September 20, 2018

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Articles in Category: FHA Loan Types

FHA Home Loans For Self-Employed People

FHA Home Loans For Self-Employed People

What does it take for a self-employed borrower to be approved for an FHA mortgage loan? The same basic rules apply, FHA mortgage loans require a minimum 500 or higher FICO score to be eligible (lender standards will be higher) and FICO scores of 580 or higher for maximum financing and the lowest down payment. But self-employed borrowers do have some additional issues to think about when coming to the FHA home loan process. How long you have been self-employed in an important factor, how the business has fared since you started it, and what the future of your income might be. FHA Loan Rules For Self-Employment Income Verification The rules that instruct the participating FHA lender are found in HUD 4000.1, and those rules include a requirement for the | more...

 
FHA Home Loans For Manufactured Housing

FHA Home Loans For Manufactured Housing

FHA home loans are for a variety of different property types. Manufactured homes are one of the property types you can purchase with an FHA mortgage, but like most other home loans the home you want to buy must meet FHA standards. FHA Home Loans For Mobile Homes: Find A Participating Lender FHA mortgages for mobile homes and manufactured homes are not always available since some participating FHA lenders choose not to offer them. The nature of a given housing market, buying or selling trends, and the quality of the manufactured homes / mobile homes in the area may all contribute to a lender’s decision to offer or not offer a mobile home loan. You may need to shop around for a participating lender who can help. You can also | more...

 
FHA Home Loans: Five Reasons To Buy A Home Instead Of Renting

FHA Home Loans: Five Reasons To Buy A Home Instead Of Renting

In our last blog post we discussed some reasons to purchase a home with an FHA mortgage instead of renting a property. Most of the reasons discussed in the previous post had to do with financial matters including the fact that renters gain no equity in their rental homes, and they have no ability to apply for a cash-out refinance loan based on the current value of the home. Reverse mortgages are unavailable to renters, too. But there are other reasons to buy a home and not rent. Are you thinking of an FHA mortgage to buy a home based on some of the reasons listed below? There are compelling arguments for each of the five reasons. #5: Buying A Home Means More Privacy Borrowers who own their own homes | more...

 
Rent Or Buy? Arguments For Purchasing A Home With An FHA Mortgage

Rent Or Buy? Arguments For Purchasing A Home With An FHA Mortgage

Does it make more sense to rent a home or to purchase one and make a mortgage payment rather than a rent payment? A lot depends on the property values in your chosen housing market, the cost of renting in that area versus the cost of purchasing, and the borrower’s financial goals. Are you thinking of making the switch from being a renter to becoming a home owner? Some reports claim that rents have increased as much as 88% in certain markets over time, and some renters choose to put that money into a property they own rather than dealing with the issues of being a long-term renter. Is Buying A Home With An FHA Mortgage Instead Of Renting A Good Idea? The first thing needed to answer this question | more...

 
FHA loans

Happy Labor Day 2018!

Happy Labor Day 2018! Today we pause from our usual schedule of posting about FHA home loans, FHA/HUD news, and refinance loan advice to observe the holiday. We’ll be back with our regularly scheduled posts tomorrow. Thank you for reading, and have a safe holiday! We look forward to resuming our regular schedule tomorrow.

 
Four Questions To Ask About FHA Mortgage Loans

Four Questions To Ask About FHA Mortgage Loans

If you are interested in buying a home with an FHA mortgage, there are four basic questions you should ask a participating lender when you shop around for the best terms and conditions for your loan. It pays to compare lenders, and it also pays to compare the requirements and costs of your FHA mortgage with conventional equivalents to see where the FHA mortgage will be an advantage to you. #4. How Much Down Payment Is Required Based On My FICO Scores And Credit History? Ask a loan officer to give you the down payment requirements for both a conventional loan and an FHA mortgage loan on the same property or price range. If you do not have a specific sale price in hand when you ask, be prepared for | more...

 
Five Things To Know About FHA Mobile Home Loans

Five Things To Know About FHA Mobile Home Loans

There are five important things you should know about FHA mobile home loans. If you are interested in buying a mobile home or manufactured home using an FHA mortgage, knowing these five things will help you to make the right choices for your loan and your new home. 5. FHA Mobile Homes Are Possible For A Variety Of Property Types The FHA loan program allows the purchase of a mobile home, a modular home, or a manufactured home. The differences in these types of properties may not seem so important in terms of loan approval but can mean a lot to the FHA borrower depending on what’s involved. For example, the stereotypical mobile home may be delivered to the site where it will be put onto a permanent foundation as | more...

 
Five Questions People Ask About FHA Home Loans

Five Questions People Ask About FHA Home Loans

Got questions about FHA home loans? Here are five questions people typically ask about FHA mortgages and the answers according to the FHA loan rules found in HUD 4000.1. Remember that additional lender standards may apply and these answers are based on FHA loan guidelines and not additional lender requirements. Do FHA Home Loans Offer A No Down Payment Option? FHA mortgage loans do not come with zero money down or no money down options but FHA loan rules do allow borrowers to accept properly documented gift funds for down payments from relatives, friends, or employers. You can’t use a credit card cash advance to make the down payment, nor can your down payment gift fund provider. Ask your lender how to help properly document the source and nature of | more...

 
What Can I Do With An FHA Home Loan?

What Can I Do With An FHA Home Loan?

What can I do with an FHA home loan? This is a question on the minds of many, especially first-time home buyers who are not sure what is possible with an FHA loan and what is not. Can I Get A No-Money Down FHA Mortgage? The short answer is no-the FHA does not offer a no money down home loan. However, FHA mortgages do permit a relative, employer, or others not directly involved in the transaction to provide gift funds for the down payment which can reduce the borrower’s out-of-pocket expenses. The seller of the home cannot contribute to the down payment, but is permitted to contribute up to a certain limit to help cover closing costs. This is not part of the borrower’s required minimum down payment of 3.5% | more...

 
Who Needs Credit Repair Before Applying For An FHA Mortgage?

FHA Home Loans And Interest Rates: Explore Your Options

Concerned about reports of home loan interest rates going up and wondering how to explore your options? There are many ways an FHA home loan can help you in your search for the right home; exploring all your options among several lenders is a great way to start researching and planning for your new mortgage. FHA Home Loan Interest Rates May Be Lower Than Conventional Rates For The Same Kind Of Mortgage The key to understanding your options when it comes to mortgage loan interest rates is knowing that your credit scores and other financial qualifications may affect the rate a lender offers you. Knowing that ahead of time can help you make smarter choices when shopping around for a lender. To start, compare conventional terms and requirements with the | more...