FHA Loans Oregon

Posts Tagged ‘California’

(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

Continuing my FHA mortgage series, Part three will discuss the various differences with manufactured homes using FHA loans.  There are a number of things about manufactured homes that are different than “stick built” homes, including the “expiration” date on homes. Please read the following for more information about FHA mortgage loans and manufactured homes:

Part Three in my series on FHA Real Estate Loans should highlight some things that home buyers and home owners may not be aware of when considering a manufactured home on its own land. Let’s discuss the purchase and refinance of manufactured homes with their own land. Manufactured homes on leased land are not eligible for FHA loans in my lending area of Oregon, Washington and California. FHA loans, except for streamline refinances are limited to owner occupied primary residences only.

First of all, what is a manufactured home? A manufactured home is one that is built in a factory and transported to the home site in sections. This differs from a modular home that is built on site from factory built pieces, i.e., walls, roof, floors, etc. or a site built (stick built) home. It can be single wide or multi wide and still be financeable with an FHA loan. It must have been built after June 15, 1976 and have a concrete foundation and tie downs. For a 203b loan, foundation and/or tie downs can be retrofitted prior to closing. For a 203k loan, both must be in place prior to approval. Read More

In the Part 1 installment of FHA Mortgage information, I covered the latest changes to the home loan program, including the increased down payment requirement on Jan. 1, 2009. In Part 2, I am going to attempt to explain some of the credit and credit score requirements particular to FHA Mortgage Loans.

FHA mortgage loans do not have a minimum credit score requirement. However, FHA does not make the loans, they insure them. The lenders that make the loans may have different rules. In this case, it is the Golden Rule; he with the gold makes the rule! Every lender has their own standards for funding FHA Loans. So will have a minimum credit score of 600, some may soon have a minimum credit score of 620. We still, as of this date, can fund loans with a minimum credit score of 580 but that may be going away. Read More