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 »
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 specific geographic locations. The new EPM Empowered DPA program, though, is available to most home buyers nationwide, thanks to its wide acceptance criteria. Better
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
HUD Homes $100 Down: Is This Program For Real? Read More »
Disclaimer: All mentions of dollar amounts should not be considered quotes. There are so many cost variables in each person’s situation that it’s impossible to get an accurate cash outlay estimate unless you apply with a lender. The sticking point to investing in real estate is often the same: the upfront cash needed. And investing
How Much Money do I Need to Invest in Multifamily Property? Read More »
The down payment requirement for a loan program often means the difference between qualifying or not. Programs with the lowest down payments are often the most attractive. And when you’re buying a multifamily property, where loan amounts are much bigger, the lower the percentage down payment required, the better. Here’s what down payment you can
What Down Payment Do You Need For A Multifamily Property? Read More »
Some loan programs require reserves, or extra funds “in reserve” after the down payment and closing costs are paid for. So, does FHA require reserves on a duplex, triplex, or fourplex? Does FHA require reserves on 2-4 unit properties? Here are reserve requirements for FHA: Triplexes and fourplexes are a bit harder to qualify for
FHA Reserve Requirements For 2-4 Unit Properties Read More »
What is “FHA Repair Escrow”? An FHA Repair Escrow is also known as an FHA holdback. It is a way to “hold back” and finance funds for FHA-required repairs to be completed after closing. This feature can be used on regular FHA loans. Its purpose is to help a homebuyer proceed with a property purchase
What Is FHA Repair Escrow And How Do You Use It? Read More »
