Archive for the ‘Manufactured homes’ Category

The following was released today about the maximum loan to value on an FHA cash out refinance. A cash out refinance is done when more than the balance of the mortgage and closing costs are included in the new loan amount. This could be in the form of cash to the borrower or payment of secondary liens against the property or the payment of any other borrower indebtness. This is a change from the current 95% maximum loan to value for a cash out refinance. Borrowers have until March 31 to start their application if they would like to receive more than 85% loan to value. Read More

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(Originally published by Fred Chamberlin on Active Rain and then on http://eugeneloanguy.com)

There are a lot of common misconceptions about FHA mortgage loans that have been around for a long time. Anyone that got an FHA loan in the 80s or 90s had to go through a lot more paperwork and inspections than are required currently. One of the things that was required on an FHA loan was a compliance inspection by a certified FHA inspector, that is no longer required. This is from an August post of mine on Active Rain about myths about FHA loans.

I know there are Realtors out there that remember the bad old days of FHA financing. I still remember having to have and FHA certified inspector check over the house and make the sellers sweep up the basement or clean a spot on the carpet. Anyone remember the VC sheet (that hasn’t been that long ago)?

Well, that isn’t the case anymore. FHA loans are nearly the same as conventional loans, except in some (many) cases better. Take a look at these common myths about FHA:

Myth: Takes more time processing.
Truth: Read More

Finally, in our series about buying a foreclosure using the FHA 203k Streamline Rehab loan I want to discuss selecting a contractor. If you have followed my instructions, you are now pre-approved for an FHA 203k Streamline mortgage for a specific price range and you have met and developed a rapport with the Realtor® that is going to make sure you get the proper guidance and support you need. This next step is also very important, selecting the contractor or contractors for your rehab process. This is a very important aspect of your Oregon FHA 203K loan. There are things that you need to look for in the right FHA 203K contractor as they can mean the difference in a successful or unsuccessful FHA 203K renovation. Read More

So you want to buy a home and have instant equity in it? Excellent idea, but do you know all of the facts before you step out there to buy a foreclosure for you and your family? Have you considered that the home you are looking to buy has had a pretty rough life already? Do you have a way to make the needed repairs that have to be done and you would like to do to the home? Are you a first time home buyer looking for your first family home? An FHA 203k Streamline may be the ideal answer to all of these questions. This is one of the very few ways to buy a home in need of repair and have them done as part of the purchase. Read More