Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com
RECENT BLOG POSTS
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
HUD 4000.1, the recently published Single Family Home Loan policy rule book, has either reprinted, revised, updated, or restated FHA loan policy for all single family home loan transactions. That's why we're examining some of the most important-to-the-borrower sections of the new rules--bringing ...
10/18/2015
Recently there was FHA/HUD press release issued, announcing action against a Pennsylvania landlord who allegedly discriminated against families with children in his rental practices. The same kinds of violations of the Fair Housing Act can occur when trying to buy a home, and such cases are impor...
10/08/2015
A recent reader question about FHA appraisal requirements on roof issues had us looking up details on those requirements in the new FHA Single Family loan handbook, HUD 4000.1.The previous FHA loan rulebooks including HUD 4155.1 and HUD 4155.2 have been superseded by HUD 4000.1, so it seemed like...
10/04/2015
The Consumer Financial Protection Bureau (CFPB) is a government agency designed to help consumers and protect their interests against fraud and unfair practices. CFPB issued a statement recently about new federal guidelines that will affect the mortgage lending process, making it easier for borro...
09/27/2015
I get many questions about the difference between FHA loan minimum FICO score and credit requirements and the lender requirements for same. Here's one of the latest examples:"Seems like there is a lot of contradiction between what is on the FHA site and what the FHA Reps. are answering the consum...
09/17/2015
Monday September 14, 2015, the new FHA Single Family Home Loan Policy Handbook takes effect. It's called HUD 4000.1 and is now the reference for all FHA single family home loans.Up to now, certain parts of the handbook have been in effect, while other portions were printed but not effective until...
09/13/2015
FHA appraisals can be tricky to understand, depending on the outcome. For example, we get asked several times a year why an FHA appraiser required corrections on cracked or peeling paint on surfaces in a given home.The question is usually associated with the seeming cosmetic nature of these corre...
08/29/2015
There are a lot of questions asked about FHA loans and how spouses can buy together. Can the FICO scores of one spouse make up for the lower scores of the other borrower? Can one spouse's income offset the lower income of the other? How does state law factor into FHA loan applications when spouse...
08/23/2015
We've written elsewhere about the importance of the borrower's verifiable income when it comes time to fill out an FHA loan application and have the lender review the amount of money coming in versus how much goes out for financial obligations. A borrower's employment income is very important, bu...
08/13/2015
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Bruce Reichstein

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