Articles by: Joe Wallace

January 18, 2019

Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.

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January 18, 2019

FHA Home Loan Credit Requirements For First Time Home Buyers

By Joe Wallace

First time home buyers and house hunters should know what the FHA loan requirements are for FICO scores, credit history, and factors that affect home loan approval for first time home loan applicants. Are you buying your first home? Are you looking for down payment assistance help and local first-time home buyer programs? FHA mortgage loan rules are designed to make your first home more affordable. Knowing the requirements before you begin your home loan planning process can save you time and money in the long run. FHA Loan FICO Score Requirements For First Time Home Buyers FHA FICO score requirements for all home loan applicants are identical whether you are purchasing your first home or buying another property after having already owned a home. FHA loan FICO score minimums: | more...

January 16, 2019

Government First-Time Home Buyer Programs

By Joe Wallace

Many first-time home buyers want to know if there are government programs for those who have never purchased a home before. FHA home loans often get included into this category and it’s true; FHA mortgages are good for those buying a first home. FHA loan limits have increased for two years in a row at the time of this writing, there are lower FHA FICO score requirements and lower down payment requirements for FHA loans that make them a good option to explore when shopping for your first home and your first real estate loan. But FHA mortgages are not specifically intended for first-time buyers. You do not have to be a new house hunter to apply. That said, FHA mortgages for a starter home, first home, or for a | more...

Buying a First or Second Home With An FHA Mortgage

January 14, 2019

Buying A First Home Or Second Home With An FHA Mortgage

By Joe Wallace

What should borrowers, especially first-time home buyers, know about buying a home with an FHA mortgage? First time home buyers and second-time home buyers alike have options for an FHA mortgage. The program is not restricted to those who have never owned a home before. FHA loans are also more forgiving in the credit department-FICO score requirements set by the FHA are lower than you may expect. But lower FICO scores may still feel like a big liability for the first time home buyer. You should know that your repayment history is an important factor. If you make 12 months of on-time payments on all financial obligations, you may find the lender more willing to work with a lower FICO score. That’s because it’s easy to get a lower credit | more...

Buy And Fix A Home With An FHA Rehab Loan

January 10, 2019

Buy And Fix A Home With An FHA 203(k) Rehab Loan

By Joe Wallace

An imperfect home or a property you are sure won’t pass FHA appraisal requirements is not necessarily a lost cause when it comes to FHA mortgage loan approval. You just need to select the right home loan for the property. In the case of a home that is in need of repair, you won’t use the same kind of mortgage that you would if you were interested in a turn-key home. The kind of mortgage you need for a fixer-upper is an FHA 203(k) rehabilitation loan. FHA 203(k) mortgages allow you to buy and renovate a property using a single loan. FHA rehab loans are available as both new purchase loans and refinance loans, so no matter what stage in the home ownership process you are, this option is open | more...

January 8, 2019

Buying A Home With An FHA Loan After A Short Sale

By Joe Wallace

A short sale is essentially the sale of a home that is still being paid for, where the property sells for less than the amount owed. The lienholder(s) agree to write off the remainder and forgive the deficiency. Borrowers who sell short are often taking measures to avoid foreclosure on the mortgage, but not all of the short sale transactions that happen are on mortgages that have fallen into delinquency. Short sales happen in many circumstances but one common scenario involves a homeowner who is suffering from an underwater mortgage and is trying to cut their losses. Getting An FHA Loan After A Short Sale Is it possible to buy a home with an FHA mortgage loan after a short sale? The short answer is yes. Buying a home with | more...

January 4, 2019

Renters May Spend More In 2019: Is It Time To Buy?

By Joe Wallace

Do a Google search on the phrase “2019 rent increase” and you’ll find plenty of talk about higher rents. That “higher rents in 2019” includes one article published by Wilmette Week discussing the possibility that the State of Oregon may be considering state-enforced rent control with possible yearly rental increase limits of five percent. The fact that Oregon is considering this as a state-wide measure may not reflect the state of rent increases nationwide, but it certainly is food for thought for anyone living in or near that area. Is 2019 the year to consider buying a home with a low-down payment FHA mortgage instead of submitting to yet another rent increase? Some housing finance blogs and real estate bloggers are discussing how renters in 2018 spent more than the | more...

January 2, 2019

FHA Loans Are Available In 2019

By Joe Wallace

Why do we announce that FHA loans are available in 2019? At the time of this writing, the government shutdown is still in effect, and many government websites including FHA.gov and HUD.gov (FHA.gov redirects to HUD.gov) have an announcement stating that the sites themselves are not open for business. Consider the quote from HUD.gov: “Due to the lapse in Congressional Appropriations for Fiscal Year 2019, the U.S. Department of Housing and Urban Development (HUD) is closed. HUD websites will not be updated until further notice. For more information, see HUD Contingency Plan for Possible Lapse in Appropriations. “ But that DOES NOT MEAN that FHA home loans are unavailable. FHA Forward Mortgage Purchase Loans Are Available In Spite Of The Government Shutdown FHA mortgages are generally processed and serviced by | more...

Credit Advice For First Time Home Buyers

December 31, 2018

Buying A Home With An FHA Mortgage In 2019

By Joe Wallace

Your FHA home loan options for buying a home in 2019 are as diverse as the kinds of homes on the housing market. Do you know what your home loan options in the new year are with an FHA mortgage? FHA Forward Mortgage Options In 2019 The “forward mortgage” is the kind of loan you will use to buy your dream home with. Those forward mortgage loan options are not just for typical homes in a suburban neighborhood; did you know you can use an FHA mortgage to buy a condo unit, a mobile or manufactured home, or even a duplex or multi-unit property? The FHA condo loan option requires the condo project to be approved by the FHA; your lender can discuss the procedures for adding a condo project | more...

December 31, 2018

Home Renovation With An FHA Loan

By Joe Wallace

There are two kinds of home renovation projects; the ones you plan and the unexpected renovation you may need to do if there is a sudden problem in the home after purchasing it. An unexpected home renovation can be caused by many things that were not a factor at the time your home inspection was done; a water pipe can burst, a stove can prematurely stop working, or storm damage could cause a leak in your roof. Repair experts and contractors will be quick to point out that even a home that passes an inspection can develop such problems through no fault of the builder or seller. An unexpected home repair situation isn’t uncommon for home owners, so what’s a borrower to do when the need arises? You can fund | more...

December 30, 2018

5 Things To Remember About FHA Loans In 2019

By Joe Wallace

What do you need to know about FHA home loans in 2019? There are several issues to keep in mind whether you are refinancing your existing FHA or non-FHA mortgage or buying a new home. Be fully prepared to explore your FHA home loan options in the new year! 5. FHA Loan Limits Are Higher For The Second Year In A Row FHA loan limits go up again for the majority of housing markets in the USA in 2019-more than 3000 counties will experience higher loan limits. A smaller number, approximately 180 counties, will see no change at all but in no case will the FHA loan limit decrease. Keep these higher loan limits in mind when you are deciding what to do about your FHA loan options in 2019. | more...