Well almost everything.

Since more home buyers are struggling tofind home loans in Cincinnati many are opting for  FHA and VA loans and here a few key points to remember:

FHA

• Termite inspection not required unless appraiser requires it
• Mortgage Insurance cannot be dropped until after 5 years-irregardless of equity/value increases
• Property must be owner occupied
• The entire amount of down payment and closing costs can be a gift
• Seller can legally pay up to 6% in closing costs, prepaids and points
• Minimum credit score requirement is 620
• Well and septic inspections are always required
• FHA must grant a waiver for cisterns
• Last but not least…even if the condo shows approved on the FHA Approved Condo site, the condo complex must pass a “5 Question Checklist” to remain approved.  Email or call if you need the list of questions.

VA

• Buyers using VA cannot pay the following fees:  Broker Service/Admin Fee, wire and courrier fee, realease fee, commission, attorney’s fees and termite/wood eating bug inpections.
• Termite is always required and must be paid by seller
• Condos have to be VA approved.  Approval averages 45-60 days
• Owner occupied only
• VA funding fee can be financed -closing fees cannot
• Seller can legally pay up to 6% in closing costs, prepaids and points

Today’s real estate market is proving to be challenging when trying to obtain a VA loan qualification, FHA loans for condos and having complexes meet the VA or FHA condo requirements.  So buyers looking to take advantage of FHA or VA loans need to get their ducks lined up before they begin the process of looking for a home or condo in Finneytown, West Chester, Fairfield or anywhere in greater Cincinnati.

If you want to start house hunting, need mortgage information or need to find a great lender- call or email.