FHA Buy and Bail Exceptions HUD-4155.1 REV-5, paragraph 1-2 Principal Residences Question 50: If my principal residence is currently covered by an FHA-insured mortgage, can I purchase another principal residence with an FHA-insured mortgage? Answer: Only under the following situations described below: a) Relocation – Relocating to another area not within a reasonable […]
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Browsing Posts tagged fha mortgage loan
FHA monthly mortgage insurance is going up. Staring on April 18, 2011, the amount you pay for monthly mortgage insurance on an FHA loan is going up by .25%. The box below shows how this increase will impact a typical FHA Loan. Current FHA Monthly Mortgage Insurance FHA Monthly Mortgage Insurance After […]
FHA Buy And Bail Guideline Update: January 24, 2011. How lenders interpret FHA guidelines. On September 19, 2008, FHA issued MORTGAGEE LETTER 2008-25 which can be viewed here . It is also listed on this site here. The purpose of this letter was to address what is commonly referred to as a Buy and Bail […]
HUD No. 10-011 FOR RELEASE Friday January 15, 2010 HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS Measure to help bring stability to home values and accelerate sale of vacant properties. WASHINGTON – In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD […]
I talk to clients all of the time who would like to “move up” and take advantage of lower home prices and interest rates but they can’t sell their current home so they decide to rent it. I decided to post the FHA guidelines for just this scenario so I hope this helps. This is […]
