Articles in Category: Fixed Rate Mortgage

February 19, 2019

What You Should Know About FHA Home Loan Credit Checks As A First-Time Home Buyer

Before you get FHA home loan approval on that piece of real estate you have your eyes on, your mortgage loan application process will include a credit check. Your lender will need to determine your creditworthiness, and also verify your employment and income. Most borrowers expect this process and thanks to having other kinds of credit applications including credit cards, auto loans, and student loans, have a basic idea of what will happen. But not everyone expects that their initial credit check for the home loan they are applying for will NOT be the last one the lender does before the loan closes. You might not get the down-low on this from your real estate agent or your lender, but this is one of the “secret” things about the home | more...

February 4, 2019

FHA Cash-Out Refinance Loans For First-Time Home Buyers

By Bruce Reichstein

There are several important issues centered around FHA cash-out refinance loans. Borrowers who want to cash in on the value of the home will wonder about many aspects of cash-out refi loans. How much money will you get in cash? How long before you can successfully apply for an FHA refi loan once you have purchased your first home? FHA Cash-Out Refinance Loans: Not The Same At Every Lender All housing markets differ and lender standards/requirements will also vary. When it comes to the differences in housing markets, those applying for an FHA cash-out refinance loan in an area with rapidly increasing property values may discover your home is worth far more than originally thought. The reverse may be true in areas that are leveling off or are experiencing changes | more...

FHA Home Loans For First-Time Home Buyers

February 1, 2019

FHA Loans For First-Time Home Buyers

By Joe Wallace

If you are in the market for a first home or a starter home for a new family, there are many options to keep in mind that an FHA home loan can help you with. Which one of these FHA mortgage loan options is right for you? FHA 203(b) New Purchase Home Loans For First-Time Buyers And Return Borrowers If you are interested in a typical suburban home for your first house hunting adventure, the FHA 203(b) Mortgage is the right one for your needs. These home loans are for existing construction properties that don’t need extensive repairs and are intended for those who plan to own and occupy the home as their primary residence. FHA 203(k) Rehabilitation Loans For Fixer-Upper Homes The FHA 203(k) rehab loan is the one | more...

January 30, 2019

Considerations For Buying Your First Home With An FHA Mortgage

By Joe Wallace

First-time home buyers looking for their first home and a participating lender to apply for an FHA mortgage loan with may not know exactly what they are looking for in a new home-at first. As you go on the home ownership journey there are several issues that will become more apparent as you go. When planning for your first home loan and preparing your credit to borrow, keep these concerns in mind. Buying A First Home To Accommodate Future Needs Couples looking at their first home should anticipate changes in family size, needs for a hobby room or a dedicated work space, and room to grow with furniture and other possessions. The one-bedroom house you look at today may be the home you grow out of tomorrow; make sure you | more...

January 28, 2019

How To Get An FHA Mortgage Loan As A First-Time Home Buyer

By Joe Wallace

How can a first-time home buyer qualify for an FHA mortgage loan? If you are looking for a starter home, a home to grow into, or you want to have a home built especially for you (using an FHA One-Time Close construction mortgage loan), your FHA loan options are impressive. How To Qualify For An FHA loan As A First-Time Home Buyer Plan ahead and start early-that’s the best advice for first-time buyers looking to buy a house with a mortgage loan. But what does this mean? For starters, it means planning to apply for the home loan when you have 12 full months of on-time payments with no late or missed bills. Some may struggle with this notion, but it’s one of the realities of home loans. You will | more...

January 22, 2019

Online Mortgage Calculators For First-Time Home Buyers

By Joe Wallace

Why should a first-time home buyer use an online mortgage calculator in the planning stages of a new home loan? There are several reasons, but one of the most important is also one of the things a new house hunter may need to learn as early as possible; the monthly mortgage payment you make as a new home owner is not just about the principal and interest payment on the loan. Three Important Things To Know About Your Monthly Mortgage Payment Buying a home with a mortgage loan-ANY mortgage loan-will include a variety of things that make up the total amount of your mortgage payment due each month. An FHA condo loan, an FHA rehabilitation loan, or even an FHA One-Time Close construction loan will have their monthly payments calculated | more...

January 17, 2019

Credit Advice For First Time Home Buyers

By Bruce Reichstein

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...

January 15, 2019

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

By Bruce Reichstein

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

January 14, 2019

Buying A First Home Or Second Home With An FHA Mortgage

By Joe Wallace

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...

Buy And Fix A Home With An FHA Rehab Loan

January 10, 2019

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

By Joe Wallace

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...