Posts Tagged ‘getting a mortgage’

Question on FHA loan.?

Thursday, June 25th, 2009

I'm buying a foreclosure home and I had the appraisal guy go and check the house. He wrote down 3 things that had to be fixed. I got everything fixed except the windows. I need to fixed two more and the problem is that I really need to close this Friday but they won't approve my loan till I get those windows done.

I was reading up and found an article that states

FHA requires that a property meet certain minimum standards at appraisal. (Recent changes have made these standards less stringent.) If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete)
There are loan limits based on county.

Is this right? Can I place money in the escrow so the lender knows I'm not going to jack off and not pay for the repairs?

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Posted in FHA Loan Limits | 1 Comment »

Shared Appreciation Note vs. FHA Mortgage?

Monday, June 8th, 2009

I am currently in the process of getting a mortgage. I need advice on the benefits and disadvantages of the following two mortgage types.

Standard FHA loan – using this loan, my pre-qualified amount will only allow me to buy a not so nice home in a less than stellar area. But, any and all appreciation in the home will be mine.

Shared Appreciation Second Mortgage – using this City funded program, the City will pay up to 60,000 over my FHA approval amount to get me into a nicer home in a excellent area. Using this option my down payment is minimal.

But, the Shared Appreciation Note has a catch. When I sell or refinance the home the City loan becomes payable, as well as 20% of any appreciation the home has gained.

So at this point I can either pay more upfront to get into the cheaper home, or I can pay more down the line using the City program to get into a much nicer home.

Any thoughts or suggestions?
The Shared Note has no time line. There is no minimum time one must remain in the home, and the second mortgage matures at the same rate as the first. In addition, should I do any work on the home, the cost of the work and the an appraisal value the added worth it gives the home will be taken out of the home appreciation prior to the City program factoring their 20%.

For example: if I buy a home for 150, using 20k from the City program, & after putting 10k worth of work into the kitchen, the home appraises for an addition 30k at 180k. If when I sell the home it goes for 250K, the home would have appreciated 70k since the original mortgage. Out of that, 30k is due to wortk I place in and as such is mine. From the remaining 40k, the City program would get its initial 20k back plus the 20% = Total of ,000.

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Posted in FHA Mortgage | 1 Comment »




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