January 18, 2019

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Articles in Category: FHA Loan Types

Credit Advice For First Time Home Buyers

Credit Advice For First Time Home Buyers

First time home buyers worried about their credit scores and the ability to get approved for a first-time mortgage should take plenty of steps to address those concerns before loan paperwork is filed. It is a very good idea to consider preparing for your mortgage loan a full year ahead of time so you can work on credit issues such as on-time payments, credit card balances, etc. First-Time Home Buyer Credit Advice: Lower Your Credit Card Balances Your credit cards can be an effective tool for establishing credit, but you have to know what the lender looks for in that credit to justify approving the home loan. The older your credit is, the better, but it’s also best to pay down the balances so you are not carrying too much | more...

 
First-Time Home Buyer Advice: How To Buy Your First Home With Less Cash Up Front

First-Time Home Buyer Advice: How To Buy Your First Home With Less Cash Up Front

First-time home buyers often need to save as much cash up front on the transaction as possible. There are ways you can prepare for your FHA home loan in the planning stages that can help you buy your first home with less out-of-pocket costs. Do you know what they are? First-Time Home Buyers Should Work On Lowering Credit Card Balances Very Early Whenever Possible One very important factor in qualifying a borrower as a good credit risk when buying a first home? The amount of debt the first-time borrower carries versus the amount of monthly income. Your debt ratio is just as important as FICO scores, and the lower your debt ratio, the better off you will be when the lender goes to approve or deny the home loan application. | more...

 
Buying a First or Second Home With An FHA Mortgage

Buying A First Home Or Second Home With An FHA Mortgage

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...

 
On Buying A First Home With An FHA Mortgage

On Buying A First Home With An FHA Mortgage

First-time home buyers looking for a new home to buy with a mortgage loan might not know all of their options at the time they start looking, but everyone stars house hunting with their own set of assumptions-some are right, and some are not. Some assume that an FHA home loan is made specifically for first-time home buyers, but this is not true-any financially qualified borrower can apply and be approved for an FHA home loan for a mobile home, suburban home, duplex, even condos and multi-unit properties. You read that correctly, FHA home loans can help first-time home buyers purchase multi-unit homes. This is good for those anticipating family growth, and for those who are thinking about becoming landlords and getting income from the unused living units in the | more...

 
Buy And Fix A Home With An FHA Rehab Loan

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

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...

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

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

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...

 
FHA Loans Are Available In 2019

FHA Loans Are Available In 2019

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...

 

Happy New Year 2019!

Happy New Year 2019! We hope your holiday season has been safe and fun. We pause from our usual posts about FHA home loans to enjoy New Year’s Day 2019, and our regular posting schedule resumes on Wednesday. Thanks for reading and have a great holiday.

 
Credit Advice For First Time Home Buyers

Buying A Home With An FHA Mortgage In 2019

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...

 
Do You Have An FHA Adjustable Rate Mortgage?

Do You Have An FHA Adjustable Rate Mortgage?

Do you have an FHA adjustable rate mortgage, also known as an FHA ARM loan? Is your introductory rate about to expire? Borrowers with adjustable rate mortgages may get a bit nervous when the end of their introductory interest rate period, also known as a “teaser rate” period is about to and and the first adjustment to the ARM loan’s interest rate becomes due. Borrowers can negotiate an introductory rate that lasts as little as one year and as many as 10 years with the lender, but eventually that initial rate will end and the first adjustment will come due. If you have an FHA ARM loan you may be eligible for either a credit-qualifying Streamline Refinance loan or a non-credit qualifying FHA Streamline refi. In many cases FHA streamline | more...