Posted Feb. 10, 2011 by Pat Maietta 203K Consulatnt

FHA Condo Loan Information

You can get an FHA home loan if you are buying or refinancing a condominium. The qualifying process for an FHA condo mortgage is very similar to that of a single family home.

The 1st thing you must do to see if you can get a FHA mortgage on a Condo is check to see if the condo project or building itself is approved by the Federal Housing Administration. The FHA may not approve a mortgage loan for a condo if there are more non-owner occupied units than there are owner occupied units with in the building. Your FHA lender will not approve your mortgage loan unless the condo project is approved by the FHA. To see if the condominium is approved, your lender will want to do a S.P.O.T. approval but you can check to see if it is approved by using the "Condo Lookup" feature on the HUD web site; just click the link below:

Click here to check if a condo project is FHA approved

FHA Loan Benefits & Drawbacks

Benefits of an FHA Loan

You don't need perfect credit to qualify for FHA's low fixed rates
FHA interest rates are just as low, if not lower, than conventional loans
With an FHA loan you can buy a home with only 3.5% down
You can refinance your home up to 97.75% of the appraised value
You can cash out equity up to 85% of your homes value with a minimum 580 FICO score
FHA loans allow a co-borrower on the loan that does not live in the property
FHA loans are generally easier to qualify for than Conventional loans
FHA loans are insured by the Government

FHA Loan Drawbacks

FHA closing costs may be higher than conventional loans
FHA loans may take longer to close than a conventional loan
You ar required to pay mortgage insurance on all FHA loans where as conventional loans only require this extra monthly payment if your loan to value ratio exceeds a certain amount
FHA lenders will not loan on investment properties

Any Questions Click Here

Posted: Feb.10, 2011 by Pat Maietta 203K Consultant

FHA Extends- Anti Flipping Rules

The Federal Housing Administration has extended FHA’s temporary waiver of the agency’s “anti-flipping” rule.’ As a result, lenders will continue to allow the waiver for the 30 Year Fixed FHA program.

With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days. Early last year, FHA temporarily waived this regulation through Jan. 31, 2011.

Earlier this week, FHA posted a notice extending the waiver through the remainder of 2011. This action will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

The extension is effective through Dec. 31, unless otherwise extended or withdrawn by FHA. All other terms of the waiver will remain the same. The waiver contains strict conditions and guidelines to assure that predatory practices are not allowed.

Posted: Feb. 04, 2011 Patsy Maietta 203k Consultant

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