Articles by: Joe Wallace

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 16, 2020

Do You Need To Apply For An FHA Mortgage?

By Joe Wallace

Do you need to apply for a home loan to buy real estate in 2020? FHA mortgages feature a low minimum down payment, allow seller contributions to closing costs, and even permit down payment assistance from approved sources. What does it take to apply for an FHA mortgage? You will need proof of income, tax records, and bank statements. Borrowers also need to have a credit history of some kind, even if non-traditional. FHA loan rules allow non-traditional credit, but lender standards will be very important. FHA Loan Approval Requirements FICO scores between 500 and 579 for a 10% down payment, or FICO scores at 580 or higher for the lowest down payment of 3.5%. You will also need 24 months of employment history as a general rule, and you | more...

January 14, 2020

How To Get Ready For Your Home Loan

By Joe Wallace

Need to know how to get ready for an FHA home loan in 2020? There’s plenty of good advice out there, but what about from watchdog agencies like the Federal Trade Commission? Or USA.Gov? Starting early to plan your loan is the best advice, but what happens next? Reviewing your credit, saving up for your expenses for the loan, and learning your options are very important. FTC Credit Advice The FTC has a lot of consumer credit advice, some of which can apply to home loan transactions as well as other types of credit. The FTC official site warns consumers that when trying to get ready for your home loan. it’s best to review your credit reports BUT do not be taken in by third party credit repair agencies that | more...

January 10, 2020

FHA Loans And Your Credit Report

By Joe Wallace

Do you need to fix your credit? Do you need to fix your credit REPORT? Some of our most popular articles here involve what to do about bad credit issues ahead of a home loan application. The usual advice about paying on time and making sure you cut your outgoing debt as much as possible always apply, but there is an equally important step in getting your credit ready for a new loan; checking your credit report for accuracy. How To Get Your Free Credit Report From A Government-Approved Source To order the free credit report you are entitled to by law, visit annualcreditreport.com. You can also call 1-877-322-8228 or download and complete the Annual Credit Report Request Form and mail it in: Annual Credit Report Request Service P.O. Box 105281 Atlanta, GA | more...

January 6, 2020

FHA Rate And Term Refinance Loans

By Joe Wallace

There are different refinance loans for different needs, and the FHA rate and term refinance option is available to help borrowers who aren’t looking for cash out at closing time. The financial website Investopedia defines a rate-and-term refi loan as follows: “The potential benefits of rate-and-term refinancing include securing a lower interest rate and a more favorable term on the mortgage, but the same principal balance will remain. Such refinancing could lower the homeowner’s monthly payments, or potentially set a new schedule to pay off the mortgage more quickly.” The FHA Rate and Term refinance loan has different features and requirements than FHA cash-out refinancing or reverse mortgages. The rules that cover FHA rate and term refinancing are found in the FHA loan handbook, HUD 4000.1, and explains how this | more...

January 2, 2020

How To Buy A Home In 2020

By Joe Wallace

Need to know how to buy a home in 2020? Making a plan to become a home owner includes budgeting, research, and even sharpening your negotiating skills. Are you ready to start your home loan journey? Shopping Around For A Home AND A Home Loan FHA mortgages allow first-time borrowers and experienced home owners alike to apply for a loan to buy or build a property. But you don’t have to limit your search to one kind of home OR one kind of FHA mortgage. For example, you could apply for an FHA Condo loan to purchase a condominium unit, or you could buy a mobile home or townhouse. FHA mortgage loans allow you to buy properties with as many as four living units, and that could be any number | more...

December 31, 2019

Apply For An FHA Loan

By Joe Wallace

If you are considering any type of home loan, be sure to explore your options with FHA mortgages, refinancing, or reverse mortgages. FHA loans offer a variety of advantages over conventional mortgages including lower interest rates (based on your financial qualifications), built-in protections for the buyer, and more. FHA New Purchase Loans There are many options with an FHA mortgage for single-family homes. New purchase loans include the option to add extra funds to the loan for energy-efficient upgrades or improvements. You can also consider purchasing a fixer-upper using an FHA rehab loan where funds are made available to repair/upgrade the property to FHA minimum standards. The loans mentioned above are intended for owner-occupied residences and would be not be available for investment properties. An FHA new purchase loan or | more...

December 30, 2019

Where To Find An FHA Home Loan

By Joe Wallace

Where do you get an FHA home loan? The simplest answer is that you get one from a participating FHA lender. Not all banks or financial institutions support FHA home loans, and those that choose to do so must be vetted and approved by the government first. FHA Loans Are Offered By Participating Lenders As mentioned above, not all lenders participate in the FHA loan program–but did you know some are not permitted to participate, and some may not be certified by the FHA yet? Your search for a lender may seem daunting, but you can be matched with a participating lender online and do the initial loan screening online, too. You’ll need a variety of information including your estimated budget for the purchase, the desired term of the loan | more...

December 24, 2019

Happy Holidays 2019!

By Joe Wallace

Happy Holidays! We’re pausing from our usual schedule of writing about home loans, mortgage trends, FHA and HUD news, and related topics in order to celebrate the holiday season with friends and family. From all of us here, have a fun and safe holiday season! Our normal schedule resumes on Thursday, December 26, 2019. Thank you for reading!

December 23, 2019

FHA Home Loan Applications In 2020

By Joe Wallace

If you are considering the purchase of a home or having a house built for you on your own land in 2020, you are thinking about making the commitment to a mortgage at a very good time. FHA loan limits have been increased for another year, the previous year has been a very good one for mortgage loan interest rates, and even those contemplating refinancing instead of buying have more to think about in 2020 than in years past. Are you ready to apply for a purchase loan, construction loan, or FHA refinance in the new year? Know The Content Of Your Credit Reports If you do not know what your credit report says about you, if you have no idea what your credit score is, be sure to give | more...

December 19, 2019

FHA Loans And Buy-To-Let Mortgages

By Joe Wallace

What is a buy-to-let mortgage? These loans, popular in Britain and elsewhere, are basically designed for investment property buyers. They are similar in purpose (not in terms or conditions) to bank statement loans in that both are intended to help investors and small business people. FHA home loans do not include a buy-to-let loan, but those who want to be owner/occupiers can purchase a property with as many as four living units with an FHA mortgage. You can buy a multi-unit home with an FHA mortgage, live in one or more of the units, and rent out the unused units to other tenants. This is completely acceptable under the terms of the FHA Single-Family home loan program. The requirement is that you live in the property yourself. Buy-to-let loans that | more...