If you’re a business owner, you could purchase a residential property with a storefront or other business-purpose square footage with 3.5% down. Or, you could rent out commercial space to a tenant, offsetting primary housing expenses. Surprisingly, FHA allows a portion of your primary residence to be commercial space. It even lets you finance the […]
Business Owner? Buy a Mixed-Use Building with FHA Read More »
One of the most powerful features of FHA multifamily homebuying is that you have access to higher loan limits than are available for 1-unit, or single-family, homes Loan limits, believe it or not, can exceed $2 million. Here’s how to leverage increased FHA multifamily loan limits. Get an FHA multifamily rate quote from a lender.
FHA Multifamily Loan Limits for 2024 | How To Buy The Most Home Read More »
A few years into your FHA loan, you might wonder if you can remove the monthly mortgage insurance (MIP, sometimes called PMI). The answer is yes. Sometimes you can remove mortgage insurance right away with a refinance, but sometimes you can refinance to enable PMI cancelation in the future. Plus, there are plenty of other
FHA to Conventional Refinance: Remove PMI + Other Benefits Read More »
Homeowners with a lot of equity in their homes, but lower credit scores, might benefit from the FHA cash-out refinance. You can use FHA cash-out refinance proceeds to pay off debt, complete home improvements, or simply put money in your pocket. There are no limitations on what you can do with the money. See if
Is An FHA Cash-Out Refinance Worth It? 2024 Guidelines Read More »
When you refinance one FHA loan to another FHA loan, you may be entitled to a partial refund of the upfront mortgage insurance premium (upfront MIP). How much you get back and how it can be used are important details, but to begin, let’s take a look at these FHA MIP refund charts. This table
FHA MIP Refund Chart 2024 Read More »
An FHA Streamline refinance can drop your rate and payment with no appraisal, income, or credit check. But it can also help you remove someone from the loan. Here’s how to take someone off the mortgage using this program. Start your FHA Streamline loan to remove a borrower here. 2 FHA Streamline options: Low-doc refinance
How to Remove a Borrower with an FHA Streamline Refinance Read More »
You can close your FHA Streamline 210 days after closing your existing FHA loan. You can apply 30-60 days earlier and close on the 210th day. Within that 210 days, all of the following must happen: Example: Although there are caveats, a good rule of thumb is this: You are eligible to close an FHA
FHA Streamline Refinance Waiting Period 2024 Read More »
Recently, FHA quietly rolled out a new feature that was largely missed by major media: on-time rent payment history can now help first-time buyers qualify for a mortgage. Officially known as the “Positive Rental History” feature, it could help many buyers change their denied loan into an approved one. See if you can be approved
FHA Quietly Introduces First-Time Homebuyer Boost: Rent Payment History Read More »
Recently I had a client who was unsure where she was going to live long-term. She considered buying a duplex in her current town, then buying again in a year if she decided to move. She needed to know if she could use an FHA loan twice. The question came up: can you have 2
Guidelines for 2 FHA Loans: 100 Mile Rule, Family Size, and More 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 »
