Flip Properties and How They May Impact Your Financing
A must read if you are buying a flipped property or thinking about flipping.
Tag: fha
What I learned from HUD Secretary, Julian Castro
Recap of virtual townhall with HUD Secretary, Julian Castro. The topic was millennials and the housing market.
New FHA Handbook and Rental History
All week major news outlets (ex: The Atlantic, Bloomberg, Washington Post) have covered the rental crisis happening in our nation. It’s reported that by 2025, over 13 million people will spend more than 50 percent of their salary on rent. That is a crisis. Why does this matter to you? Lenders have guideline on how much income a Read more about New FHA Handbook and Rental History[…]
What You Need to Know About Condos
Condos have their own set of regulations because lenders view them as a higher risk. Why? As an owner, you rely on other unit owners to maintain their places and pay condo association fees.If you plan to finance a condo and need a loan in Hampton Roads (like Virginia Beach or Norfolk) you need to know Read more about What You Need to Know About Condos[…]
FHA Reduces Mortgage Insurance Rates
Over the past couple of years, the MIP (mortgage insurance premium) rates on FHA loans have increased, which raised monthly mortgage payments. The increase kept some homebuyers out of the market. On January 26, FHA will reduce its MIP rate and allow borrowers to save on average $900 a year. The highlights: Annual premium reduced from Read more about FHA Reduces Mortgage Insurance Rates[…]