November 17, 2017

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Articles Tagged With: mortgage

Can I get an FHA loan for a home in a flood zone?

Can I Get An FHA Mortgage For A Home In A Flood Zone?

Can I get an FHA loan for a home in a flood zone? With Hurricane Harvey, Hurricane Irma, and many other natural disasters, it’s logical that someone looking for a home anywhere near these disasters would wonder if their house hunt is going to be affected. FHA loan rules do address flood zones and FHA appraisal requirements for these areas; the answers can be found in HUD 4000.1. The FHA loan rules for this issue can be found under a section covering general property eligibility for an FHA mortgage. On page 143, we learn: “The Mortgagee must determine if a Property is located in a Special Flood Hazard Area (SFHA) as designated by the Federal Emergency Management Agency (FEMA).” “The Mortgagee must obtain flood zone determination services, independent of any | more...

 
Can I Add Energy-Efficient Upgrades To An FHA One-Time Close Construction Loan?

Can I Add Energy-Efficient Upgrades To An FHA One-Time Close Construction Loan?

Can I add energy-efficient upgrades to an FHA One-Time Close Construction Loan? FHA loan rules governing the FHA Energy Efficient Mortgage add-on to other loans such as an FHA One-Time Close new construction loan are found in HUD 4000.1. There we learn the following on page 400: “The Energy Efficient Mortgage (EEM) program allows the Mortgagee to offer financing for cost-effective energy efficient improvements to an existing Property at the time of purchase or refinancing, or for upgrades above the established residential building code for New Construction.” We know from that reading of FHA loan rules that new construction loans (including One-Time Close mortgages) do qualify for FHA EEMs, which allow the borrower additional funds for an “energy package” defined as: “…the set of improvements agreed to by the Borrower | more...