When a property you wish to purchase is owned by a bank or HUD, the utilities are usually not…

 HUD does not permit private flood insurance policies for FHA insured loans.  If the property is in a flood zone the borrower must obtain a flood policy through the…

If you are purchasing a two, three or four unit property and you are attempting to get a CHFA first-time homeowner program, you shoul need to complete a landlord counseling program. The landlord counseling program must be…

If you are purchasing a property with a well and or a septic system and you are looking to use an FHA 203K mortgage an extra step of due diligence is recommended.  The FHA plan consultant will probably tell you that he or she is not qualified to…

One of the least understood FHA guidelines is the policy regarding minimum credit scores.  In speaking with potential clients, I often hear "I cannot buy a house, my score too low it is below the minimum 620 number."  Nothing could be further…

When interviewing a contractor your considering to work on an FHA 203(k) project, there are several questions one should ask.  First and foremost, inquire as to the contractor's experience in working with an FHA 203(k) project.  However, in the…

When asked how to evaluate a self-employed individual’s income, most loan officers respond by saying “average the last two years tax returns.”  While that is true to an extent, it is not the entire method used to evaluate self-employed…

Several years ago the FHA revamped the 203k processing requirements.  One of the significant changes required the lender and the FHA Plan Consultant to determine which work was subject to the municipality’s permit requirements.  The need to…

A few days before a closing, the buyer and their attorney will discuss what will happen the day of the closing.  Part of the discussion will be about on how much money the buyer needs to bring to the closing and how to get the funds to the…