It sounds perfect – buy a home with two accessory dwelling units (ADUs) with just 3.5% down using FHA and rent out the ADUs. If only it were that simple. Unfortunately, FHA does not finance homes with two ADUs on the property. The HUD 4000.1 states, “The Appraiser must notify the Mortgagee of the deficiency …
FHA student loan rules 2024: FHA now uses 0.50% of the loan balance for income-based or deferred student loans where the payment is $0. This replaces the old rule of 1.0%. These guidelines could help you qualify for a $25,000 higher home price based on the current student loan balance average. See if enhanced student …
FHA Student Loan Rules 2024: Afford $25,000 More Home Read More »
This FHA loan calculator estimates your funds needed to close after applying any down payment assistance and seller concessions. Get an idea of how much you’ll need in savings or other sources to buy a home in 2024. FHA loan primer FHA loans are a favorite of first-time buyers. In fact, over 80% of all …
FHA Loan Calculator 2024 With Down Payment Assistance Read More »
HUD, the overseer of FHA, announced that it now allows FHA homebuyers to use ADU rental income to qualify for the loan. A White House press release noted, among other housing actions, that the U.S. Department of Housing and Urban Development (HUD) published new Accessory Dwelling Unit (ADU) guidelines as of October 16, 2023. Previously, …
FHA Unveils Surprising Homebuyer Assistance: ADU Rental Income Read More »
The new Fast 100 program lets you finance your 3.5% FHA down payment with a secondary mortgage, potentially at zero interest and zero monthly payment. It’s widely available (39 states) and you don’t have to be a first-time buyer or in a certain profession. There are no income limits. Here’s how this innovative program can …
FHA Fast 100 Down Payment Assistance Program: Zero-Down Loan Read More »
A down payment assistance (DPA) program has hit the market and it offers the widest eligibility criteria of just about any DPA program out there. It’s called DPA Advantage and it gives a 3.5% down payment grant for eligible homebuyers. Saving up for a down payment is now optional. Check your DPA Advantage Program eligibility. …
DPA Advantage: 3.5% Down Payment Assistance Grant Read More »
You can think of The Good Neighbor Next Door program as a bargain outlet store for homes. Buyers in public-service professions can buy a home at a 50% discount, sometimes with just $100 down. These homes are foreclosures owned by the U.S. Department of Housing and Urban Development, or HUD. The agency offloads homes while …
If you’ve ever looked into down payment assistance (DPA) programs, you may have been frustrated about the stringent requirements to qualify. Some require very low income, while others only work in very specific geographic locations. The new EPM Empowered DPA program, though, is available to most home buyers nationwide, thanks to its wide acceptance criteria. …
Empowered DPA Program: 3.5% Down Payment Assistance Grant Read More »
If you’re buying a home that has peeling paint anywhere on the structure, you may need to get it repaired whether or not you want to waive this requirement. It all depends on when the home was built. Peeling paint repair requirement for pre-1978 homes: Can’t be waived Peeling paint must be repaired if the …
Can You Waive the FHA Peeling Paint Repair Requirement? Read More »
What are $100 down HUD homes? The Department of Housing and Urban Development, better known as HUD, offers its foreclosed homes for just $100 down. Why? When someone gets an FHA loan, but doesn’t make the payment, HUD must foreclose on the property. HUD does not want to hold onto these homes. HUD’s top goal …
