What do the latest changes in FHA rules mean?

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How did the FHA adjust its rules?

Getting an FHA mortgage may be a little easier for some borrowers. The Federal Housing Administration will no longer flag applications from homebuyers who have previous FHA loan rejections. The removal of this potential obstacle will allow potential borrowers to have their application reviewed without the bias of a past rejection.

FHA flags have also caused delays in loan processing, as flagged applications would undergo additional review.

The update to the rule started on September 11th, 2023, and will be included in all future FHA rulebooks for single-family home loans.

Is buying an unfinished home an option?

With the housing market as tight as it is currently, any opportunity may look like a good one. That can even mean taking on someone else’s unfinished project. It’s entirely possible to find an unfinished property and turn it into your dream home, but it’s also a good idea to read the fine print before jumping in.

Jenifer Sjoblom, a broker associate with Baird & Warner, offers the following advice, “Potential buyers need to determine the scope of the work, whether they plan to do it themselves or hire contractors, and whether such an undertaking is financially feasible given their individual circumstances.”

Sjoblom also recommends looking into permit status before buying, estimating costs and time to finish, and navigating financing before going into a potential money pit.

Making sure you can take on or afford a project before buying in could save you a lot of time, money, and headaches.

What did Jimmy Buffett’s real estate portfolio look like?

While Jimmy Buffett will be forever associated with beachside escapes, cool breezes, and good vibes, he should also get some credit for a real estate portfolio that was worth millions. When Buffett passed on September 1st, 2023, he owned at least five private residences in addition to a licensing empire.

His real estate holdings literally stretched from coast to coast. The two most impressive properties weren’t located in Florida or even on a beach. He owned a massive estate in Beverly Hills, CA that he purchased for $8.25 million in 2014 and at least two private lots in Sag Harbor, NY with an unknown price tag.

He also had private residences in Palm Beach, Daytona Beach, and West Palm Beach.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

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