September 19, 2019

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Articles Published in: January 2019

The Two FHA Rehab Mortgages

FHA Refinance Loans For Your First Home

Why should first-time home buyers start thinking about their FHA refinance loan options sooner instead of later? It’s not because you are actively planning to refinance, but there are circumstances which may make you reconsider your refi loan options. As a millennial home buyer, first-time home owner, or any other type of borrower, unforseen events or situations may have you re-thinking your long-term financial plans. There are FHA refinance loan options for first-time home buyers and new home owners, but some are more appropriate for certain needs than others. FHA Refinance Loans For Upgrades, Repairs, And Home Improvements If your home is damaged in a storm, you experience a fire or flood, or need to repair your roof, an FHA 203(k) rehabilitation loan is the refinance you should ask a | more...

 
FHA Home Loans For Homes Built Before 1978

Considerations For Buying Your First Home With An FHA Mortgage

First-time home buyers looking for their first home and a participating lender to apply for an FHA mortgage loan with may not know exactly what they are looking for in a new home-at first. As you go on the home ownership journey there are several issues that will become more apparent as you go. When planning for your first home loan and preparing your credit to borrow, keep these concerns in mind. Buying A First Home To Accommodate Future Needs Couples looking at their first home should anticipate changes in family size, needs for a hobby room or a dedicated work space, and room to grow with furniture and other possessions. The one-bedroom house you look at today may be the home you grow out of tomorrow; make sure you | more...

 
Should I Buy A Condo With An FHA Home Loan?

Should I Buy A Condo With An FHA Home Loan?

Should a first-time home buyer consider purchasing a condo unit? Depending on your wants and needs, the answer may vary. Condos are unique compared to suburban homes because they are a communal property with shared responsibilities (which may be mostly financial) for upkeep of the common areas, the roof, balconies, etc. You may have special features on the property such as a gym, sauna, whirlpool, etc. depending on the property. FHA Condo loans require the condo project to be on or added to the FHA approved list-that’s unlike other types of property which must simply pass the FHA appraisal process. Condos will be appraised, too, but they must first be on the FHA roster. You can work with your FHA loan officer to add a condo project to that list | more...

 
FHA Home Loans: A Q&A

How To Get An FHA Mortgage Loan As A First-Time Home Buyer

How can a first-time home buyer qualify for an FHA mortgage loan? If you are looking for a starter home, a home to grow into, or you want to have a home built especially for you (using an FHA One-Time Close construction mortgage loan), your FHA loan options are impressive. How To Qualify For An FHA loan As A First-Time Home Buyer Plan ahead and start early-that’s the best advice for first-time buyers looking to buy a house with a mortgage loan. But what does this mean? For starters, it means planning to apply for the home loan when you have 12 full months of on-time payments with no late or missed bills. Some may struggle with this notion, but it’s one of the realities of home loans. You will | more...

 
FHA Home Loan Approval By The Numbers

FHA Loans And The Government Shutdown: What’s Next?

Headlines in the earliest part of 2019 about the government shutdown gave way at the end of the third full week to those discussing the interim re-opening of the government for three weeks so that negotiations on the federal budget may continue. On Friday, January 5, 2019, the partial shutdown ended, bringing furloughed workers back on the job and ending the question of how long nearly one million American workers would have to do without a paycheck. What does all this have to do with FHA mortgage loans? Many wondered if the FHA would stop the home loan program during the partial shutdown, and while that did not happen, some aspects of the FHA mortgage program were affected including the Home Equity Conversion Mortgage program and certain aspsects of the | more...

 
FHA Home Loans: Solar And Wind Technology

Refinancing Your Home Loan With An FHA Mortgage

With recent interest rate headlines, some may be interested in refinancing their first home loan in 2019, especially those in adjustable rate mortgages who want to lock in an interest rate to avoid future mortgage loan rate fluctuations. Some will ask how much of the credit-check process is needed for an FHA refinance loan compared to when the original mortgage was applied for, and much depends on the type of refinance loan being applied for. Some refinance loans, such as FHA Streamline Refinancing, also known as an FHA Interest Rate Reduction Refinance Loans (VA IRRRL) do not feature a government-mandated credit check. Qualified borrowers will use the original credit check and other information used on the first mortgage as a guide. Your participating FHA lender is, however, free to require | more...

 
FHA Appraisal Rules You Need To Know

Buying A Starter Home With An FHA Mortgage

FHA home loans can help any financially qualified borrower get into a new home with a low down payment and more forgiving credit requirements. The FHA home loan program is for first-time home buyers and experienced home owners alike. How FHA Mortgage Loans Differ From Other Home Loans For First Time Home Buyers How do FHA mortgage loans differ from conventional mortgage loans, USDA loans or VA mortgages? There are many factors. One important difference between FHA mortgages and conventional loans is that unlike some mortgage loans, an FHA loan for a starter home or other principal residence has no penalty for early payoff of the mortgage loan. FHA loan rules specifically deny the lender the ability to penalize a borrower for paying more than the monthly mortgage payment and/or | more...

 
FHA Mortgage Loan Interest Rates

How To Qualify For An FHA Mortgage Loan With Low Credit

Do you know how to get approved for an FHA mortgage even if you don’t have much credit history or a very high credit score? First time buyers looking for real estate in Texas, California, And Colorado may wonder how to get a foot in the door in the real estate market without a long credit history or some past financial problems on a credit record. And while these housing markets aren’t the only ones, they can be competitive; that said, you can use this advice in ANY housing market How To Prepare For A Home Loan Application To get approved for an FHA mortgage with thin credit, low credit, or bad credit, it is important to give yourself plenty of time to establish a reliable payment record. In general, | more...

 
Five reasons to buy your first real estate with an FHA home loan.

Five Reasons To Buy Your First Real Estate With An FHA Home Loan

FHA home loans are a great way to make your first real estate purchase. Are you looking at homes for sale and trying to decide which is the best mortgage loan for you? If you are a first-time home buyer and feel a bit confused by what your real estate agent finds in MLS listing data while searching for “houses near me”, remember that the FHA mortgage loan option is available to anyone who financially qualifies. If you are talking to a real estate agent, do not forget that FHA loans are not restricted to first-time home buyers or those who have never owned property before. You can own other property and still buy a home to live in as your primary residence using an FHA loan whether you’ve purchased | more...

 
Five Things You Should Do Before Applying For Your First Home Loan

Home Buying Facts You Should Know

Are you buying a home for the first time? Do you need answers to mortgage loan questions? You aren’t alone. Those seeking a first home should know that in 2018, published reports such as the Home Buyer and Seller Generational Trends Report of 2018 say that 65% of the largest group of home buyers (Millenials and Generation Y) are first-time home buyers. So what facts should all first home buyers go into their chosen housing markets with? FHA Home Loans For First-Time Home Buyers Feature A Lower Down Payment Lower down payments mean more money freed up to pay closing costs and other expenses related to buying a home. But if you plan on keeping the home for a large portion of the loan term (or the entire loan term), | more...