May 11, 2021

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Articles Published in: 2021

Is your credit ready for an FHA loan?

First-Time Home Buyer Tools You Should Know

Are you buying a home for the first time? Are you buying a home after a long gap in home ownership? There are some consumer tools you should know about that can help you get closer to owning your dream home. And not all these tools are for the planning and saving stages of the loan. For example, when house hunting, if you find a home you want, do you know how much your monthly mortgage payment will be? You can use online mortgage calculators that can help. But that’s a common mortgage tool–what about other options? Credit Issues Borrowers who need to work on their credit might be surprised to learn that they can repair their own credit AND get advice on improving credit on a do-it-yourself basis. Did | more...

 
FHA Home Loan Resources

Home Loan Application Documents: What You Need To Know

There is documentation required to process your home loan application. Do you know what your home loan or refinance loan transaction requires of you? The lender requires tax documents, information about the sources of your down payment, access to your credit reports, and more. But there are rules about who provides these documents, and you’ll need to be aware of them when gathering your paperwork. FHA Loan Rules On Documentation Some of the information your lender needs comes from you personally. What does this include? Your photo identification, and proof of legal residence in the USA (which may be required where applicable). FHA loan rules say you do not have to be a citizen to be approved for an FHA mortgage, but you must have documentation that shows your status | more...

 
FHA Appraisal Refunds?

The FHA Home Loan Myth

There is a prevailing myth about FHA home loans that persists to this very day–the idea that FHA mortgages are ONLY for first-time home buyers and/or the economically disadvantaged. FHA home loans are thought to be exclusively for these borrowers, but that is definitely NOT TRUE. FHA home loans are for any financially qualified borrower with FICO scores over 500 (the FHA minimum, not your lender’s minimum standard). Some confuse the FHA loan program with the USDA Single-Family home loan program, which DOES have income limits and is aimed at borrowers who are in financial need. USDA mortgages have a no money down option for qualifying borrowers but the homes purchased with these mortgages must be in USDA-approved areas and feature household income caps. FHA mortgages, on the other hand, | more...

 
HUD

HUD Brings Fair Housing Act Charges Against Texas Landlord

The Fair Housing Act makes it illegal to discriminate against those seeking housing, whether that is purchase or rental. It is also against the law to discriminate at any stage in the housing process including at the lending stage. We report on Fair Housing Act cases because they affect all who seek housing. Whether you want to rent or buy, read to purchase or still looking, discrimination hurts everyone at all stages of the house-hunting process. Among the latest Fair Housing cases in 2021, a new development as the Department of Housing and Urban Development has announced charges in a housing discrimination case in Texas. A press release issued this week on the HUD official site announces that HUD is charging an owner of a six-bedroom rental home in Frisco, | more...

 
FHA Loan Limits: Where To Find Them

FHA Refinance Loans: Maximum Loan Calculations

How much can you get to refinance your home loan? Much depends on the nature of the refinance loan you seek–cash out, no cash out, simple refinance, FHA Streamline refinance loans, etc. What is the maximum loan-to-value ratio for an FHA refinance loan? FHA Refinance Loans Have Maximum Loan-to-Value Ratios FHA loan rules vary depending on the nature of the refinance loan. For example, appraisal-required cash out refinance loans? Cash-out refi mortgages guaranteed by the FHA feature an 85% loan-to-value ratio. Simple refinances have a maximum mortgage loan-to-value ratio of 97.75 percent for Principal Residences and 85 percent for HUD-approved Secondary Residences. Streamline Refinances For owner-occupied Principal Residences the “maximum Base Loan Amount” for Streamline Refinances is the lesser of the outstanding principal balance of the existing Mortgage as of | more...

 
FHA And HUD

FHA Announces Revised Single Family Home Loan Policies

Since the start of the pandemic and COVID-19 mitigation measures, American homeowners have felt the effects of job loss, layoffs, furloughs, and other hardships related to coronavirus quarantine issues. Many of those with FHA home loans, FHA refinances, and other loans have needed foreclosure avoidance measures due to this economic hardship brought. Fortunately agencies like the FHA and HUD implemented many things for homeowners with FHA mortgages. Now the FHA announces some changes to the basic structure of the single-family home loan program to help these homeowners stay in their homes. The FHA updated portions of its rulebook for single-family home loans; the changes will help lenders, “more quickly offer effective loss mitigation home retention options to borrowers in danger of losing their homes to foreclosure”.  These policy changes are | more...

 
Buying A Home With A Lower Credit Score

Issues That Can Affect Your Home Loan

There are certain problems that crop up with home loan applications that can make it difficult for a mortgage lender to approve a loan application. We have written many articles about credit scores, debt payment history, and the amount of debt you carry, and how these issues affect your ability to get home loan approval. But what about the lesser-known issues? The Nature Of The Property Counts Some property types have restrictions from either the lender or under FHA loan rules. Those rules are found in HUD 4000.1. Did you know that no mobile home built before  June 15th, 1976 can be approved for an FHA mortgage? No home may be sold under the FHA loan program for commercial purposes. That means the home purchased with an FHA loan can’t | more...

 
Mortgage Loan Approval During Coronavirus

Learn More About Home Loans: Appraisals & Inspections

It’s important to learn as much as you can about the home loan process when planning and saving for your new mortgage. If you are a newcomer to the home loan process, there are some good resources that can help you be more informed borrower. The less informed you are, the more likely you are to have some kind of regret at the end of the home loan process. The more you know, the more confident you will feel about your choices along the way. One important issue for many borrowers is the FHA appraisal process. Are you in-the-know about what happens during the appraisal, what it is intended to do and why you should never trust the appraisal to provide you the information that only a complete home inspection | more...

 
FHA Home Loan

Planning Your First Home

Your first home loan might seem intimidating, but there are some things you can do to help reduce those feelings of being overwhelmed by unfamiliar details. The key is to start early and plan ahead; before you fill out loan application paperwork, consider making your planning phase for the loan last year or more. This takes some immediate pressure off borrowers to save up for the down payment and closing costs. It also provides more adequate time to work on your credit, and cut the amount of monthly debt you carry. What other things can first time home buyers do to help themselves in the months leading up to the home loan application? Home Loan Planning Means Knowing Your Housing Market Some borrowers start their home ownership journey without a | more...

 
FHA Appraisal Refunds?

FHA Home Loan Resources For First-Time Buyers

Are you thinking of purchasing your first home? An FHA mortgage can be a great help with its low downpayment requirements, borrower-friendly terms, and the ability to freely sell or transfer ownership of the home if needed. First-time home buyers often aren’t sure where to start gathering resources for their home loans in the planning and saving stages. Here are some of those resources that can help you get started on the journey toward owning your own home. FHA Home Loan Local Down Payment Assistance Programs FHA loans permit down payment grants, and you may be able to find one in your local area using this Downpayment Grant resources list broken down by state. FHA Mortgage Loan Calculators FHA mortgage loan calculators can help you determine a rough estimate of | more...