Bruce Reichstein's (brucereichstein) Blog

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Mortgage and Lending - www.OneTimeClose.com
RECENT BLOG POSTS
One common topic many borrowers have questions about when they want to apply for FHA loans involves employment history. How long do you have to be on the job with your current employer before you can qualify for an FHA mortgage loan?Believe it or not, FHA loan rules state that there is no minimum...
07/19/2015
Did you know that loan rules found in HUD 4155.2 cover specific aspects of the FHA loan closing procedure including taxes, closing costs, and title issues?Chapter Six of HUD 4155.2 explains these policies. For example, in Chapter Six we learn that the lender is permitted to calculate--and collect...
07/11/2015
Every home loan is different. When you apply for an FHA mortgage, you may experience a variety of circumstances along the way that can affect how simple or difficult it is to get to your closing date.Borrowers who prepare ahead of time, who get pre-purchase counseling, and learn from the mistakes...
07/01/2015
Recently we answered a reader question in the comments section about the nature of FHA single-family home loans. The reader wanted to know if it was possible to get an FHA home loan on a home to be used as a rental property or as a guest house for visitors, etc.The short answer to this question i...
06/23/2015
We get many reader questions about interest rates on FHA home loans, and it's clear from these questions that a misconception still exists--some people believe the FHA sets or regulates the interest rates on FHA single family home loans. This is not true, but in spite of that we get variations on...
06/12/2015
 Refinancing loans give borrowers many options. Did you know that you do not need to have an existing FHA mortgage to take advantage of certain FHA refinance options? You can change lenders, change the nature of your loan from an adjustable rate to a fixed rate, and add energy-efficient improveme...
06/06/2015
A reader asks, "I closed an FHA loan on 02/18/15 and was charged a rate of 1.689% for Mortgage Insurance Premium. The rates were reduced in January-15. Was I charged an incorrect rate?"This is a common question for some borrowers because their loans happened during a period of time where the chan...
05/22/2015
A reader asks, "We closed on house on 3/31. Had inspection. Stated was sewer, prev owner said was sewer, realtor said was sewer. On 5/8 found waste backed up in toilet in basement, called plumber, found out we have a septic system, currently waiting on them to come out inspect and pump.""We have ...
05/10/2015
A reader asks, "I applied for a fha loan my contract on the house I am to purchase expires Thursday. I found out Wednesday night that I have to apply for an exception for the 2 fha loan rule and the house I am currently in and have on the market is a fha. I did not know this.""I qualify for both ...
04/30/2015
A reader asks, "I have rental property with a mortgage balance of $26000. The property shows a current value of $98900. I would like to refinance but seem to have a problem getting it refinanced? What would you advise me to do in order to utilize my equity to finance another investment."The scope...
04/25/2015