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Can you buy a HUD home with a FHA loan?
Yes, as long as the property meets the condition standards of the FHA loan. The HUD homes are not always in acceptable condition and this makes it difficult to obtain FHA financing because the seller will not allow you to make repairs to the property until after the loan is closed. However, the FHA loan requests that required repairs be made prior to closing.
can you help with with electrical repairs in home?
need help paying for electrical repairs in home?
How could the FHA help with a bad credit home loan?
The FHA can help with a bad credit home loan by allowing one to get a mortgage despite having bad credit. They are loans insured by the federal government.
If your buying a foreclosed home that needs repairs and some appliances can you add the cost to your mortgage?
There are mortgages that allow this. Ask your lender about an FHA 203K loan.
Is it easy to get a FHA Gov loan?
"no is not easy. The Federal Housing Administration (FHA) runs several programs to promote home ownership. In most cases, FHA loans are mortgages obtained with the help of the FHA. With a small down payment, buyers can purchase a home. FHA loans make it easier for people to qualify for a mortgage, but they�۪re not for everybody."
What is a 203K financing status IE insurability?
What is "I", "IE", "UI"?These are listing codes, finance types that describe the FHA insurability of a property."IN" Insurable203(b) Regular FHA LoanThis means the property meets FHA 203(b) financing requirements; no obvious repairs necessary to insure an FHA loan to buyer."IE" Insurable with Repair Escrow203(b) - Repair EscrowThis means the property is eligible for a 203(b) FHA loan and that necessary repairs do not exceed $5,000."UI" UninsuredThis means the property requires extensive repairs exceeding $5,000. These properties are eligible for an FHA 203(k) mortgage if the required repairs and or the improvements are completed within 90-days of the closing."203K" Streamlined 203(k)Limited Repair ProgramFHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser
Can you get a FHA loan on a second home?
Yes you can obtain a FHA Loan on a second home as long as you meet the FHA requirements.
Can FHA require repairs to a home being sold through an estate sale?
Yes, it can. The FHA does this to protect the people it services though its loan programs. It also protects the the entire FHA system including lender AND buyers in the event of a default of the buyer, and the property has to be resold. In that case, the FHA system, which "backs" the lender, will not have to spend the money to upgrade the property to meet codes. Since this protection is its aim, the FHA requires that houses bought with FHA money meet certain standards and this means that the house cannot be transferred in a poor condition. Some repairs will have to be made prior to FHA approval, but the cost of making them can be shifted to the buyer by increasing the sale price.
Where can one find information on FHA home loan refinance?
You can find information on a FHA home loan refinance online at the FHA website. Once on the site, you can view the requirements and limits of FHA home loans.
Where can one find out about the current FHA rates?
Current FHA home loan rates can be found using websites like MortgageCalculator. Loan websites should also be able to help one figure out the best FHA rates.
Does one have to be a first time home buyer to qualify for an FHA loan?
No, you do not have to be a first time homebuyer to qualify for an FHA loan; however, a first time home buyer is often better suited for a FHA loan as the government insures the loan which gives the buyer a lower interest rate and a lower down payment requirement. You can read more about FHA loans here: http://www.lendingtree.com/mortgage-loans/advice/mortgage-types/fha-loan-eligibility/ Yes, you must be a first time home buyer to qualify for an FHA loan. FHA loans are designed to help first time home buyers to afford their purchase.
how can i get free home repairs?
how can i get free home help fixing up my home with roof and furance
