higher income?

I posted this on another forum and want to get input here as well. Let's say there's a boyfriend and a girlfriend who have kids together. Boyfriend is self-employed but doesn't have 2 years of ...
streampaw's user avatar
0 votes
1 answer

What does the FHA insurance schema actually mean?

Because of my low savings, but high-income/high-credit-score scenario, I'm only able to get my first house by using an FHA loan (as far as I can tell.) I want to do a 3.5% down, 30-year loan for a ...
JacobIRR's user avatar
  • 453
2 votes
1 answer

Can I sell my home with owner financing when I still have an FHA loan? (and should I?)

We bought our house with an FHA loan, and we're still paying the mortgage. If we decide to move, could we sell it to someone and offer owner financing? Or would we have to pay off our loan first? The ...
Wayne Werner's user avatar
  • 1,159
3 votes
1 answer

Does new spouse have to go on the house title when it's refinanced?

The home was purchased when the mortgagee was single; they've subsequently married. They're attempting an FHA streamline refi, and the mortgage broker told them it was required for the new spouse to ...
Patches's user avatar
  • 3,511
18 votes
2 answers

Is "odd days interest" really a thing in a mortgage refinance?

I've got a question on closing costs for a mortgage refinance. For whatever it may be worth, this is a FHA streamline refi. One of the closing costs is "odd days interest". This was explained as ...
Patches's user avatar
  • 3,511