Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

John asks…

What is the HUD document that you get when closing a home loan?

I am refinancing my condo (to get a better interest rate). The title company called me and said they need a copy of my HUD document from the original loan. I went through all the old paper work, and cannot find anything like that. Should I have this considering the first loan is a traditional 30 year loan?

Your Questions About Foreclosures

The Expert answers:

Title company is looking for your HUD-1 statement from your loan. If you kept your documents it is a legal size document with lots of lines and numbers about closing fees, origination points, escrow fees, loan amount and other numbers covering your closing and the amount it cost you.

This document is required by federal law for all refinance and purchase of real property.

I hope this has been of some use to you, good luck.

“FIGHT ON”

Your Questions About Foreclosures

Joseph asks…

What is the hud age rule for children staying in the same room?

I live in income based apartments, that is run by hud. I have a 5 year daughter and a 2 year old son, I live in a two bed room apartment, and I already know i need a three bed room. However, i have been on there waiting list for a three bed for two years and counting. At what point does it become illegal or against huds rules for them to share a room.

Your Questions About Foreclosures

The Expert answers:

There isn’t an age rule, it is a sex rule. Your daughter is to bunk in with you. Sucks but that is the way it is.

Your Questions About Foreclosures

Michael asks…

Can someone tell me the difference between HUD assistance and FHA?

I’ve heard people say that they are getting HUD assistance to help pay towards their mortgage, but they cannot exceed a certain household income. This is not what I want, I do not want to be restricted on how much money I make. I will be a first time home-buyer so I am looking for a program that will help me because my credit is not too great. Is the FHA program through HUD is what I need?

Thanks!

Your Questions About Foreclosures

The Expert answers:

HUD stands for Housing and Urban Development and is generally for people who are low income. HUD generally builds homes in low income neighborhoods to help the economic development of that neighborhood.The homes are built with minimal amenities and the mortgage is low as well as the interest rate

FHA stands for Federal Housing Authority. This is a loan for the purchase of an existing home. FHA is the best way to go when purchasing 1st time, but they are very strict with the property you want to purchase. The home must be inspected and any deficiencies must be repaired before loan is approved. FHA loans will generally let you borrow more money against the value of the property, but unless you have at least 20% equity left in the home, you will probably have to pay PMI, mortgage insurance.

A conventional loan is basically a bank loan, they are more difficult to obtain, but can have great interest rates. With this type of loan you will not be able to borrow more than a certain percentage of the value, I think it is 85%.

Either way you go, it is a long process and this economy is making it very hard to get loans no matter what your credit score.

Your Questions About Foreclosures

Carol asks…

What is the difference when buying a hud home?

I have been looking for a house and some of the ones I have seen are hud homes, and it says income guidelines apply. What else is different when buying a hud house, or can you explain the process to me.

Your Questions About Foreclosures

The Expert answers:

Try the Housing & Urban Development site: http://www.hud.gov
It has lots of helpful information on buying and owning a HUD home, public housing….

Your Questions About Foreclosures

Susan asks…

What are the rules for making my mobile home HUD approved?

I have a doublewide mobile home and I need a reverse mortgage on it. They say it is not HUD approved. How do I make it HUD approved?

Your Questions About Foreclosures

The Expert answers:

Clara,

There are several items that need to be met in order for your home to qualify for a reverse mortgage.

It must have been built later than 1978.

You must own the land it sits on, or it must be on a 99 year lease.

It must have a permanent foundation, secured with piers that meet fha guidelines. This can be done after you close on the loan.

It must have never been moved except from the factory to it’s current location.

You will need the manufacturer’s tags that are usually attached to the home.

Other than that there isn’t too much that will keep your home from qualifying.

I am a loan officer who specializes in reverse mortgages. If you would like any more information or would like for me to quote you on a reverse mortgage please feel free to contact me at bburns@griffinloans.com

Thanks,
Brandon

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures