September 20, 2018

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Articles Published in: June 2018

Five Things To Know About FHA Mobile Home Loans

Remodel Your Home With An FHA Rehab Loan

Are you thinking of selling your home? Need to think about increasing the value of your house before you put it on the market? Or maybe you want to remodel the home you’re planning on staying in long-term and are looking for the best return on investment or ROI for a remodeling project? FHA 203(k) Rehab loans can help you invest good money for a sound ROI on upgrades, improvements, and repairs. You can remodel your home with an FHA 203(k) rehab loan as a new purchase loan or as a refinance loan for your current mortgage. What types of remodeling projects have a good ROI and are allowed under the parameters of the FHA rehab loan program? The answer may depend on whether you apply for a standard or | more...

 
What Is Good Credit? FHA Mortgage Loan Credit Score Ranges

What Is Good Credit? FHA Mortgage Loan Credit Score Ranges

What is considered good credit? Do you know what credit score ranges are considered the best? Or which credit scores are considered marginal or even what lenders consider to be bad credit? There are specific credit score rules in HUD 4000.1 that define who may be approved for the lowest down payment for an FHA mortgage loan, and specific ranges of FICO scores that require more money down. And finally there are the credit scores that are simply not eligible for the FHA home loan program. But these ranges don’t really address what is considered to be good or bad credit. They are simply the credit score numbers that make you eligible for the lowest down payment, a higher down payment, or no FHA loan approval at all. FHA loan | more...

 
Credit Scores For An FHA Home Loan: When Low Credit Is Not Bad Credit

Credit Scores For An FHA Home Loan: When Low Credit Is Not Bad Credit

Are you worried about your credit scores for an FHA home loan? When is a low credit score a reflection of bad credit behavior? FHA home loan rules specify that the lender must insure a borrower as a 500 FICO score at the very minimum in order to qualify for an FHA mortgage, but your credit score numbers don’t tell the whole story. It’s true that FHA loan rule minimums for FICO scores do not always reflect the participating lender’s credit score requirements; borrowers are technically eligible for an FHA mortgage with the lowest possible down payment if they are applying with FICO scores at 580 or higher. The lender may require a credit score of 620 or higher for the same applicants. But your FICO scores only make up | more...

 
FHA Cash-Out Refinancing Loan Occupancy Requirements

FHA Cash-Out Refinancing Loan Occupancy Requirements

FHA cash-out refinance loans are a great way to cash in on the value of your home, but this FHA refinance option has some specific rules about occupancy and how it affects your eligibility for cash out. The FHA loan handbook, HUD 4000.1, begins by explaining that cash-out refi loans are only for owner-occupiers. “Cash-out refinance transactions are only permitted on owner-occupied Principal Residences.” Furthermore, owner-occupiers are the only ones who can have their income counted when it comes time to qualify for an FHA cash-out refinance. “Income from a non-occupant co-Borrower may not be used to qualify for a cash-out refinance.” That’s an aspect of FHA cash out loans that isn’t discussed too often, but it is an important one to know. There are other requirements-in most cases, a | more...

 
FHA Home Loan Mistakes To Avoid

Are You FHA Refinance Eligible?

Are you FHA refinance loan eligible? There are some very simple requirements refi loan applicants must meet in order to qualify for an FHA refinance loan. Do you know what they are? Factors That Affect Your FHA Refinance Loan Eligibility FHA refi loan eligibility may depend on a borrower’s FICO scores in some cases, along with the number of house payments you have made at application time. FHA minimum FICO scores include a range between 580 or better for maximum financing. Another factor in knowing if you are eligible for an FHA refinance loan is the kind of refinance loan you seek; FHA Cash-out Refinancing and FHA no Cash-Out refinance loans can be used for FHA or non-FHA loans alike. The same is true of FHA Rehab Loans processed as | more...

 
Am I Required To Use Water Utilities For The Home I Buy With An FHA Mortgage?

Am I Required To Use Water Utilities For The Home I Buy With An FHA Mortgage?

Not all properties are created exactly alike. Some are hooked up to the local utility company for drinking water and septic, while others may rely on wells or other sources. FHA borrowers considering the purchase of a property served by a well often worry that the home won’t meet FHA minimum standards. What do FHA loan rules say about home loan approval for a property served by a well and/or a water purification system? For a start, FHA loan rules do not automatically deny FHA loan approval for properties that have a well or a water purification system rather than being served by a local utility company. That said, HUD 4000.1, the FHA loan handbook, does require that properties purchased with an FHA loan use local water utility systems “wherever | more...

 
FHA Mortgage Loans: Do Interest Rates Matter?

FHA Mortgage Loans: Do Interest Rates Matter?

If you are a first time home buyer you might wonder whether FHA home loan interest rates quoted to you at the appropriate time actually matter-after all, aren’t these rates subject to change depending on market forces and isn’t the borrower basically being offered the “going rate” no matter what? The short answer is, interest rates DO matter and the rates you are offered are not necessarily the “going rate”, whatever that may be. Why? There are a few variables that affect the mortgage loan interest rate you are offered by the lender. Market forces are one of those variables. Depending on breaking news, market activity, and even overseas financial developments, the rates offered at any given time may be different than the last time you checked the rates. Another | more...

 
Seven Facts About FHA Home Loans

Are There FHA Home Loans For Borrowers With No Credit?

Are there FHA home loans available for borrowers who have no credit? Some home loan applicants may have little or no credit activity and worry that there may be no provisions in FHA loan rules for such circumstances. What does the FHA loan handbook, HUD 4000.1, say about this issue? FHA loan rules state that the lender is required to pull credit data for all FHA loan borrowers. Whether you need a new purchase home loan, an FHA One-Time Close construction loan, an FHA cash-out refinance loan or any other mortgage (except for an FHA Interest Rate Reduction Refinance Loan which has no FHA-required credit check requirements in most cases) a credit report will be pulled for each borrower obligated on the mortgage. In cases where the credit report shows | more...

 
FHA Home Loan House Hunting Checklist

FHA Home Loan House Hunting Checklist

Do you want to buy a new home? An FHA home loan, with its’ low down payment requirements for qualified borrowers is definitely an option to consider. With a low 3.5% down payment for qualified borrowers AND the ability to use approved down payment assistance and/or gift funds for potentially no money out of pocket for a down payment, FHA mortgages can have a lot of appeal. The house hunting process is an important part of any loan. When you are in the planning stages for your FHA mortgage, there are some big issues to consider before you launch into your search for the perfect home. Those issues can be covered by a checklist you can make and plan with, even house hunt with; when making your house hunting checklist, | more...

 
Get The Loan! FHA Home Loan Approval Tips

Get The Loan! FHA Home Loan Approval Tips

Need some tips on how to get and keep FHA home loan approval for a new purchase loan or a cash-out refinance loan? There are some important credit-related things you can do to avoid making your loan more complicated or have it disapproved entirely. Do Not Stop Paying Your Credit Card Bills And Rent On Time Even if your lender has already run your initial credit check, a late or missed payment on your monthly financial commitments can hurt you. It is never safe to assume your lender will look at your credit reports one time only, and any discrepancies that show up in the meantime will have to be dealt with. Your lender would, at a minimum, require documentation for the late/missed payment, but the ability for such incidents | more...