Posted: Thu Sep 24, 2009 9:52 am Post subject: fha guidelines
I recently posted a question on refinacing a land contract. I am on title and NOT the deed like I said before. however the lender that I'm currently working with says because I have not been on the deed for 12 months I cannot get cash out. i'm not seasoned? I have been in this "recorded landcontract" for 66 months. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
You need to check out if your name is on the property deed or not. If your name is not on the property deed, then it would be difficult for you to get a refinance immediately as you will not be considered as the owner of the property. Unless you are an owner of the property, the lenders will not consider refinancing the loan in your name. _________________ Procrastination is the enemy of your financial success
Some lenders have differnt credit score requirments for FHA. As you might be aware currently FHA doesn't require you have a certain score but lenders impose their own requirements. 660 is the current industry standard for an FHA Jumbo loan amount (over $417k), however 620 is still the norm for FHA with $417k and under loan amounts, some lenders have increased theirs to 640 and a few have gone up to 660, but still plenty of lenders who accept 620 and even a few that go down to 580..Closing costs can be paid in several ways in full or a combination of the following:
1.You pay them
2.At the time of the purchase contract, ask the seler to pay up to 6% of the purchase price toward closing cost
3.The lender may be able to increase the mortgage interest rate and pay some of the costs
leeelliot61
