Category: FHA

Each year, FHA reassesses the loan limit amounts and they can either increase, decrease or stay the same. If you would like to know the new loan limits in your area for 2020, comment below! 

Related Article Title: FHA – 2020 Loan Limits, Mortgagee Letter 2019-19 – Effective Jan. 1, 2020 Written by: Tracey Rumsey, Staff Writer Just because loan limits change does not mean that loan limits increase. In some areas they do and in other areas they actually decrease. Read through this update to determine how the new […]

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FHA – 2020 Loan Limits, Mortgagee Letter 2019-19 – Effective Jan. 1, 2020

Written by: Tracey Rumsey, Staff Writer Just because loan limits change does not mean that loan limits increase. In some areas they do and in other areas they actually decrease. Read through this update to determine how the new loan limits affect your area. Rule Synopsis: Effective Date The mortgage limits announced in the letter […]

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When you are buying a home, one of the biggest determiners of your credit health to a lender is your credit score. Some people think that you need a really high score to qualify for a home loan, but that’s not true. There are great programs that work with clients who have lower credit scores. Curious? Let’s chat and I will happily answer your questions!

Related Article Title: FHA Minimum Credit Score Question: Does FHA have a minimum credit score requirement? Answer: No. The only credit-score-based limitations that FHA has (for all transactions) are below. However, it is possible that you have secondary market overlays that require a 620. Reference: 4000.1 If the Borrower’s Minimum Decision Credit Score is at […]

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The kids are grown and you’re ready to sell your home and move on. Did you know that you can sell your home to your adult children and give them a gift of equity for their down payment or to pay off debt? If you’re curious about how you can use your property and its equity to help your children own their own home, let’s talk. I’m happy to answer any of your questions!

Related Article Title: FHA – Gift of Equity to Pay Off Debt Question: I have a Father selling his home to his son and he would like to give a gift of equity to pay off debt at closing so that the son can qualify to purchase the property. Can this be done? Gift Funds […]

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Believe it or not, there are some very driven high school graduates from trade schools who are gainfully and well employed in their trade. There are mortgage loan programs that will count your time in high school as part of your employment history. So, if this sounds like your situation, let’s talk and discuss how you can build a plan to become a homeowner vs. a renter.

Related Article Title: FHA High School as Employment History Question: My client has been employed for 1 year and previous to that was a high-school graduate. Will his time in high school count as his employment history? Answer: FHA will allow only one year of employment (and even no job history in the case of […]

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