It's not just what you flavor your food with.
Seasoning is an ever more important factor in financing. When you are buying a home with financing a lender will do many things to verify the transactions is arms length and otherwise a legitimate transaction. One of those procedures is verifying the seller has owned the property for a minimum period of time. Currently that is 90 days for FHA. IF your seller has not held the property (on title) for at least 90 days BEFORE the transaction started the loan will be rejected. Moral of the story, when buying a property make sure the seller has owned the property for a minimum period of time or risk losing the property.
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Tuesday, August 11, 2009
Monday, August 3, 2009
FHA Basics
Why FHA? FHA financing offers buyer and borrowers alike the opportunity to acquire and finance properties and borrowers that would not typically qualify for conventional financing.
FHA also has fantastic rate and fee combinations - the product is not inherently expensive although some will tell you it's much more difficult to process or underwrite. And because of that some lenders and mortgage brokers layer high fees and costs under the assumption FHA is just more expensive. You don't have to pay large discount and loan origination fees. You can get FHA no points financing you need to just educate yourself and be prepared.
FHA also has fantastic rate and fee combinations - the product is not inherently expensive although some will tell you it's much more difficult to process or underwrite. And because of that some lenders and mortgage brokers layer high fees and costs under the assumption FHA is just more expensive. You don't have to pay large discount and loan origination fees. You can get FHA no points financing you need to just educate yourself and be prepared.
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