Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com
RECENT BLOG POSTS
We've gotten some questions recently about FHA mortgage loan amounts, so it seemed like a good time to post the FHA loan rules found in HUD 4000.1 about how maximum loan amounts are calculated.There are FHA loan guaranty limits and FHA mortgage loan amounts--the two shouldn't be confused as FHA m...
01/28/2016
A reader got in touch recently in the comments section to ask a question about FICO scores and FHA home loan applications."My new wife's credit score is 749 and mine is 620 due to an ugly divorce and transfer several years ago. We make over 287K per year with very little debt. Would we qualify fo...
01/18/2016
A recent question in our comments section asked if the down payment for an FHA home loan could be financed, or does it need to come "out-of-pocket". This is an important factor for FHA single family home loans as there is what the FHA describes as a "minimum cash investment" or down payment requi...
01/06/2016
A reader got in touch recently to ask about FHA loan credit requirements and down payment assistance programs. That question includes the following:"...My (FICO) score was about 500 for years till I finally am working with the Lexington Law Firm that Im paying $99 a month that I have 3 negatives ...
12/21/2015
Ever since the FHA and HUD published the new FHA single-family mortgage loan rule book, HUD 4000.1, we've been examining important sections of the rules to see what current FHA mortgage loan policy is; FHA and HUD announced there would be no comparison document outlining the myriad of changes fro...
12/14/2015
Did you know that in certain cases, FHA single-family home loan rules in HUD 4000.1 permit the borrower to add funds to weatherize an existing construction home being purchased with an FHA mortgage? According to HUD 4000.1:"The weatherization product permits the Borrower to finance the cost of el...
12/07/2015
HUD 4000.1 was published earlier in 2015, and contains new, updated, and restated FHA loan policy on single-family mortgages, refinance loans, HECM loans and more.One important section of the new FHA home loan rules for single family mortgages is the part of HUD 4000.1 that discusses maximum mort...
12/06/2015
A reader got in touch with a question in the comments section about FHA loan FICO score requirements, asking, "I have a client that was denied by my lender but has an approval by another. My situation is this.parents are putting $200k down for the purchase. The boys will be qualifying for the $15...
12/04/2015
HUD 4000.1, the new FHA single family home loan rulebook, has specific instructions to participating FHA lenders about the appraisal process.  An appraisal is required as we learn from this line in Part II Section A of the rulebook:"The Mortgagee must order a new appraisal for each Mortgage or r...
11/08/2015
Here is a common type of question about applying for an FHA mortgage loan when you have owe a debt to the federal government:"Can anyone tell me what the guideline for FHA loans regarding payment plan with IRS when you do not own property and you owe taxes? "FHA loan rules here are basically conc...
11/01/2015
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Bruce Reichstein

VA / FHA Construction Lending / Nationwide
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