Bruce Reichstein's (brucereichstein) Blog

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RECENT BLOG POSTS
Some house hunters get fed up with looking for just the right home, while others start out their home loan journey knowing in advance they want a house built for them. What options to these borrowers have?There is an FHA home loan known as the FHA One-Time Close construction loan that lets borrow...
04/19/2018
What should you know about FHA home loans for houses, condos, and townhouses? There are plenty of issues to keep in mind including down payment requirements, appraisal rules, and special options.FHA Loan Rules For HousesThe FHA loan handbook, HUD 4000.1, addresses home loans for new houses depend...
04/04/2018
What is the FHA One-Time Close Program? In our previous blog post, we discussed the basics of this FHA construction loan program-what it means to the borrower seeking an FHA new construction loan and how having a single loan (instead of two loans as with typical construction loan situations) can ...
11/19/2017
What is the FHA One-Time Close program? Who is it meant for? These are questions with important answers for potential FHA borrowers who are interested in applying for an FHA mortgage to have property built for them instead of buying an existing construction property.One-Time close mortgages are c...
11/08/2017
A reader asks, "Does the “no exposed wiring” rule apply to an unfinished utility closet that has the furnace and water heater inside it? This is merely a smaller utility closet space that was never finished as it was never meant for any type of living area."FHA appraisal rules in HUD 4000.1 inclu...
11/18/2016
FICO scores, debt-to-income ratios, and credit history aren't the only things that can factor in when the lender is gathering data from your FHA mortgage loan application. Borrowers who are divorced may experience additional requests from the lender for paperwork or supporting documentation.We ge...
11/13/2016
A reader asked a question recently about high voltage transmission lines and the FHA loan rules that address them in relation to the property to be purchased with an FHA mortgage."I am looking to find info regarding High Voltage Transmission Lines. I know that in 4150.2 that it clearly states tha...
11/04/2016
A reader asks, "Can I apply for an FHA loan after just one year of commission based pay with a cosigner?"FHA loan rules require all borrowers to be obligated on the loan to financially qualify, which would include verification of both employment and income. A co-signer or co-borrower may not be a...
10/28/2016
A reader asks, "Does the EPA or the FHA have the responsibility for setting the TLVs for mold spores in the air? What if the mold count is higher outside than inside?"The FHA does not set or regulate such health issues, deferring instead to federal, state, or local authority where applicable. Acc...
10/23/2016
FHA loan rules have requirements for both U.S. residency for potential borrowers, and occupancy for approved borrowers. Did you know that HUD 4000.1 states that an FHA loan applicant does not have to be a U.S. citizen in order to apply for an FHA mortgage or refinance loan?U.S. citizenship is not...
10/16/2016
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