Posts Tagged ‘fha’

Tax Pro Opinion – Foreclosure/2nd Mortgage Issue?

Friday, February 12th, 2010

I can’t find anything about this situation.
My house has a 1st and 2nd mortgage (Home Equity Loan). The Home Equity loan was used for repairs & updates on the house so I’ve been claiming it all along on my taxes (the interest payments).
The house is going into foreclosure. The main mortgage is FHA insured, but the 2nd mortgage is not. I make just a little too much to be eligible for Chapter 7 Bankruptcy, which is the only way to totally discharge debt.
I could do Chapter 13 (or maybe it is 11), but that is just restructuring and paying back what is owed. The 2nd Mortgage bank is willing to work with me on lower payments and longer payback time and they know the house is foreclosing – which would at least avoid lawyers fees for them & me.
I’m just wondering if anyone thinks there is any chance at all that those payments could remain tax deductible (the interest portion) after the house has foreclosed and I am no longer the owner of it. The loan WAS for my home and the funds WERE used in accordance to the rules which have made it eligible for tax deductibility.
What are your thoughts? Am I dreamin’?

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Any Zero down home loan out there?

Saturday, February 6th, 2010

Thinking about selling but I will walk away with practically nothing. Any zero down or 3% FHA left ?

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home equity loan when there is a short sale?

Monday, February 1st, 2010

How does a home equity loan bank deal with a sort sale. The original loan belongs to another bank..

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How soon can we take out a home equity loan?

Saturday, November 28th, 2009

My husband and I are in the process of buying a house.. we were told by our realtor and mortgage broker that the house appraised for 30k more then what we are paying for it.
If this is true and we buy the house would we be able to take out an equity loan on the house as soon as we buy it since the house is worth more then we are paying?
We’re doing FHA so we only have to put 3.5% down. So.. I’m assuming that means that we will have to pay into the house for a while before we can

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Would refinancing our home to a lower rate enable us to get cash out?

Tuesday, November 17th, 2009

We just purchased our first home back in March of 2009 at a 30yr fixed 5% interest rate. It is an FHA insured loan and we are eligible for a "streamline" if the interest rates drop below our 5%. If the rates do drop below 5% over the next couple of months, would we be able to get cash with the new refinance? We would go with another 30yr fixed below 5%. We bought our home for 0k in March 2009 and our payments are ,400+ a month with everything included in that payment.

The reason I ask is because we really need to get ,000 asap. What about equity line of credit? Is it possible that our home is worth a little bit more than what we paid back in March 2009? We did a lot of cosmetic modifications to it. But I know equity loans are much higher than our current 5% interest rate.

I am new to all of this. Thanks.

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I want to borrow $50,000 dollars and I have very good credit. I own a house with 200,000 in equity.?

Friday, November 6th, 2009

I owe nothing on the house,but I want to buy a another car instead and do some things around the house too. Can I use the money on a home equity loan for anything I want without restrictions? Thanks

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Need a Home Improvement Loan for a house I purchased 2 years ago in Texas?

Thursday, November 5th, 2009

I looking to get a Loan for 00.00 – 00.00 to fixup my house. I’m a first time home owner and purchased the house as a forclosure through an FHA Home Morgage Loan. I don’t have much equity built up, but I’m looking for any options available. Government Loans or Grants, First Buyer Home Improvement Loan, Any advise will be appreciated. Thanks

Cash on Equity Loans?

Friday, October 30th, 2009

When someone says they have cash for your home equity loan, what does this mean? Does it mean they will give u the cash for the downpayment of the home (as a loan) or what??? I’m having trouble comprehending….

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Good FICO, DTI High, Good Equity! Can I Refi a Cash Out?

