Facts you should know:
1. Can you have more than one FHA loan at a time? Yes- there are circumstances which do allow a borrower to take out an FHA loan even if they currently have one. Some of the circumstances would be a move more than 100 miles away from existing home, a divorce, if borrower co-signed for someone else to get FHA loan but never lived in the home, and a “change in family circumstances”. The last instance covers many scenarios so call me for more details.
2. What is maximum FHA loan limit? The FHA loan limits are set by county median sales. For 2014, the Harris County and Montgomery County limit is $295,550 for single family home; Austin/Roundrock area is $305,900; Dallas/Fort Worth is $287,500. Let me know if you want to check out other counties and I will help you find the maximum loan limit. The limit is higher for 2,3,and 4 family homes.
3. Can you remove the mortgage insurance on an FHA loan? It depends: for any mortgage involving principal obligation with LTV of 90% or greater at time of purchase, FHA will assess the annual MIP till end of mortgage term. If the original principal obligation is under 90% LTV, then the annual MIP will remain until the end of the mortgage term or the first 11 years, whichever occurs first.
I have lots of facts about FHA—so any time you have a question, just let me know and I will get you the information necessary to get your homes sold and financed quickly and efficiently!
RELY ON RIFAI!
Diane Rifai
NMLS 204318
Cornerstone Home Lending
Direct ofc: 281-296-1807
cell: 713-304-2660
efax: 713-439-9533
web page: www.DianeRifai.com