July 8, 2020

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Articles by: Joe Wallace

Joe Wallace - Staff Writer

By Joe Wallace

July 7, 2020

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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How FHA Home Loan Limits Are Set

How FHA Home Loan Limits Are Set

How does your lender know how much home loan to approve you for when you want to buy a home? Part of that process is learning the official FHA home loan limit in the housing market where you want to buy or build your home. The Federal Housing Administration sets FHA loan limits each year. There is a maximum FHA loan amount that is established in accordance with the National Housing Act. Five Things You Need To Know About FHA Loan Limits Five things you’ll need to remember about FHA purchase loan limits for suburban homes, condo units, having a house built for you on your own lot, etc. are: FHA mortgage loan limits vary by county; Loan limits may be exceeded if you are applying for an FHA Jumbo | more...

 
FHA Home Loan Credit Score Requirements: FICO Scores And More

FHA Home Loan Credit Score Requirements: FICO Scores And More

Many borrowers worry about their credit scores ahead of an application for an FHA home loan, and it’s hard for some to gauge whether they have sufficient credit to get a loan approved. FHA loans have more forgiving credit requirements and borrowers should not assume they do not qualify for a home loan without discussing their circumstances with a participating lender. When is a low credit score too low? FHA home loan rules specify that the lender must ensure a 500 FICO score (the very minimum) in order to qualify for an FHA mortgage, but your credit score numbers don’t tell the whole story. Lender Requirements For Home Loan Approval Vary You may read that FHA loan rule minimums for FICO scores do not always reflect the participating lender’s credit | more...

 
Mortgage Rate Trends

Home Loan Interest Rates Hit Historic Lows Again.

The end of the month of June, 2020 saw mortgage loan interest rates hit another historic low–rates hit another all-time low for the fourth time in a single month. As coronavirus issues continue to affect the global economy, economic factors at home and abroad have contributed to an environment favorable for lower rates. FHA Mortgage Loan Interest Rates In June 2020 FHA mortgage rates were listed at 2.50% on the last day of June. Not all borrowers are offered rates this low–your experience will vary depending on FICO scores and credit history. Finance and banking experts have been discussing the idea that as long as coronavirus has a role in what happens to the U.S. economy, we have the potential for continued low mortgage rates. Unfortunately, there is also volatility | more...

 
HUD Brings Fair Housing Act Charges Against Atlanta Landlords

HUD Brings Fair Housing Act Charges Against Atlanta Landlords

Have you experienced housing discrimination at any stage in the housing process? Violations of the Fair Housing Act can occur at any stage of your journey to find a new rental home or purchase including home loans, refinance loans, home buying, etc. If you have experienced ANY kind of discrimination while looking for a house or apartment, file a complaint of discrimination with the HUD Office of Fair Housing and Equal Opportunity at (800) 669-9777. You can also file a Fair Housing Act complaint online by visiting How to File a Complaint at the HUD official site. Why? Because Fair Housing violations continue to be an issue in the United States of America, and often the only thing that prevents those who discriminated against YOU to keep violating the law | more...

 
Is your credit ready for an FHA loan?

Anticipating Closing Costs For Your New Home Loan

Buying a home requires planning and saving. Especially for closing costs, which can include appraisal fees, the home inspection, compliance inspections, and the Up-Front Mortgage Insurance Premium. It takes time to save for these expenses, but some borrowers will pay more up front than others. That is usually due to a combination of factors, but the thing new home loan applicants need to know is that your financial needs and goals will dictate how and when you pay certain closing costs. Did you know you can finance some closing costs and have the home’s seller help you pay for others? Government-backed mortgages like FHA home loans (including FHA One-Time Close construction loans which can help even a first-time home buyer build a home from scratch) make buying or building a | more...

 
Coronavirus And Home Loan Appraisals: What You Need To Know Now

Coronavirus And Home Loan Appraisals: What You Need To Know Now

In the age of social distancing, getting a home loan might seem challenging, but the industry has tried to change with the times and there are contact-free closing procedures, online document submission, and alternative appraisal methods in effect. Some of these measures serve as a reminder that a borrower should always pay for the optional home inspection and never rely on any other viewing of the home including the appraisal for that information. Relaxed Appraisals Why? Due to the relaxed requirements for appraisals during COVID-19. FHA appraisers can do some appraisal work as “drive-bys” where the appraiser never steps in the home; some work is accomplished video tours or walkthroughs. The appraiser may never enter the home personally depending on the housing market, local social distancing procedures, the severity of | more...

 
Do You Know How To Dispute Your Credit Reports?

Why You Should Monitor Your Credit As A First-Time Home Buyer

Are you a first-time home buyer interested in buying or building a home? New borrowers should monitor their credit for signs of identity theft, erroneous information, and outdated credit data; doing so improves your chances at home loan approval by ruling out issues that may be related to credit report problems that are not your fault. Some future home owers already pay strict attention to their credit, but not everyone does. And they should–credit monitoring should play a crucial part of your preparation stages before applying for an FHA mortgage. The principles we are talking about here can protect you when applying for any big loan, including cash-out refinancing. Regular Monitoring Eliminates Surprises Later Having regular updates about your credit report reduces the chances of something slipping through–errors or evidence | more...

 
HUD Announces New Mortgage Relief Options For FHA Borrowers Affected By COVID-19

FHA And HUD Announce Extended Foreclosure Relief

Are you a homeowner with an FHA loan worried about your mortgage during the coronavirus pandemic? If so, you aren’t alone. Coronavirus outbreak containment policies–lockdowns, quarantines, and other necessary measures, have brought with them economic hardship from many Americans; loss of income creates and questions about future earnings can result in late and missed mortgage payments, increasing the risk of foreclosure. But during the pandemic, federal relief measures were drafted to help–and the FHA/HUD is no exception, requiring participating lenders to delay initiating or continuing foreclosures during the crisis. Now, the Department of Housing and Urban Development and the Federal Housing Administration have issued an extension (actually the second extension since the crisis began) of the foreclosure moratorium announced in March. The Old Deadline Wasn’t Sufficient The HUD official site | more...

 
Is your credit ready for an FHA loan?

Buying Your First Home With An FHA Mortgage

First-time home buyers love hearing about the low down payment requirements for FHA mortgages, and the fact that FHA home loans allow you to apply for a mortgage with a government-guarantee that helps keep mortgage loan interest rates lower on these types of loans. But some other perks aren’t so obvious; did you know that with an FHA mortgage you are permitted to have your seller contribute up to six percent of the home’s price as closing costs? The seller can’t contribute to your down payment but can help with those closing costs. FHA loans allow contributions toward your down payment–down payment assistance from people who have no financial stake in the outcome of your loan is permitted according to FHA loan rules. That means down payment gifts can come | more...

 
Conventional Loan Interest Rates Make History, FHA Loan Rates Still Incredibly Low

Conventional Loan Interest Rates Make History, FHA Loan Rates Still Incredibly Low

Low mortgage rates have stolen the headlines on some finance blogs; as a result, 2020 has seen high volumes of refinance loan applications. The low rates also has many renters potentially finding themselves in a more affordable position to become homeowners. But another development has taken things in an even more historic direction; in June 2020 conventional loan rates made big headlines by plunging below the three percent threshold. The sub-three percent range has been familiar territory for FHA mortgage loans and VA mortgages. The same day conventional rates fell below three percent, the best-execution FHA mortgage loan interest rate for a 30-year fixed rate mortgage was reported at 2.50%. The rates offered to any borrower will depend on the type of loan, the loan term, and other variables. Borrowers | more...