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In United States
Registered Mar 13, 2010
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vain's most recent comments:
- On 14 Nov 2011
in
Property on an FHA Loan Becoming a Rental... Advice Please,
vain said:
BayArea says
Vain, for my own reference, where did your CalFHA originate from and did you know you were getting a CalFHA loan or was this a surprise to you after the fact?
Thanks
BayArea
Was thru an individual broker referred by the buyer agent. She had no idea she was getting a CalHFA loan.
Not really sure what assistance she needed from them. She went in with close to 50% down. Might have been a better interest rate at the time? - On 14 Nov 2011
in
Property on an FHA Loan Becoming a Rental... Advice Please,
vain said:
iwog says
vain says
She bought in a targetted area. Their 30 fixed year loans are FHA loans.
http://www.calhfa.ca.gov/homebuyer/programs/index.htm
A CalHFA loan is a federal FHA loan with down payment assistance. All CalHFA loans are FHA loans, however most FHA loans are NOT CalHFA loans.
The reason she had the loan called was because she received assistance through CalHFA for the down payment. Had she received a federally insured FHA loan independent of CalHFA, she would have been able to leave the home after 1 year.
That makes more sense now. Anyhoo, she has refinanced using negative points so she didn't need to pay any lender fees, and ended up with a better rate. She wasn't motivated to do so before but I guess we can thank CalHFA. - On 14 Nov 2011
in
Property on an FHA Loan Becoming a Rental... Advice Please,
vain said:
BayArea says
Do you just get a refinance for a 30yr conforming loan and you still own the house (or more appropriately, the rental) for only 3.5% down? Or was the bank wanting to see 80% LTV, and you needed to cover the rest with cash?
The property value was equal to the loan value at the time. She had to refinance and come up with 20% to get a conventional loan.
BayArea says
Lastly, you received that letter how long after purchasing the property and how long did you occupy it?
It was occupied for almost 5 years. All she did was call them and ask them to change the mailing address. Though she did move out and rent it out.
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Seeing the official link from the HUD website posted by iwog makes me believe that CalFHA some how affected the terms and it should not apply to you. The said loan was definitely an FHA loan. Just sayin... Don't rock the boat (as she did by calling them to change the mailing address).
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