What is FHA's Amendatory Clause?
This clause ensures that buyers can reconsider the purchase without losing their earnest money deposit if the home does not appraise for at least the purchase price.
When having a home built, does the lender re-check or verify finances/credit/income again before closing?
Yes, underwriters review income, assets, and credit right before closing a file to ensure that nothing has changed in the borrower's circumstances since applying.
If I wanted to purchase an investment property with a conventional mortgage, would I still be eligible to use a FHA loan down the road?
Yes. FHA does not cap on the number of homes a borrower can own. However, FHA does restrict borrowers from having more than 1 FHA mortgage unless you meet some exceptions.
Can my mortgage be transferred to another person?
Transferring a mortgage to another person, often referred to as a mortgage assumption, is possible but not always straightforward.
Can my mortgage be transferred to another lender after closing?
Yes, your mortgage can be transferred to another lender after closing through a mortgage servicing transfer. This doesn't change your loan terms but shifts the company managing your payments.