January 21, 2022

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Articles Published in: July 2021

Is Your Credit Report Hurting Your Chances At Loan Approval?

Why Your Credit Report Matters

Are you new to the mortgage loan process? It’s easy to make certain assumptions, especially where credit approval is concerned. What do you need to know about your credit report? Don’t forget that how you use your credit, how much credit you use, and whether you pay on time are all factors that go into your FICO score calculations. There are several factors that may help you make better choices about how to plan and apply for your mortgage. Credit Report Factors To Consider Your FICO scores, credit card use, plus information about the amount of credit you use per card (up to the credit limit and by how much) are all things your lender will need to see when looking at your report. FICO scores are an important part | more...

 
Buying a House In the Era of COVID-19

FHA Loan Interest Rates And FICO Scores

Buying a home means paying attention to your financials–credit scores, debt repayment habits, and credit utilization rates. Paying attention to them as early as possible is an important choice when you are planning your home loan. Don’t put off working on your credit–time is not on your side if you are planning to apply for a home loan in the next 12 months if you haven’t looked at your credit scores, reports, etc. If you want to buy a home with an FHA mortgage, you generally have more forgiving credit qualification guidelines from the FHA, and that’s a great reason to use an FHA mortgage. FICO score issues can be a major worry for some borrowers, but by working on your own credit far ahead of your home loan you | more...

 
Protect Your Credit During The COVID-19 Emergency

How Much Will My FHA Home Loan Be?

How much will my FHA home loan be? That is a question many borrowers want to know, and the answer can be more complicated than just taking the sale price of the home and doing the math. FHA home loan maximum amounts are determined by factors including the maximum FHA loan guaranty for the housing market you are buying the home in, your credit history, the amount of your down payment, and more. The final amount of your FHA mortgage loan is affected by your down payment, the FHA loan limit in your area, and other factors. FHA Home Loan Limits FHA home loan limits are not the same in all housing markets. Some parts of the country are considered low-cost areas and have a lower FHA loan guaranty limit | more...

 
FHA Home Loan Resources

FHA Loan Down Payment Facts

Some borrowers get nervous about having to come up with a down payment. It is more than some have spent on one thing in their adult lives all at once, who can blame them for worrying? FHA home loans permit down payment gifts and grants and that can be a huge help for the first-time homebuyer. The rules for these programs must clearly explain the conditions of the grant or gift, under what conditions it might be required to be paid back–those payback terms of often triggered by violating the terms of the agreement. It can also happen when the home is sold, paid off, or no longer used as the primary residence.  Such gifts may come from state or local housing development agencies or other local entities–remember that the | more...

 
FHA loans

Documents You’ll Need To Apply For A Home Loan

Do you know the paperwork and documentation you’ll need to complete a home loan application? There are plenty of things you’ll need to gather–what follows is a list of items that are easy to overlook when you’re thinking about filling out an online loan application. This list is not exhaustive–you should ask your loan officer for a complete list of that financial institution’s requirements–they aren’t always the same. Authorization The first thing to know about some home loan documentation requirements? Some of them are fairly non-negotiable. For example, your lender must get copies of your credit report to complete your mortgage application. This requires all borrowers named on the mortgage application to give permission to the lender to do so and you cannot supply your own credit data to the | more...

 
FHA Loan Options

Pro Tips For FHA Home Loans

There is still time to take advantage of the higher mortgage loan limits for FHA home loans in 2021, and if you don’t know what it takes to be approved for an FHA single family loan this year, there are some pro tips you can use to get much closer to home loan approval. Pro Tip: Are you worried about your FICO scores? Remember that FHA standards include a requirement of a 580 FICO score or better for the lowest down payment. But the FHA standards are not the only minimum credit score requirements at work–the lender’s own standards also play a part. That is why you should start getting your credit ready early–at least a year ahead of your application for a single-family home loan. That’s not something many | more...

 
FHA Loan Rules And Your Personal Information

Worried About FHA Home Loan Interest Rates?

What forces affect FHA home loan interest rates? If you are worried about getting the best FHA loan rate, you should know what factors go into the mortgage rate you are offered by a participating lender. There are multiple factors that influence rates, some are market forces but some are directly in the borrower’s control–at least in terms of the rate you could be offered. The most important thing to understand about rates–especially home loan interest rates–is that they fluctuate frequently. This means that some aspects of the rate you are offered are beyond your control. Other aspects are in the borrower’s ability to change for better or worse. What do we mean? Your Choices Can Affect The Interest Rate You Are Offered The choices you make as a consumer | more...

 
FHA Appraisal Refunds?

Do You Need An FHA Loan Calculator?

The short answer is, “YES”, you DO need an FHA loan calculator. But which one to use? There are multiple types of home loan calculators–they all have important functions. But many seeking FHA loans won’t need to use all of them or even most of them. You might just need a little extra information for planning and saving purposes. The FHA Loan Calculator The FHA home loan calculator uses the numbers you provide about your income, hazard insurance, mortgage insurance, property taxes, the term of your loan, and other information to help you arrive at an estimate of the monthly payments you could be making (principal and interest rate combined) and the maximum loan amount you might qualify for on a 15-year or 30-year loan (estimates only and not a | more...

 
Home loan approval and debt

Buy A Fixer-Upper With An FHA Rehab Loan

Do you know what an FHA 203(k) rehab mortgage loan is? This is the loan to ask for from a participating FHA lender if you want to buy a home to renovate instead of purchasing a “like new” home. What You Can Do With An FHA Rehab Loan Borrowers are allowed to apply for a new purchase loan or an FHA refinance loan under the 203(k) program, which the FHA loan handbook says may be used to buy and rehabilitate an existing one- to four-unit Structure, which will be used primarily for residential purposes. It can also be used to rehabilitate / refinance outstanding indebtedness “on the Structure and the Real Property on which the Structure is located” or to purchase and rehabilitate “a Structure and purchase the Real Property | more...

 
FHA loans

Down Payment Help For Your Home Loan

If you need a home loan but worry about the down payment, you may be able to take advantage of state-run or locally operated down payment assistance programs in your area. The FHA home loan program itself does not offer down payment assistance so you will need to find a local program that can help. What should you know about down payment assistance programs? For a start, these programs can be used with an FHA mortgage to purchase an owner-occupied single-family residence. In some cases you may be able to purchase a home with more than one living unit, but occupancy is a requirement both for the FHA loan program for single families as well as many down payment assistance options. For FHA loans, the minimum required 3.5% (of the | more...