August 5, 2020

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Articles Published in: May 2020

FHA Mortgage Rates Lower In June 2020

What Affects Your Credit Most As A Home Loan Applicant?

A home loan is one of the most important investments you can make; buying a home means owning property, and being an owner means the potential to watch your investment grow in value over time. Unlike buying a new vehicle, which begins depreciating as soon as you drive it off the lot, buying a home means anticipating more value from your investment and not less. That is one reason why the process of applying for a home loan and getting approved can be so difficult when looking from the outside of the process. The lender has to make sure the borrower is a good credit risk and there are financial benchmarks for doing just that. Credit approval for any large loan depends a combination of factors. One factor is your | more...

 
Getting ready for your home loan

What To Do Before You Need To Apply For A Mortgage

Planning for your home loan should always include a review of your credit reports and credit monitoring after you do that initial review. If you are committed to buying a home or building one from the ground up on your own lot using a One-Time Close construction loan, you should start reviewing your credit at least 12 months before you fill out any loan paperwork. Why? Because if you find errors or other problems on your credit reports, you will need more time than you think to dispute and correct those credit reports. It’s a bad idea to apply for any loan when you have an open dispute that has not been resolved; take the extra time to successfully resolve the problem before you apply for a new line of | more...

 
Credit Monitoring For First-Time Home Buyers

Budgeting And Saving For Your First FHA Mortgage

When you decide to commit to buying a home or building one from the ground up using a one-time close construction loan, there are expenses you will need to save up for. If you haven’t started making a checklist of items you will need to pay for up front or choose to include in the loan amount, it’s a good idea to start making one as early as possible. Saving for your loan means identifying the expenses you will pay such as closing costs, appraisal fees, the home inspection fee, the FHA Up-Front Mortgage Insurance Premium, and of course the down payment. The down payment, which is a minimum of 3.5% of the adjusted value of the home, is one of the biggest expenses. That is one reason why it’s | more...

 
Do You Need to Refinance Your Home Loan?

Do You Need To Refinance Your Home Loan?

Thinking about refinancing your FHA home loan or non-FHA mortgage? You can refinance either one into an FHA loan. Whether you are looking for cash back on the transaction, or you need a lower payment or interest rate, there’s a refi option for you. There are even FHA mortgages that can help you refinance out of an adjustable-rate mortgage and into a fixed-rate loan. Some refinance loans are only for existing FHA mortgages, others can refinance any home loan for a primary residence. Refinance Loans And Cash Back Cash-out refinancing is definitely an FHA home loan refinance option, but only one FHA refinance offers it; the FHA cash-out loan provides cash back to the borrower once the original loan is paid off and other expenses are settled. No other FHA | more...

 
Home loan approval and debt

Home Loan Approval And The Amount of Your Debt

Do you need to consider your home loan options? FHA mortgages offer much for both first-time buyers and repeat borrowers. Your choices include new purchase loans, One-Time Close construction loans, reverse mortgages, cash-out FHA refinance loans, and Streamline refinance options when you’re ready to consider a refi loan. No matter what kind of loan you need, for best results you should set aside some time in the early stages of your loan planning; review the last 12 months of credit and loan repayment history and have a good look at your debt-to-income ratio. It is vitally important to do this before the lender does. The Amount Of Debt You Carry Matters The debt to income ratio or DTI for short is one of the most important factors in the lender’s | more...

 
Home Loan Prep: Credit Issues

Home Loan Preparation: Credit Issues

Are you worried about your credit? Do you need to do to prepare for a mortgage loan application? There are avenues that can help you get ready for a home loan including advice and assistance with credit questions. We’ll examine your options in this area below, but first it is important to review some of the most common credit problems that stand in a borrower’s way. Home loan and refinance loan approval is not impossible, but for some borrowers it’s necessary to take some extra time to work on credit issues. Here are some credit concerns you should pay attention to so you can raise your credit score: Late And Missed Payments This area is one of the main reasons consumers are denied any kind of loan. Late and missed | more...

 
Mortgage Relief Scams To Avoid

Mortgage Relief Scams To Avoid

In an age where millions of Americans have applied for coronavirus-related mortgage relief, there are also con artists at work trying to steal money they haven’t earned from people who cannot afford to lose what money they have. What should you be aware of to avoid being conned while seeking home loan relief or foreclosure avoidance? Beware Mortgage Relief Scammers Some scammers just make random phone calls, hoping to strike gold. Others are far more careful and methodical. In those cases, mortgage relief scams often rely on a con artist viewing public records of homes that may be in the pre-foreclosure process, targeting these owners and hoping to take advantage.  One of the hallmarks of a mortgage relief scam? The scammer comes in with promises to save the home outright, | more...

 
Credit Requirements For Your FHA Home Loan In 2020

Credit Requirements For Your FHA Home Loan In 2020

What do you need to know about credit requirements for an FHA mortgage? There are plenty of those who have no choice but to seek housing even in the worst of times; what should you know about credit requirements for a mortgage in the age of coronavirus? Borrowers Should Work On Their FICO Scores Earlier You can raise your credit scores by paying all bills on time, every time. You can also raise your credit scores by lowering your credit card balances below the 50% mark (30% is ideal), and by not applying for new credit on top of the credit you are already paying down. Start working on your credit as far ahead of time as you can; knowing the contents of your credit report is a GREAT start. | more...

 
Five tips about FHA loan interest rates

Five Tips About FHA Mortgage Loan Interest Rates

FHA mortgages feature lower interest rates than conventional mortgages thanks to being backed by the U.S. government. Those who qualify for the lowest down payment save money over the lifetime of their mortgages thanks to the lower rates, but how do you qualify for the lowest rate possible for your specific purchase? Here are some important tips about mortgage loan interest rates you should know in the planning stages of your new home loan. Credit Scores And Interest Rates Are Connected That statement does not pertain to the overall interest rate offered to all borrowers. Your lender will offer you a mortgage loan rate based on that current going rate, but affected by your credit scores and other financial information. The best advice for borrowers who are worried that their | more...

 
FHA And HUD Propose Revised FHA Loan Guidelines

FHA Extends Coronavirus Policies

The Federal Housing Administration has issued a press release announcing an extension to coronavirus-related mortgage relief for American borrowers with FHA home loans. One major feature of that extension? More time on the FHA eviction and foreclosure moratorium issued on FHA mortgages. That moratorium now lasts until June 30, 2020. This applies to homeowners with “FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages” according to the HUD official site. Until these measures expire, FHA lenders are directed to: Halt all new foreclosure actions; Suspend all foreclosure actions currently in process, excluding legally vacant or abandoned properties; Cease all evictions from FHA-insured Single Family properties; This excludes actions “to evict occupants of legally vacant or abandoned properties”. Also extended? The length of time for FHA’s temporary policies | more...