Va loan with a 500 credit score, any way that has ever been done. Lady was married spouse passed and then she got cancer. Which she is cancer free now. So they have foreclosed on the home she is living in that was her husbands. She was not on loan. She is an RN, I know VA is not so much credit score. This below picture of info came from a Realtor friend. We would love to be able to help get some way, if possible purchase the home that foreclosed. She is still living in it still. She is an heir to property, so I was unsure how it would affect. As her name is on deed but not mortgage.

Have a file that has only 2 tradelines installment credit that were opened in the last 6 months. Would it help strengthen file to open a secured credit card? Even thou have DU approval it worries me being modlar home. With no long history of credit.

Need Insurance on 2004 Redmond 24×80. on slab built new, Lucedale MS.

wanted to inquire about an issue I’m experiencing with my DU approval. Guy changed jobs after 4 plus years. In May and July changed again. Back at original job. had initially received DU approval, but after adding a modular home to the equation, there seems to be a problem. He does not have a lot of credit, so I assume needed to add tradelines.

The DU findings state:

• “This case is ineligible because the loan amount of $168,875 exceeds the FHA maximum loan calculation of $160,190.” *

Could you please clarify what steps I can take to address this issue or how we can adjust the loan amount or any other factors that may be affecting my eligibility? I appreciate your assistance in resolving this matter.

Thank you for your time and help.

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The Federal Housing Administration (FHA) has recently updated its policies regarding gift funds for home buyers. Under the new update, donors providing gift funds for a buyer’s down payment are no longer required to provide bank statements. This change simplifies the process for those receiving financial assistance from friends or family members, making it easier to secure an FHA-insured mortgage.

Key points about this update:

1. No Bank Statement Requirement: Donors do not need to submit bank statements to verify the source of their gift funds.
2. Gift Letter: A gift letter is still required, which must include the donor’s name, contact information, relationship to the borrower, the amount of the gift, and a statement that no repayment is expected.
3. Documentation: Borrowers must provide documentation of the transfer of gift funds, such as a copy of the donor’s check and the borrower’s deposit slip, or a copy of the donor’s withdrawal slip and the borrower’s deposit slip.

This update aims to streamline the process for borrowers using gift funds, reducing paperwork and potential delays. For more detailed information, borrowers and lenders should refer to the latest FHA guidelines or contact their mortgage lender.

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They also have link labeled for Realtors

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Can the seller tax proration that is credited to buyer at close. Will that be allowed to count towards the 3.50 % down payment. I know it is allowed, but can it be used to show that is where the part of remaining proceeds will be coming from?

Question: In the middle of approving someone to purchase property , which was going to be investment loan. Their home catches on fire total loss. Their home was paid for, they are now residing in hotel. Rental well we know terrible. So my thinking buy something so have a place to put head. what investors would allow to purchase home being owner occupied. While they have property in name. They will be residing in home, after renovations to be done. Don’t even have a home in mind. But I may know of one that they could purchase, and live in for a year or so. Until they decide what they will do.

To me I don’t think issue, have proof that they will have to reside in home.

I just wanted to share with everyone how important it is to have an amazing friend. Today, my friend’s house caught on fire and she immediately called me in a panic. Even though I had no idea where her house was, I reassured her that I was on my way. In the midst of assisting her with a loan, I quickly pulled up her address and rushed to the scene.

Seeing the devastation firsthand was heartbreaking. The fire had destroyed precious family photos and heirlooms, including a table that belonged to her great grandmother. As the firefighters worked to extinguish the flames, my friend realized she needed to contact her insurance company, but she couldn’t remember the name or details. Thankfully, I had all the information she had previouslyu emailed me, so I assured her that I would take care of it.

What struck me the most about this experience was how everything fell into place. It felt like a divine intervention, with all the necessary information coming together within a matter of minutes. I am incredibly grateful that my friend and her family were not home at the time of the fire, as they might have risked their lives trying to save their belongings. Unfortunately, the house was a total loss.

It was definitely an eventful day, but it reminded me of the importance of having a supportive friend in times of crisis. We never know when we might need someone to lean on, and I am grateful that I could be there for my friend when she needed it the most. As I reminded her , she was there for me . When my Dad passed , help cleaning out the attic.

Planning can be a helpful way to set goals and achieve them. Here are some steps you can take to create a plan and start moving forward:

1. Reflect on your values and priorities: Take some time to think about what really matters to you in life. Consider your values, passions, and the things that bring you joy. This will help guide you in setting meaningful goals.

2. Set specific and realistic goals: Break down your larger goals into smaller, actionable steps. Make sure your goals are specific, measurable, attainable, relevant, and time-bound (SMART goals). This will make them more manageable and increase your chances of success.

3. Create a plan of action: Outline the steps you need to take to achieve each goal. Break them down into smaller tasks and set deadlines for each. This will help you stay organized and focused.

4. Seek support: Don’t be afraid to reach out to friends, family, or professionals for support. They can provide guidance, encouragement, and accountability as you work towards your goals.

5. Take care of yourself: Self-care is crucial during times of difficulty. Make sure to prioritize your physical and emotional well-being. This can include activities such as exercise, healthy eating, getting enough sleep, and practicing mindfulness or relaxation techniques.

Remember, it’s important to be patient with yourself and allow for flexibility in your plan. Life can be unpredictable, and it’s okay to adjust your goals and plans as needed.

Trying to see if buyer that has been renting home for 14 years , with option to purchase. How can he get in home with no down payment. Home is worth 245,000 selling 180,000 seller paying closing cost and prepaids . They are not related but have been good friends like his grandfather prior to renting. I assumed it was no way suggested 3.5 down make 12 payments. And refi as he has an irs lien he wants to pay off. So he can have the money he pays them stop coming out of his check.