September 20, 2018

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Articles Published in: July 2018

FHA Home Loans With Less Than Two Years Of Employment

Understanding Your FHA Home Loan Options

Understanding your FHA home loan options means knowing the different choices available to you for a mortgage. Did you know that FHA home loans are available for mobile homes, condos, and manufactured housing? FHA Home Loan Options: What Kind Of Home Do You Need? Some mistakenly assume that FHA mortgages and refinance loans are need-based and restricted to a certain income range. This is not true; anyone who financially qualifies with FICO scores, good loan repayment history, and other factors is eligible to buy using an FHA mortgage. The kind of homes you can buy with an FHA mortgage include condo units (in FHA-approved condo projects), mobile homes, modular and manufactured homes, multi-unit properties (up to four units), and you also have the option of having a home built for | more...

 
FHA Home Loan Tips: What To Do And What NOT To Do

FHA Home Loan Tips: What To Do And What NOT To Do

If you are new to the home buying process, there are some definite things to do and things NOT to do when preparing for your mortgage. Some of these areas may seem obvious, but you might be surprised at the number of people who don’t give themselves enough planning and saving time ahead of the home loan process. FHA Loan Tips: DO Start Planning Early The moment you realize you want to purchase a home using an FHA mortgage, it is time to begin looking at your finances to see how a new budget can be made. This is because buying a home (no matter what kind of loan you are using) can be an expensive process. You want to start saving immediately for the down payment, but also for | more...

 
Why Get Pre-Approved For An FHA Home Loan?

Why Get Pre-Approved For An FHA Home Loan?

Why get pre-approved for an FHA mortgage? This is a question some first-time home buyers ask, and the answers can make a big difference in how you approach your home loan. FHA Home Loan Pre-Approval Does Not Commit You To A Mortgage When you fill out the forms to be pre-approved for a home loan, you are not committing to the transaction in the sense that you would be financially obligated to buy. The borrower is not legally committed to a purchase when getting pre-approved. Home loan pre-approval actually works to help you be taken seriously as a buyer when you do find a home you’re ready to commit to. The buyer takes a pre-approved borrower more seriously and you may find that a pre-approval letter (depending on the housing | more...

 
FHA Loan Rules And Investment Properties

What You Need To Know About Closing Your FHA Mortgage

What does an FHA borrower need to know about the closing date for an FHA mortgage? There are several issues to consider, especially when it comes to whether or not your transaction is occurring in a wet funding or dry funding state. Home Loan Closing Dates: The Difference Between Wet Funding And Dry Funding The terms “wet funding” and “dry funding” refer to states where requirements to close may require the loan to actually close and funds be disbursed on the closing date, and states where that does not specifically happen on the closing date. A wet funding state requires completion of the loan on the closing date or in a specified period of time after the closing date procedure. Dry funding means the paperwork for the mortgage is not | more...

 
Are You Ready To Buy A Home With An FHA Mortgage?

Are You Ready To Buy A Home With An FHA Mortgage?

Are you ready to buy a home with an FHA mortgage? There are ways to tell how close you are to being ready to start house hunting and move out of the planning stages of your new home loan. Do You Know Your FHA Loan Limit? The FHA home loan limit varies depending on the housing market; some areas are more expensive than others and have a higher loan limit, others are “average” and conform to the median FHA loan limit nationwide. Some housing markets may be less expensive than others and feature a lower FHA loan limit, but the only way to tell is to either ask a lender what FHA mortgage loan limits are like or look the limits up for your area. Remember that FHA loan limits | more...

 
The Credit Check For FHA Cash-Out Refinances

The Credit Check For FHA Cash-Out Refinances

Is the credit check for an FHA cash out refinance loan the same as for a new purchase home loan? Borrowers want to know how their credit will measure up to lender standards when it’s time to apply for a refinance loan. Some make the same common mistakes in the months leading up to a refi loan application that others do when applying for a new purchase home loan. What can you do to increase your chances at refinance loan approval? Treat An FHA Cash-Out Refinance Loan The Same As Your Original Mortgage FHA cash out refi loans require both a new credit check and a new appraisal. The reason for the new appraisal is to make sure you are getting the value in your home that market values currently | more...

 
What To Do If Your Credit Score Isn't Perfect But You Are Still Buying A Home

What To Do If Your Credit Score Isn’t Perfect But You Are Still Buying A Home

Do you know what to do if your credit score isn’t perfect but you are still buying a home? There are some steps you can take that have nothing to do with paying a third party to try to fix your credit rating, or paying someone else to do things you should be doing for free where credit repair is needed. Start Reviewing Your Credit Rating Early In Your FHA Home Loan Process This means reviewing and working on your credit before you decide it’s time to fill out application paperwork for an FHA mortgage loan or FHA refinance loan. You need to know your credit scores long before you start house hunting. You can request free copies of your credit report (one per year from each of the major | more...

 
FHA Home Loans And First Time Home Buyers

FHA Home Loans And First Time Home Buyers

FHA home loans are perfect for many first time home buyers who are looking for low down payment requirements, forgiving credit score guidelines, and a home that features refinance options later down the line for cash-out, rehab and repair, etc. But does a house hunter have to be a first-time home buyer to qualify for an FHA mortgage? The short answer is no. FHA mortgage loans are for any financially qualified borrower, first time buyer or not. That said, first-time home buyers may find an advantage when it comes to local or state down payment assistance programs. FHA mortgages require the down payment to come from approved sources; those sources may include down payment assistance from agencies that provide such funds in accordance with FHA requirements. Down payment assistance must | more...

 
FHA Home Loan Advice: Wait Until After Your Closing Date For New Credit

How Many FHA Mortgages Can I Have?

How many FHA mortgages can I have? This question is often on the minds of those who are interested in buying an investment property using an FHA mortgage. Understanding the FHA loan rules in this area can save a potential borrower a lot of time. FHA Home Loans For Investment Property? FHA home loans cannot be used for investment properties. In this context, the phrase “investment property” refers to a single-family home with between one and four units that the borrower does not intend to personally occupy. It also refers to any type of intermittent-occupancy property such as a bed-and-breakfast, condohotel, or other property that is not primarily residential in nature and that the borrower won’t personally live in as her or his home. FHA Loan Rules For Occupancy and | more...

 
How Much Will My FHA Appraisal Cost?

How Much Will My FHA Appraisal Cost?

How much does an FHA appraisal cost? This is a common question, most often asked in conjunction with whether or not the FHA regulates this expense as part of the FHA home loan process. The Cost Of FHA Appraisals And Home Inspections The first thing to remember when you are budgeting for an FHA appraisal is that you will also need to set aside money for a home inspection. You should never rely on the appraisal alone to determine whether the home, condo unit, or mobile home or modular home is suitable to purchase. The FHA appraisal costs money, and the home inspection costs money too. Borrowers who balk at the idea of paying “twice” for a service that is mistakenly viewed as nearly identical (appraisals are NOT identical to | more...