With the help of the Lakeside Community Association Board of Directors and the property managers at PCM and my team here at work, I was able to assist in securing FHA approval for your Condos. We are still working on Lakeside II and Fairway Villas.
The FHA status improves not only your mortgage options, but also your home's marketability. Here are some key features of FHA loans.
- No income or credit for senior homeowners at least 62 ears of age who are obtaining a reverse mortgage.*
- Low fixed and adjustable interest rates
- Down-payments as low as 3.5%
- Gift for down[payment and closing costs allowed
- FHA-regulated closing costs
- Seller can credit up to 6% of sales priced towards buyers costs
- FHA will allow a home purchase two years after a Bankruptcy.
- FHA will allow a home purchase three years after a Foreclosure
- FHA will allow one day post-short sale for new purchase (with conditions)
- Less than two years on the job is allowed
- Self-employed individuals are allowed.
By Deborah Nance
Your Local Southern California Reverse Mortgage Professional
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iReverse Home Loans, LLC, NMLS#810502 originates reverse mortgages in Alabama, Alaska, Arizona (MB-0919584), California, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon (ML-5378), Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (1164-MB), Virginia, Washington and Wisconsin.
Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. This website is not from HUD or FHA and was not approved by HUD or any government agency.