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Articles Published in: January 2020

Home Loans For Building On Your Own Land

One-Time Close Home Loan Hints

One-Time Close (OTC) loans allow borrowers to build a house on their own lot instead of having to choose from existing properties. You can be a first-time home buyer and still be approved for a One-Time Close construction loan, also known as Single-Close loans or Single-Close construction mortgages. If you have never examined your options on the real estate market, it’s easy to assume you aren’t financially qualified for a construction loan. After all, that sounds like a very big undertaking, doesn’t it? Having a house built for you? That may sound like something that other people might qualify for, but the fact is that FHA and VA OTC loans have the same requirements as any other FHA or VA mortgage. These loans are designed to be more affordable, and that | more...

Gathering Your Home Loan Documents And Preparing For The Application

Save Money! The Benefits Of Housing Counseling Before You Start House Hunting

Saving money is usually done to prepare for a home loan, but did you know there is a simple trick to saving money on mortgage expenses? It basically involves being a more informed borrower so you don’t mistakenly choose options that cost you more unnecessarily. Getting the right home loan for your needs can help you maximize your real estate dollar, but you’d be surprised at how many people don’t know the options they have where home loans are concerned. A Freddie Mac report indicates that housing counseling and/or good financial education is a key benefit when you start the journey toward buying real estate. Knowing which loans are best for your needs and which ones to avoid is key. The Freddie Mac report, a “Generation Z Study”, concludes that | more...


HUD Announces New Policy On Service Animals

The Department of Housing and Urban Development (HUD) announced updated guidance regarding the use of service animals and emotional support animals as it relates to Fair Housing Act issues. The issue of support animals might not seem to be related to the purchase of real estate with an FHA home loan, not at first. But Fair Housing rules do affect all stages of the house-hunting process including renting a home while you are looking for one to purchase with the help of a realtor, or on your own. The HUD announcement discusses a need for reasonable accommodation in housing for those who need service animals or emotional support animals. The agency has released an “Assistance Animal Notice” designed to help all parties understand how to best comply with Fair Housing | more...

One-Time Close Construction Loan Options For Veterans

One-Time Close Construction Loan Options For Veterans

There are reasons why some veterans don’t use their VA loan benefits to buy a house at that moment. The reasons for that, we’ll discuss below. But it is important for military members and their families to know the options they have when looking for a home to build on their own lot. There are plenty of options; which type of One-Time Close construction loan to choose from? Those who have entitlement to use for a VA mortgage loan to build a home would seem to choose to do so based on the zero down home loan option all by itself. Add the lack of a mortgage insurance requirement, and the fact that veterans who receive (or are eligible to receive) VA compensation for service-connected medical issues are exempt from | more...

Buying a House In The Era of Corona

Is It Safe To Buy A Home In 2020?

Some borrowers are wondering if it is safe to buy a home in 2020. These people may be worried about interest rates taking a sharp move higher (they are currently very low due to issues we’ll discuss below) or about credit becoming harder to come by in the new year. But what is the reality? It’s never been a better time to be interested in real estate, especially for those interested in buying condo units or having a house built for them from the ground up using a One-Time Close construction loan. 2019 was a very interesting year for interest rates; there were times when rates behaved differently than expected, times when they went lower in spite of other pressures that could have driven rates higher instead.  And it seems | more...

FHA Refi loans

Need A Home Loan? Beware Of Escrow Fraud

There are common home loan scams that affect house hunters, even those applying for FHA home loans. One such scam–one you might actually encounter in your home buying journey–is called escrow fraud and it can affect even the most experienced homeowner if they are caught at just the wrong moment. Home Loan Scams Can Affect Any Type Of Mortgage Escrow scams are not associated with FHA mortgages alone, any type of home purchased with any type of home loan could be targeted. An important sense of any successful scam is creating a sense of urgency or emergency or a feeling that a big discount might be missed if you stop to consider the options. The scammer wants you to be in a hurry, not thinking critically, and ready to invest | more...

Mortgage Rate Trends

FHA Loan Rules You Need To Know Before House Hunting

There are several things you should know about FHA home loans before you go looking for real estate to buy. You can save a LOT of time and even some money by taking extra time to consider the following issues. You Don’t Have To Buy An Existing Home FHA home loans have an option called the One-Time Close construction loan. It lets you build a home from the ground up on your own land. Don’t want to purchase existing real estate? There is an FHA home loan for that and it is offered even to first-time home buyers. The same low 3.5% minimum down payment is available to those who qualify with credit scores and other financials. You Don’t Have To Buy A Suburban Home With An FHA Mortgage Don’t | more...

Closing Day On Your FHA Home Loan

Closing Day On Your FHA Home Loan

What do you need to know about closing day for your FHA home loan? There is plenty of advice out there including the idea that you should not schedule loan closing AND moving trucks on the same day. But why? Because there are some variables that could delay your closing day, and you don’t want to get stuck juggling TWO rescheduling needs instead of just one (to say the least). Closing Day Delays Your closing day could be rescheduled for any number of reasons–there could be an issue with the title, your appraisal could come in too low, you may pay for the home inspection only to find that there are problems with the home not covered by the appraisal. Some issues are merely delays. Others could develop into a | more...

FHA loans

Rent Or Buy?

For some, buying is better. Why? Much depends on your financial goals but you should also take into consideration aesthetics and practical concerns, too. One argument in favor of buying or building (on your own lot) a home with an FHA mortgage? The ability to modify your property without having to go running to the landlord to ask permission is a big one. But some renters don’t realize that you can, when you own your home, also apply for a refinance loan to repair or modify your property. That is not something you can do with a rental unit. You’re basically at the mercy of the landlord in such cases. Another argument in favor of buying a home with an FHA mortgage instead of renting? The ability to purchase a | more...


Happy Martin Luther King, Jr. Day

Happy Martin Luther King, Jr. Day 2020! Banks and markets are closed today to observe the holiday and we too feel it’s very important to remember this important day. America owes a great deal to Dr. Martin Luther King, Jr. We are proud to observe this day dedicated to him and pause our regular coverage of FHA news and FHA loan topics to observe the holiday. We resume our usual schedule of posts tomorrow. Thanks for reading!