Can You Be Too Old To Buy A House?...

Good Morning!

Hope you had a good weekend!

The other day I had a borrower ask me if they could apply for a 30 year mortgage even though they were 82 years old.

I can see why they asked this question. …The odds are they may not be around for another 30 years.

Just so you know… It’s against the law for mortgage companies to discriminate against a mortgage applicant for being older.

Even if you were 90 years old you could still apply for a 30 year mortgage.

That’s it for today!

Have a good day! …and thanks for reading.

Get Pre Approved For A Loan Here
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Good News On Condo Purchases From FHA...

Good Morning!

 

Until now you couldn't buy a Condo with an FHA loan unless the entire project was "warrantable" and approved by FHA.

 

Now you can get "single unit" approvals.  Here's how it works...

 

Effective for case number assignments on or after October 15th, 2019, FHA borrowers may obtain Single Unit Approval (SUA) on non-FHA approved condominium properties that meet eligibility requirements (detailed below).

A Significant First-Time Buyer Opportunity!

As a result of FHA's new policy, it is estimated that 20,000 to 60,000 condominium units could become eligible for FHA-insured financing annually.

Condo projects that are not currently on FHA’s list of approved condos may be eligible for an FHA Single Unit Approval.

Target opportunities include previously approved projects that are now expired or were never approved.

FHA Single Unit Condo Eligibility 

At least five units

10 or more units, up to 10% may be FHA-Insured

Less than 10 units, up to two FHA-Insured units

At least 50% owner-occupancy

HOA Budget 10% reserve requirement (or amount supported by reserve study)

Applications must receive an Accept from TOTAL Mortgage Scorecard or have a maximum 90% LTV for an Accept Risk Classification requiring a downgrade to Manual Underwriting.

Maximum of 35% commercial space

Maximum 10% individual ownership

Has a Certificate of Occupancy that was issued at least one year ago or has been occupied

Manufactured homes, gut rehab or new construction is not eligible

No more than 15% of units are 60 days delinquent

Not located in an approved condominium project or unapproved phase of a condominium project with an approved Legal Phase in HOA dues

 

So, if you or someone you know wants to purchase a condo - give us a call.

That's it for today!

 

Thanks for reading!

 

 

Get Pre Approved For A Loan Here
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How To Buy A House And Not Have Monthly Payments...

Good Morning!

If you or someone you know is at least 62 years old you can purchase a house using a Reverse Mortgage.   ...and never have a mortgage payment the rest of your life!

Here are some key things to know about purchasing a home with a Reverse Mortgage...

* No monthly mortgage payments. Loan would be due when you move out permanently, sell the home, or pass away.

* Down payment would be between 34% and 55.5% (plus closing costs), depending on your age.

* Non-recourse: never owe more than what the home is worth. If the heirs choose not to repay the loan and the home is foreclosed, they will not be liable for any deficiency.

* Stipulations include maintaining primary residence, keeping current on property taxes and insurance, and making sure the house is properly maintained.

If you or someone you know is interested in using a reverse mortgage to buy a home – shoot us an email or give us a call!

That’s it for today!

Have a good day today! …and thanks for reading.

Get Pre Approved For A Loan Here
My Previous Blog