Many first time home buyer's ask "What is an FHA Loan?" without ever getting a clear concise answer, we'll give that to you
here -
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Part of the stimulus package of
2009 includes the homebuyer tax credit. This credit is intended to help buyers
with a credit to be applied on -
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In numerous housing markets
across the nation, the increase in housing prices doesn't match the areas
average household -
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The Foreclosure process is
different in all 50 states. If you are having a hard time making your -
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With a long list of charges at
settlement, it's important to know what to expect. The Real Estate Settlement
Procedures Act (RESPA) requires your -
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FHA Condominium Program
Section 234(c)
Section 234(c) provides FHA insurance to borrowers who purchase a
unit in a condominium building.
Section 234(c) features:
- The condominium building must contain at least four dwelling units
and can be detached or semidetached, a rowhouse, a walk-up, or an
elevator structure
- If the apartment is in a building that was converted from rental
housing, no insurance may be provided unless the conversion occurred
more than one year before the application for insurance, the potential
buyer or co-buyer was a tenant of that rental housing or the conversion
of the property is sponsored by a tenant's organization that represents
a majority of the households in the project.
- Eighty percent of FHA-insured mortgages in the project must be made
to owner-occupants.
- Many closing costs can be financed into your FHA mortgage loan.
With most conventional mortgages, the borrower must pay, at the time of
closing, costs equivalent to 2-3 percent of the price of the mortgage
loan. By allowing the borrower to finance many of these charges, the
borrowers upfront costs are reduced significantly when buying a home.
- FHA rules put limits on some of the fees charged by your lenders.
For example, the mortgage origination fee charged by the lender may not
exceed 1 percent of the amount of the mortgage and the
tax service fee
is not allowed.