All Forum Posts by: Michael Cohen

@Colin Simon - They do not. The guidelines specify "more than 100 miles"

@Mark H. - the upfront MIP cannot be "rolled into the loan" unless you get third party concessions (Seller's Concessions, Lender Concessions, etc.)

@Mark H. FHA has a 1.75% upfront MIP as part of the closing costs.

While there are a few lenders that can do it in two weeks, I would estimate 30 days as that's what most lenders (banks and national lenders) use.

@Mike Cumbie is that a Movement Mortgage lender?

"First-time homebuyer" (FTHB) is a function of ownership interest in a property; not whether it is your primary residence or an investment property. If your name is on title or deed of a property, then you are not an FTHB.

Small caveat: traditional government loans define FTHB as someone with an ownership in a property within the past three years, not ever.

@Emir Yildiz - you can find out if the condo is approved for FHA here:

https://entp.hud.gov/idapp/html/condlook.cfm

@Ricardo Cristobal @Mark H.

You can purchase another property using FHA after refinancing your current place into a conventional loan. However, there is a very big caveat to that: rental income from the vacating home cannot be used as effective income on the new primary residence unless the new home is more than 100 miles away.

They're talking about conventional loans, rather than FHA. On a conventional loan, the minimum Loan-to-Value is:

• 1 Unit 95% (5% down)
• 2 Units 85% (15% down)
• 3 & 4 Units 75% (25% down)

FHA is 3.5% down for 1 through 4 units.

Hi @Patrick Blackwell - an FHA loan assumes it's owner-occupied, so as long as you live in one of the units as your primary residence, then the down payment for 1-4 units is 3.5% of the purchase price.

@Danny Ondik  - I agree with @Jared Bouzek . FHA as the 2nd home can have some income qualification concerns. Talk to a local lender and they can run actual scenarios for you so you can get real numbers