This week’s question was ” When does mortgage insurance get canceled on an FHA loan with a 3.5% down payment?”   April King knew the answer was “Never”.

USDA financing can be used for the purchase of a Manufactured Home under what circumstance? Rhonda knew the correct answer was a Manufactured Home that has not been previously occupied. We have other financing options for Manufactured Homes. Call Bill or Justin today with your questions. (910) 791-1337

What is the maximum debt-to-income ratio allowed on a VA loan? The correct answer is there is no maximum. VA loan requirements do not state a maximum debt to income (DTI) ratio. However, lenders set there own maximum DTI requirements for these mortgages. Typically, lenders max DTI ratio for VA 41%. However, 41% isn’t a…

Per FHA guidelines, medical collections in excess of what amount need to be paid prior to closing? The correct answer is Unlimited. Medical Collections do not need to be paid off.

The correct answer is FHA. Conventional and VA loans do not call for a foundation inspection unless the appraiser notes that something looks awry. Spencer Rhem played my weekly Mortgage Trivia Contest and won a $15 Chipotle Mexican Grill Gift Certificate.

To answer last week’s question, maximum allowable seller-paid closing costs on FHA and USDA loan is 6% of the purchase price.

The Correct Answer is: $314,827.00 Congratulations to Hannah Babatunde at Keller Williams for winning this week’s Mortgage Trivia. $314,827.00 is the “NEW” FHA mortgage limit for single-family housing in New Hanover, Brunswick, and Pender counties. If you or your customer only has a 3 1/2% down payment, they can qualify for a home valued at…

The answer is “NO”, but a borrower cannot have an ownership interest in any other property at the time of closing. Congratulations to Tom Sharpe (past customer) who correctly answered this week’s Mortgage Trivia. There are exceptions to this rule. The borrower may have an ownership interest in another residential property if they do not…

The Correct Answer is the Federal Housing Administration Congratulations Gary Ellis from KW Realty for being the first winner in Bill’s Weekly Trivia Contest. The Federal Housing Administration is a United States government agency created in part by the National Housing Act of 1934. The FHA sets standards for construction and underwriting and insures loans…