What is the FHA Flip Rule?
A rule that prohibits the purchase of a property using FHA financing that has been recently sold in the past 90 days.
What are mortgage reserves?
Mortgage reserves refer to the funds that a borrower have after closing on a mortgage. These reserves are typically measured in terms of the number of months' worth of mortgage payments.
Appraisal came back over contract price, what does this mean?
The property's value is worth more than you are purchasing it for. Therefore, you have more equity in the house. In terms of the mortgage approval, it doesn't change anything. Mortgage lenders use the lower of the contract price or appraised value when calculating loan to value.
Can a mortgage lender inquire about your disability status?
A person's disability status is not typically a question that a mortgage lender should be asking.
Can I have more than one Veterans Administration (VA) mortgage?
Yes. The Veterans Administration does not limit the number of VA mortgages a Active Duty, Veteran, National Gurad or Surviving Spouce may have. The only restriction to the number of mortgages is the amount of entitlement left for the borrower to use.