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Articles Published in: November 2020

FHA Home Loan Questions

Common Questions About FHA Mobile Home Loans

FHA home loan options include FHA mortgages for mobile homes. You can buy a mobile home, manufactured home, or modular home using an FHA mortgage and there are many common questions about this type of FHA mortgage option. What Does the FHA Define As A Manufactured Home? The FHA official site describes a mobile home (also known as a manufactured home) as a property built “to the Manufactured Home Construction and Safety Standards (HUD Code) and displays a red certification label on the exterior of each transportable section”. The FHA official site also states that manufactured homes are built “in the controlled environment of a manufacturing plant” and are transported in one or more sections on a permanent chassis. FHA loan rules state that any mobile home must be affixed | more...

 
FHA Rehab Loans

FHA Fixer-Upper Loans For Smaller Home Improvement Projects

There is a type of FHA home loan that lets you get a mortgage to simultaneously buy and repair or modify a home. These fixer-upper mortgages are known as FHA 203(k) Rehabilitation Mortgages and this is an option you can also get as an FHA refinance loan. It’s a great alternative to the standard FHA home loan. Any borrower needing to repair, upgrade, or renovate an existing home can apply for this mortgage–you can refinance an FHA or non FHA loan with the FHA 203(k). But some borrowers don’t have ambitious, large-scale work to be done and a “full” 203(k) rehab loan might not be the right loan if you don’t have a huge project to deal with. And fortunately there is a smaller version of the FHA 203(k) Rehabilitation | more...

 

Happy Thanksgiving 2020

Happy Thanksgiving 2020! We pause from our usual schedule of writing about FHA home loans and answering reader questions to observe the November holiday. Thank you very much for reading, our regular posting schedule returns on Friday.

 
FHA Options

Prepare Now For Your Refinance Loan In 2021

Are you excited by the historic low interest rates that happened in 2020 and have your eye on a refinance loan in the new year come 2021? Do you need a lower mortgage payment? Perhaps you would like a lower interest rate on your current home loan? Some borrowers have different needs–some feel stuck in adjustable rate mortgages and want to refinance into a fixed-rate mortgage loan instead. These scenarios can be addressed with an FHA refinance loan and if you’re thinking about applying in 2021 its best to become as familiar as you can with the types of refinance options open to you when it’s time to refinance a non-FHA mortgage or an existing FHA home loan. Consider An FHA Refinance Loan In 2021 The same kinds of preparations | more...

 
Planning To Buy A Home? Credit Resources You Need

Planning A Mortgage: Credit Resources You Need

Are you planning a home loan? Are you in the budgeting and saving stages of your home loan journey? If so there are some important resources you should explore before you apply for an FHA mortgage. It’s important to give yourself enough time to plan and save for your home loan and that includes paying more attention to and working on your credit. Credit resources can be a huge help in this regard–don’t pass on the chance to improve your FICO scores, get your payment history into good shape, and prevent identity theft or other problems from stopping your mortgage loan in its tracks. The first resource you should consider is the offer made by the FHA and HUD to give free referrals to a HUD-approved housing counselor. You can | more...

 
Bad Credit Home Loans

Bad Credit Home Loans

You’ll find a lot of information on the internet about bad credit home loans. Lists of bad credit-friendly lenders abound, but what do you need to know about these home loans and their alternatives? The first thing to remember is that bad credit is a potential barrier to new credit for a reason–your lender is required to justify the loan and make sure you are a good credit risk. And if your credit scores and credit history show that you haven’t been as reliable about making on-time payments and meeting your credit obligations? Your lender has two options. One is to deny you the loan. This is what usually happens in cases where the lender cannot justify approving your loan due to credit issues. Each lender has their own standards | more...

 
FHA Home Loan

FHA Home Loan Up-Front Costs

The amount of planning and saving time you give yourself ahead of your home loan application is very important. Without enough lead time to save for your up front costs and prepare your credit you may fill out an application without being truly ready. And part of being ready is understanding what costs you may be responsible for up front. Do you know what to anticipate needing to have saved for your new loan? There are two important areas to begin with–your down payment, and the FHA Up-Front Mortgage Insurance Premium which is part of your closing costs. Both the down payment and the UFMIP calculations require at least a rough estimate of what the asking price of the home and/or the amount of the mortgage might be; you can | more...

 
FHA Loan Options

FHA Loan Options

Why choose an FHA mortgage? Why not apply for a USDA home loan or a VA mortgage? Aren’t these also government-backed loan programs? Yes, but FHA mortgages are open to any financially qualified applicant, while USDA loans are need-based mortgages for those who meet certain income requirements, and VA loans are not offered to the general public but are offered as a benefit for military service. There is nothing wrong with USDA mortgages or VA home loans. But they aren’t available for just any borrower, where FHA mortgages are offered to the general public. And what about applying for conventional mortgages? These non-government backed home loans have higher FICO score requirements in many cases, as well as higher down payment requirements in cases where the borrower’s credit scores aren’t as | more...

 
FHA Loan Limits: Where To Find Them

Getting A Mortgage With A Low Credit Score

Lots of potential home owners want to know if it is possible to get a mortgage with a low credit score. The answer to this kind of question may surprise you, but much depends on both FHA loan rules AND participating lender standards. What do you need to know to get started looking for a home loan with a low credit score? Start Working On Your Credit Today What some borrowers don’t understand is that there are things you can do in the planning stages of your home loan journey to improve credit scores and they are steps you do not have to pay someone else to do for you. One of the first of these is to pull your credit report from the three major credit reporting agencies Equifax, | more...

 
HUD Says November Is Fraud Awareness Month

HUD Says November Is Fraud Awareness Month

The Department of Housing and Urban Development is observing the month of November as Fraud Awareness month. The agency’s official site states, “During November Fraud Awareness Month, HUD is highlighting the many resources available to help combat fraud.” What kind of resources are available to borrowers and potential borrowers? One of them is a video titled, “What Does Fraud Mean To You?” The HUD official site also includes links to resources such as a global occupational fraud report. What should consumers beware of and raise the awareness of when it comes to fraud associated with mortgages and refinance loans? There are a variety of critical areas that should be paid attention to–much will depend on what stage of home ownership you are at. Are you a first-time home buyer? A | more...