January 19, 2018

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Articles by: Joe Wallace

Joe Wallace - Staff Writer

By Joe Wallace

January 18, 2018

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 for over (3) years.

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How To Get Cash Back On An FHA Home Loan

How To Get Cash Back On An FHA Home Loan

Do you need to know how to get cash back on an FHA home loan? Some borrowers ask if it is possible to apply for more mortgage loan money than is required to complete the transaction with the intent of taking that excess in cash like a personal loan. Is this possible? That specific scenario is definitely NOT possible under FHA home loan rules. Borrowers are not permitted to get cash back in such cases except in the form of a refund for money paid up front for items that were later included in the mortgage loan. In some cases a refund might come from an unexpected source, but those payments are still considered a refund and not “excess cash back”. A good example of this? When a borrower refinances | more...

 
Who Can Apply For An FHA Mortgage? Part Two

Who Can Apply For An FHA Mortgage? Part Two

Who Can Apply For An FHA Mortgage? In our previous blog post we addressed some common misconceptions about FHA mortgages, but there is a long list of FHA home loan uses including refinancing, fixer-upper loans, and much more. Who can apply for an FHA home loan? You may find your own needs represented somewhere in this list of approved FHA loan uses. FHA Loans Are For Owner/Occupiers You can apply to buy a property up to four units, and act as a landlord to rent out the units you won’t be living in; FHA loans have an occupancy requirement so you cannot buy a home with an FHA mortgage unless at least one person obligated on the loan will live there as the primary residence. FHA Loans Are For U.S. | more...

 
What Is The Interest Rate For FHA Refinance Loans?

What Is The Interest Rate For FHA Refinance Loans?

What is the interest rate for FHA refinance loans? This is an important question since your interest rate will affect the overall cost of your refi loan over time, and it’s good to know how rates work before you apply for a new home loan. FHA mortgage loan and refinance loan interest rates have a variety of factors that affect how they are determined for your loan. There is no single determining factor that allows a lender to give a single rate to all applicants-your interest rate is determined based on application data, market forces, and other factors. Does The FHA Set Interest Rates On FHA Refinance Loans? The FHA and HUD do not set or regulate FHA mortgage loan and refinance loan interest rates, except to require that the | more...

 
FHA loans

Happy Martin Luther King, Jr. Day!

Happy Martin Luther King, Jr. Day! Banks and markets are closed today to observe the holiday and we too feel it’s very important to remember this important day. America owes a great deal to Dr. Martin Luther King, Jr. and we are proud to observe this day dedicated to him. We pause are regular coverage of FHA news and answering reader questions about FHA home loans to observe the holiday. We resume our usual schedule of posts tomorrow. Thanks for reading!

 
FHA condo loans and site condominiums

FHA Condo Loans And Site Condominiums

FHA condo loans are available for both condo units and site condominiums. But what’s the difference? Many are surprised to learn that an FHA home loan is available for condo units, but are sometimes disappointed that the FHA condo loan requirements include being on or added to an FHA-approved condo project list. Borrowers must work with their participating FHA lenders to have condo projects not on that list added to it, but the requirements are different depending on whether you’re looking at a condo unit or a property classified as a “site condominium”. What’s the difference? FHA loan rules in HUD 4000.1 require a condo project to be added to the FHA approved list if it is not already when the borrower chooses to buy.  FHA loan rules were created | more...

 
FHA Home Loan Credit Checklist

FHA Home Loan Credit Checklist

There’s more than one kind of checklist that can help you in the FHA home loan process. There’s an overall mortgage checklist that helps people prepare for closing, but what about in the planning stages when you’re trying to review your credit to insure you are as credit-worthy as possible? Making a checklist specifically to review and prepare your credit is a very good idea, and you can get started with the following steps below. Making an FHA Home Loan Credit Checklist There are three very important areas to keep in mind when making a credit checklist; past credit performance, future credit activity, and the possibility of identity theft and/or outdated information on your credit report. Don’t overlook any of these areas, and be sure to develop a strategy for | more...

 
Bad Credit Scores And FHA Home Loans

Bad Credit Scores And FHA Home Loans

Bad credit scores and FHA home loans-do you know what the rules are for FHA credit requirements? FHA loan minimums and FHA lender standards may not be exactly the same, so it’s important to remember that the issues we discuss here are based around FHA minimum guidelines and that you’ll need to talk to a participating lender to see what other requirements must be met. Is There A Bad Credit FHA Home Loan? FHA loan rules require a 500 FICO score at the absolute minimum in order to qualify. Those who apply for an FHA loan with credit scores between 500 and 579 are required to make a higher down payment (10% of the adjusted value of the home) than those who apply with FICO scores 580 or higher. Remember, | more...

 
FHA home loan rules for investment properties.

FHA Home Loan Rules For Buying Investment Properties

What are the FHA home loan rules for buying investment properties? Regular readers of this blog may be confused by this question since our posts emphasize time and again that FHA single family home loans are for owner/occupiers and not for investment properties. So how can the FHA loan Handbook, HUD 4000.1, have rules that govern the purchase of an investment property with an FHA mortgage? The answer is actually fairly simple; FHA loan rules make an exception in certain cases. The FHA home loan policy in this area is explained on page 142 of HUD 4000.1, starting with a definition of the term “investment property”. According to the FHA, “An Investment Property refers to a Property that is not occupied by the Borrower as a Principal or Secondary Residence”. | more...

 
FHA Home Loan Credit Score Rules

FHA Home Loan Credit Score Rules

What do you need to know about FHA loan credit score rules? There are issues you can begin addressing very early in your FHA home loan planning process that can help you get closer to FHA loan approval; know these important rules before you apply. If you need to improve your credit scores in order to get approved for an FHA mortgage, you’ll need to begin very early in the planning stages and NOT after you have turned in loan paperwork. FHA Loan Credit Score Minimum Requirements According to the FHA loan handbook, HUD 4000.1, the very lowest credit score you can have and still be considered for FHA loan approval is a FICO score of 500. That is the FHA minimum, and FICO scores below 500 are not eligible | more...

 
Why Should I Refinance With An FHA Loan?

Why Should I Refinance With An FHA Loan?

Why should I refinance with an FHA loan? There are many reasons why you might need or want to refinance into an FHA mortgage. Much depends on your financial needs and goals, and it’s good to know your options for FHA refinancing as you explore the finer points of refinance loans. FHA Refinancing For FHA and Non-FHA Mortgages The FHA refinance loan program has options for both existing FHA and non-FHA mortgages alike. You may also be able to get FHA financing on a property that has no existing mortgage. Talk to a participating FHA loan officer about this option. FHA refinance loan options include cash-out, no cash-out, and more. You don’t have to take cash back on an FHA refinance loan, but if you want a cash-out refinance loan | more...