April 18, 2021

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Articles Published in: February 2021

One Time Close Mortgage Loans: The Base Home Sales Price

One-Time Close Mortgages Compared To Other Home Loans

How do One-Time Close Loans differ from other mortgage types? There are FHA One-Time Close loans, VA construction loans, and USDA versions. How do the construction loans differ from buying someone else’s home? The first way they differ is time–it takes more time to get the key and move in when you build a home from the ground up than it does to buy existing property. But the time you spend building is worth the investment–you get to approve the design of the home you are moving into, and that’s a big deal for some house hunters. Build Or Buy? Deciding isn’t hard for some people–they want the ability to customize.  There are FHA loan options for doing so that don’t require you to commit to building from scratch–some choose | more...

 
HUD Announces Fair Housing Act Protection Improvements

HUD Announces Fair Housing Act Protection Improvements

There is good news from the Department of Housing and Urban Development; the agency has announced it plans to “administer and enforce the Fair Housing Act” with an eye toward eliminating discrimination based on sexual orientation and gender identity. In the earliest weeks of the Biden administration, the HUD Office of Fair Housing and Equal Opportunity (FHEO) issued a memorandum indicating that HUD will interpret the Fair Housing Act “to bar discrimination on the basis of sexual orientation and gender identity and directing HUD offices and recipients of HUD funds to enforce the Act accordingly.” This comes on the heels of the President’s executive order 13988, “Preventing and Combating Discrimination on the Basis of Gender Identity or Sexual Orientation” requiring executive branch agencies to examine further steps that could be | more...

 
FHA And HUD

HUD Brings Fair Housing Charges In Missouri

Have you ever been the victim of housing discrimination? In spite of the federal laws designed to stop it, cases still occur in America. And sometimes only the victim of the discrimination has the power to stop to perpetrator from future abuses. If you don’t report the illegal activity, it can happen to someone else. Housing discrimination creates terrible conditions for anyone who wants to buy a new home. And this discrimination’s negative effects don’t stay neatly contained to the sector where the abuses occur, either. Housing discrimination in the rental sector can negatively affect a house hunter’s ability to find housing at a reasonable price. It is sometimes necessary to rent a home while looking for a home to purchase. The damage housing discrimination does at the rental stage | more...

 
Getting Ready For Your Home Loan

FHA Home Loan Approval And Your Finances

Do you need to buy a home with an FHA mortgage? Or refinance your existing loan? There are some financial issues to be mindful of going into a new loan application–don’t let a lack of information derail your mortgage loan process. Mortgages and refinance loans don’t have one-size-fits-all solutions; in the same way you have many housing choices there are also many different kinds of mortgage loan circumstances. When your loan application comes in, the lender has to make sure the loan will be a good credit risk. To be approved, your application requires your tax returns, bank statements, and other financial data. The lender reviews these ahead of loan approval. And some issues can create more problems for the lender than others at first. For example, what happens if | more...

 
Time is running out for FHA mortgage loan relief

FHA Refinance Loan Options: Why You Should Consider A Streamline Refinance

Do you need to consider refinancing your current FHA home loan? Interest rates are still very low in the earliest weeks of 2021 and while there is no guarantee mortgage rates will remain quite this low for the duration of the year, now is a great time to consider your options for a lower mortgage payment via an FHA Streamline Refinance loan. Interest rates in the opening weeks of 2021 are still at the time of this writing below the three percent line for 30-year fixed rate government-backed mortgages such as FHA loans. A mortgage industry company, Black Knight, has issued a report that noting that at the end of January 2021 there were some 45 thousand people exiting home loan forbearance programs and another nearly 50 thousand loan forbearance | more...

 
FHA Loan Waiting Times After Chapter 13 Bankruptcy

Can I Get An FHA Mortgage After Bankruptcy?

People can and do apply for home loans, including FHA mortgages, following a bankruptcy filing. What does it take to be approved for an FHA home loan after filing bankruptcy? The key to loan approval in these cases? Time. You can’t simply apply for bankruptcy and six months later try to get a new home loan. FHA loan rules require a minimum time known as a “seasoning period” to be waited out. This seasoning period must pass before you are permitted to apply for a new FHA home loan. How does the seasoning period work? This part is confusing for some. We’ll review the specifics of FHA loan rules for each type of bankruptcy (Chapter 7 and Chapter 13) individually as there are unique rules for each. One consistent feature | more...

 
Reasons To Refinance

FHA And HUD Announce More COVD-19 Relief Measures

In the earliest weeks of the Biden Administration, the federal government has taken decisive steps to further address the economic impact of the COVID-19 pandemic. The latest of these measures is designed to reduce the need for in-person loan servicing in certain areas and also to give more time to home owners who may need to request help with their home loans. The latest waivers allow mortgage services to continue “in a manner that allows for safe social distancing to help combat the COVID-19 pandemic” according to the FHA press release. The waivers address aspects of any home loan in some cases, but are specifically aimed at certain types of loans in others. HECM borrowers will find the latest waivers help them in particular. “President Biden has made it clear | more...

 
Home Loans For Building On Your Own Land

One-Time Construction Loan Amortization: What You Need To Know Before You Sign

The FHA One-Time Close construction loan allows you to have a house built to your specifications rather than buying an existing home. This loan, which also has a VA mortgage counterpart as well as a USDA version, gives borrowers the ability to choose a specific design instead of settling for one you aren’t as interested in. An One-Time Close loan, which is offered to first-time home buyers and experienced home owners alike, provides the means for you to build on your own lot. You can also choose to purchase land with the loan funds as well as building the home. One Time Close loans can take longer depending on how fast the construction phase of the loan goes, but the ability to approve the design and features of the home | more...

 
Refinance loans: is it time to commit?

On Buying Real Estate Sight Unseen With An FHA Mortgage

Would you buy a house without having personally walked through it? In the era of COVID-19, there are increased numbers of transactions where the buyer and seller negotiate the sale of a home and close the deal without the buyer ever having physically set foot on the property.  This practice is known as buying a house, “sight unseen” and the housing market website Redfin.com reports that for the year 2020, almost two thirds of those who bought real estate in 2020 had not seen the property in person. What does Redfin make of “the highest share since at least 2015″, according to a Redfin-commissioned survey in November and December”. That survey consisted of more than 1,900 homebuyers across 32 major markets, “up from 32% a year earlier, and 45% in | more...

 
Construction Loan Advice For New Borrowers

Getting Ready For A Construction Loan in 2021

You can use an FHA One-Time Close construction loan, (or a VA construction loan or even a USDA OTC mortgage) even a first-time home buyer to choose to build a new home on your own land or land you buy in conjunction with the loan. This is an option for those who want a house with designs they have approved instead of buying someone else’s existing property. Getting Your Loan Started Finding a participating FHA lender (or a VA or USDA lender depending on the loan you choose) is an important part of the construction loan process. You should also know that while construction loan mortgages do require higher FICO scores, and need more time before move-in day than a typical home purchase loan, the end results are well worth | more...