CE Electives: FHA Finance, Assumptions and Common Problems That Slow Settlement [NVAR Fairfax]

Instructor: JD Teitelman and Andrea Beddingfield

Location/Venue:
NVAR Fairfax
8407 Pennell Street
Fairfax, VA 22031
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Elective CE: 3 hours (Each course listed will give one hour of elective continuing education credit)

FHA Finance
The class will start with a review of history and origins of FHA. Bring the discuss to current day, we will discuss unique characteristics of FHA mortgages, why a client may choose FHA vs conventional financing, and FHA underwriting (role of the underwriter (automated vs manual), income, assets including down payment assistance, and credit guidelines). Next, we will discuss FHA financing on condos, new construction and recently purchased homes (FHA flip rule).  We will discuss the role of the appraiser in FHA transactions. Finally, we will discuss the FHA addendum/contract requirements.

Assumptions
An assumable mortgage offers buyers the chance to take over existing loans with attractive terms, while expanding the buyer pool for sellers. However, the buying/selling process isn’t straight forward as with regular mortgage financing. The process can be quirky. This course covers the essentials of mortgage assumptions, including eligible mortgage types and critical questions to ask sellers. Learn how to incorporate assumable mortgages into real estate contracts, navigate the title process, and avoid common pitfalls. Additionally, understand the implications of mortgage assumption upon the homeowner's death, with insights into the Garn-St. Germain Act.

Common Problems That Slow Settlement
Learn the basics of title insurance, what it covers, why lenders require a loan policy, when an owner’s policy is helpful, and the differences between standard and enhanced coverage.  We also review common title problems and what information realtors should gather up front to help prevent settlement delays.

Cancellation policy applies upon registering for this course for non-members.  Cancellation fee is $10.00. No exceptions.