Bruce Reichstein's (brucereichstein) Blog

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RECENT BLOG POSTS
A recent press release on the FHA official site announces new proposals for FHA condo loan approval procedures. According to HUDNo.16-146, there are significant alterations to current FHA loan policy that are currently under review."In response to changing conditions in the condominium market, th...
09/29/2016
A reader asks, "FHA use to only require that these top items need to pass. Lead (first draw), Nitrate, Nitrite, Total Nitrate/Nitrite,Total Coliforms, Fecal Coliforms or E. Coli. Is this still true? I am hearing that a full water panel is required to be done, is this now true and if so,is FHA maj...
09/22/2016
It's known as "LEP" or "limited English proficiency, and has been an issue that directly affects legally binding agreements including home loans for as long as there have been such arrangements made in the United States. But now, LEP is being addressed directly through guidance from the Departmen...
09/15/2016
One not-so-commonly asked questions about FHA loans is still an important issue to address. Here's a recent reader question on a borrower's ability to be approved for an FHA mortgage without being a U.S. citizen:"Ive just moved to the US from the UK on a K-1 Fiance Visa. Ive been here around 5 mo...
09/08/2016
FHA home loans are unique compared to conventional loans due to the lower down payment and more forgiving credit requirements. There are some basic rules governing FHA mortgage loans you should know about going into the process; keeping these in mind will save time and help you better prepare for...
09/02/2016
A reader asks, "I have been told by my realtor and the lender that an appraisal on a house I own will be on record for 180 days. They said that the appraised value will be on record and no other FHA appraisal can be made during this 180 day period. Is there a master list that other lenders and ap...
08/26/2016
A reader asks, "Can I use my current overtime income if I’ve been working at this company 20 months but my previous company I also had overtime which I worked there for 1 year and my previous before that I worked for 4 years with overtime?"FHA loan rules require the loan officer to verify income ...
08/18/2016
A reader asks, "I dont understand if I have a 1099 and I have a benefits letter, and the letter that states at the end of the year what I am getting for the following year, why I am being asked or can be asked for something that states I will get social security for 3 years? There is nothing that...
08/09/2016
A reader asks, "Must income verification documents include sensitive information, such as account numbers, full SS# and bank account number(s). Can verification be made with sensitive information being Blacked-Out or omitted, as to not expose ones self to possible criminality?"FHA loan rules requ...
08/05/2016
Let's Talk About Home Equity from FHA.com video on Vimeo.Equity is an important term to understand when you're applying for any kind of mortgage loan, but for some loans equity is a larger factor than others. For example, when you apply for a new purchase FHA loan to buy a home, you start out wit...
07/24/2016
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Bruce Reichstein

VA / FHA Construction Lending / Nationwide
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