Wednesday, October 7th, 2009

We are in dire straights. We have lived in our home in Charlotte area 15 years. Home is financed with Chase. Never had a late payment, not even 1 day day late on home or the Home Equity Loan we have.
Took out a Home Equity Loan 3 years ago. Never a late payment there either.
All total our bills are killing us. Want to Refi. Balance on home is K and Home Equity Loan balance is K.
Husband lost job, just got rehired on another contract but want start his new job till next month. He is a government contactor so makes good money but when the contract stopped the money dried up quickly.
His credit score however is absolutely no help, in the 500’s.
My FICO scores are 691 Equifax, 726 Experion, and 686 Trans Union.
Problem is I only gross 33K or so a year.
We applied online for a refi to payoff bills but were told my husband is no help on the loan because of his FICO scores.
With the DTI I am at 90% so I cannot get approved to refi.
The home is worth about 5,000. We have about ,000 in Credit Card Bills and Loans we want to pay off.
Can anyone out there give us an idea of how to refi, payoff the debt and get a loan.
What about going FHA with my husband as the co-x since he has the low FICO but has very good income to lower the DTI ratio? He makes about ,000 per year and it will be Federal Taxes tax-free as he will be working overseas for a year.
We really need some professional advice.

NEED ADVISE ON FHA HOME LOAN VS PRIVATE LOAN?

Friday, October 2nd, 2009

HELLO EVERYONE. I SEEN A FORECLOSURE PROPERTY OWNED BY CHASE PREVIOUS BROUGHT 50Ok AND NOW SALING FOR 289k. NOW I HAVE THE CASH,CREDIT, INCOME,BUT THIS PURCHASE WOULD BE MY SECOND HOME THAT I WANT TO MAKE MY PRIMARY RESIDENT. nOW MY FISRT HOME i LIVE IN , I HAVE PLACE IT ON THE MARKEFT TO SELL. I ONLY HAVE ONE PROBLEM, FHA REQUIRES THAT YOU HAVE 25% EQUITY IN YOUR HOME IN ORDER TO PURCHASE A SECOND HOME OR TO USE IT AS A RENTAL INCOME. I HAVE SOME TO CO SIGN WITH ME, BUT SHE PURCHASE A HOME LIKE ME 4 YEARS AGO AND WE BOTH HAVE NO EQUITY. SOMEONE TOLD ME TO GET A PRIVATE LOAN THEN IN 6 MOS, THEN FINACE IN 6 MONTH. DOES ANY ONE HAVE ANY EXPERIENCE WITH PRIVATE LOAN HOME PURSCHASE. I AM SO REDY TO BUY, BUT I CAN’T DUE TO NO EQUITY AND I DON’T HAVE ENOGH OF MONEY TO GO CONVENTIONAL. . ANY ADVISE?????

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Related ‘fha’ sites :


Federal Housing Administration

portal.hud.gov
 
HUD - Federal Housing Administration
What is FHA Mortgage Insurance? FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. ...
www.hud.gov/offices/hsg/fhahistory.cfm
 
Federal Housing Administration/U.S. Department of Housing and ...
FHA has insured over 37 million home mortgages and 47,205 multifamily project mortgages since 1934. ... Clearly, FHA provides a huge economic boost to the country in the ...
portal.hud.gov/portal/.../HUD/federal_housing_administration
 
Federal Housing Administration - Wikipedia, the free encyclopedia
The FHA's logo. The Federal Housing Administration (FHA) is a United States government agency created as part of the National Housing Act of 1934. ...
en.wikipedia.org/wiki/Federal_Housing_Administration
 
Let FHA Loans Help You - HUD
FHA loans have been helping people become homeowners since 1934. ... FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. ...
www.hud.gov/buying/loans.cfm
 
FHA loan - Wikipedia, the free encyclopedia
FHA loans have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. ...
en.wikipedia.org/wiki/FHA_loan
 
Florida Hospital Association
The FHA has established a healthcare reform webpage with links to the Congressional ... There is still time to complete the FHA Salary Surveys -- 03/12/2010 ...
www.fha.org
 
FHA home loan requirements - FHA loan guidelines for FHA ...
FHA loans for purchase or refinance. How to qualify for a fha mortgage loan, where to find information on FHA Down Payments. ...
www.fhainfo.com/index.asp
 
Federal Housing Administration: Definition from Answers.com
Federal Housing Administration (FHA) Federal agency that insures residential mortgages. Created by the National Housing Act of 1934, the FHA is now a
www.answers.com/topic/federal-housing-administration
 
FHA & HUD Government Mortgages
Free FHA help and information for all FHA loan and mortgage products. FHA licensed Loan Officers are on call to answer all your FHA related questions. ...
www.fhamortgage.org
 

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