Bruce Reichstein's (brucereichstein) Blog

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If you are in the planning stages of a new home loan, there are plenty of FHA loan tools you can use to help you prepare. The planning stage of your new home loan is just as important as the house hunting, home inspection, and negotiation stages. Do you have the right tools to get started?FHA Loa...
05/05/2016
A recent question in the comments section reminds us of the need to differentiate between lender standards and FHA loan rules. Both will have a say in loan approval, terms and conditions, and more.The reader asks, "I was just in bank office today and yesterday. Yesterday before the lender saw my ...
04/24/2016
A reader asks, "Is their costs in an FHA loan the the seller has to pay for the buyer, and if so what are those costs?" FHA loan rules in HUD 4000.1 permit "interested parties" to contribute a certain amount towards approved expenses of an FHA mortgage loan for a new purchase. The rules for these...
04/10/2016
We answer many questions about FHA home loans in the comments section. Here's one of the most recent, on the subject of mixed-use properties, co-borrowing, and more: "My sister and I want to buy a house that is 1/2 apartment, 1/2 store. I already own a home and have an 820 credit score. She has a...
03/29/2016
The difference between an FHA appraisal and a home inspection is an issue that crops up frequently--especially in reader comments. Borrowers applying for an FHA mortgage to buy a home are required to have an FHA appraisal to insure that property meets minimum standards. But when a home passes the...
03/18/2016
We get many questions about FHA loan credit standards. Some examples: "I have a charge-off on my credit report. Am I still eligible for an FHA mortgage?" "My credit reports show some missed payments on student loans. Will this affect my ability to get an FHA mortgage?" These are definitely questi...
03/10/2016
There are many questions about the FHA appraisal process--we get many in the comments section asking about the nuances of FHA appraisals. One typical question has to do with when a second appraisal is appropriate or permitted. Can a second FHA appraisal be ordered if the borrower or lender doesn'...
03/02/2016
Do you want to refinance your home loan into an FHA mortgage or refinance an existing FHA mortgage? There are many different types of refinancing options and when HUD 4000.1, the new single family FHA loan rulebook was published in 2015 the entire refinance loan program rules were included in the...
02/23/2016
One common question asked by some about the FHA single-family home loan program is whether an FHA mortgage can be used to purchase an RV-type mobile home or a houseboat.The answer in both cases is no because a house boat or recreational vehicle/RV motor home cannot be affixed to a permanent found...
02/10/2016
When you are planning your home loan, there are many aspects to consider. The selling price of the home is only one of those aspect; borrowers will need to save money for closing costs, a home inspection, and make a monthly budget for the mortgage amount, plus taxes and insurance.Some of the plan...
02/04/2016
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Bruce Reichstein

VA / FHA Construction Lending / Nationwide
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