January 19, 2018

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Articles in Category: Fixed Rate Mortgage

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...

 
Happy New Year 2018

Welcome To 2018!

Happy New Year! We look forward to another year of writing about FHA home loan topics, answering questions about the mortgage process, and passing along crucial news and updates about the FHA home loan program. We pause today from our usual schedule to celebrate the new year, but our regularly scheduled posts return on January 2nd. Thank you for reading and welcome to 20181

 
Get ready for an FHA home loan in 2018

Get Ready For Your FHA Home Loan In 2018

Get ready for your FHA home loan in 2018 with some simple planning, budgeting, and market research. Buying a new home-or having one built with an FHA One-Time Close construction loan-requires some advance planning and saving, but your new home is well worth the effort. How ready are you to apply for a home loan in the new year? Do Some Housing Market Research What are typical house prices in your area? How do those prices match your budget? You can use an online mortgage calculator to help you figure out how much an estimated monthly mortgage payment could be based on the price of the home, interest rate, the amount of your down payment, and other factors. Once you have your estimated monthly mortgage payment, you can decide if | more...

 
Who can apply for an FHA mortgage?

What Are FHA House Loans?

What are FHA house loans? Are they really only for first-time home buyers? There are many things about the FHA home loan program that are easily misunderstood. Let’s explore how FHA home loans can help you even if you are NOT a first-time home buyer. FHA Home Loans: What They Are Designed To Do FHA mortgages allow qualified borrowers to buy, refinance, and repair/rehab homes intended to be used as the buyer’s primary residence. FHA mortgages include options for cash-out and no cash-out refinancing, and there are rehab loans, FHA fixer-upper loans, FHA construction loans, and several other options. FHA loans can be used to buy suburban homes, condo units, mobile homes, manufactured homes, and modular homes. You can also apply for an FHA One-Time Close construction loan to have | more...

 
What Can I Buy With An FHA Home Loan?

Get Ready For An FHA Mortgage Loan

Do you want to get ready for an FHA home loan in the new year? There are several things you can do now to prepare for your new mortgage loan application and get closer to home loan approval. Know Your Price Range For Buying A New Home Getting ready for an FHA mortgage in the new year means budgeting and saving up for home loan expenses including the FHA loan minimum required down payment. If you don’t know your approximate price range for purchasing a new home, saving up for your down payment may be harder-FHA loan rules state that the minimum amount down is 3.5% of the adjusted value of the property. Knowing your price range can help you determine how much to budget for your down payment. But | more...

 
What should I know about FHA home loans?

What Should I Know About FHA Home Loans?

What should I know about FHA home loans? The first thing to remember is that your options with an FHA mortgage include new purchase loans, reverse mortgages, refinance loans, and rehab loans. You can do a lot more than just buy a house as a first-time home loan applicant. FHA Home Loans Are Not Just For First-Time Buyers The most common misconception about FHA home loans is that they are ONLY for first-time buyers. This is not true. No matter how many times you have borrower money to buy a home before, if you are interested in purchasing a primary residence, the FHA home loan is an option for you. FHA Loans Include Mobile Home Loans and FHA One-Time Close Construction Loans The list of FHA home loan options include | more...

 
Get ready for an FHA refinance loan in 2018

Can I Get Cash Back On An FHA Mortgage?

Can I get cash back on an FHA mortgage? That’s what some borrowers want to know, and the answer varies depending on the type of home loan you seek. FHA Cash-Out Refinancing Loans The FHA cash-out refinance loan is an FHA refi transaction designed to permit the borrower to take cash back at closing time. The amount of cash you get back on this type of loan depends on how long you have been paying on your home loan, and the amount of any add-ons to your mortgage such as financed closing costs, etc. You aren’t allowed to borrower more than the property is worth based on FHA appraisal guidelines and LTV limits. That means you can’t use a home worth $250,000 to secure am FHA cash-out refinance loan for | more...

 
FHA Home Loans In 2018

FHA Home Loans In 2018

Any potential borrower examining options for FHA home loans in 2018 should keep in mind some very important factors that may affect your choices for a new loan. Do you know what they are? FHA Mortgage Loan Limits Have Increased for 2018 The average housing market (not a high-cost or low-cost area) will feature an FHA loan limit of $453,100 for a single-unit property. That is up from 2017’s limit for the same areas of $424,100. That increase might not make a huge difference to some, but the additional borrowing power may be helpful to others. The higher FHA loan limit applies to all FHA mortgages with case numbers assigned between January 1, 2018 and December 31, 2018. Check Your Credit Scores As Early As Possible There were many headlines | more...

 
Why do people prefer FHA loans?

Why Do People Prefer FHA Loans?

Why do people prefer FHA loans? It’s a question many ask, especially when comparing loan options to conventional, VA, or other non-FHA mortgages. What’s the appeal of the FHA mortgage loan? Why should first-time home buyers consider this option? FHA Loans Are Flexible FHA home loans aren’t just for one type of home, or for one type of buyer. There is no income limit for an FHA mortgage, the borrower has to be able to afford the mortgage based on the borrower’s debt-to-income ratio (how much money you have coming in compared to the amount going out each month for financial obligations). Credit ratings, employment, and other factors are also important, but the misconception that FHA mortgages are only for those who need financial help isn’t true. Any financially qualified | more...

 
What Are FHA Rehab Loans?

FHA Construction Loan 2017

There is still time to consider an FHA construction loan in 2017. Those who are more interested in having a brand-new home built especially for them rather than purchasing an existing construction home with an FHA mortgage will be pleasantly surprised at the options available to them. FHA construction loans are different than other types of FHA mortgages and can be a bit more complex, but thanks to the FHA One-Time Close construction loan this process isn’t as complicated as other types of construction loans. Why? A Single Application and Closing Date For FHA One-Time Close Construction Loans The FHA One-Time Close construction loan is referred to in the FHA loan handbook, HUD 4000.1, as a “construction-to-permanent” mortgage. Some construction loans require the borrower to qualify twice; once to pay | more...