October 26, 2021

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Articles in Category: Fixed Rate Mortgage

Buying A Home With A Lower Credit Score

Applying For An FHA Mortgage: Timing Counts

If you are shopping for a new home, you want to be as informed as possible about your home loan options, rights, and responsibilities. Some begin their loan application process without being fully prepared, and this can wind up slowing down or even stopping a home loan application in its’ tracks.  But how? One big mistake you should avoid making before applying for an FHA mortgage? Applying too soon. If you have financial trouble in your credit report from past issues, the date of your last late or missed payment is an important one–lenders generally want to see at least 12 months of on-time payments on your financial obligations.  If you don’t have that record, it’s a good idea to wait to apply for a home loan until you do. | more...

 
Credit Requirements For Your FHA Home Loan In 2020

Planning Your FHA Home Loan

FHA home loans appeal to some differently than others–some buyers like the low 3.5% down payment (the lowest possible for an FHA mortgage for those who qualify) and for other buyers, the more flexible qualifications for loan approval are the main draw. One thing that’s crucial to remember about FHA loans? You do NOT need to meet a first-time homebuyer requirement to apply and be approved. Some consumers still, after all this time, mistakenly believe that FHA loans are only for those who have never owned a home before. That is NOT TRUE. When planning an FHA mortgage, it’s important to start considering your financial needs and goals as early as you can. Your decisions in this area may make your FHA loan options more obvious or attainable depending on | more...

 
Will FHA Mortgage Loan Interest Rates Drop Even More?

Important Issues About Buying A Home With An FHA Loan

What are your concerns about buying a home with an FHA home loan? For some, it’s about how much the loan will cost month-to-month, while for others the issue of the loan’s long-term cost can be a worry. If you aren’t sure how the FHA home loan program works, you’ll definitely want to read on. What You Can Buy With An FHA Mortgage In general, FHA home loans are for owner/occupiers who want to buy a home to use as their primary residence. You can buy a property with as many as four units as long as it meets FHA minimum standards and you are financially qualified for the mortgage loan. FHA loan applicants may apply for any type of FHA loan offered by a participating lender including mobile home | more...

 
FHA Home Loan Rules For Construction Loan Escrow Accounts

Five Things You Should Know About FHA Mortgages

Many people still have misconceptions about the FHA home loan program. They might think they “earn too much money” to be a successful applicant (not true, FHA home loans are not need-based loans) or think that they would not qualify because they want to build a home instead of buying an existing construction house. (Also not true, FHA loans include those for building a home instead of buying one). What are the facts about FHA home loans you need to know in order to make a better-informed decision about your loan choices? FHA Loan Fact: FHA Mortgages Are For Any Financially Qualified Borrower Unlike the USDA home loan program, which DOES feature need-based mortgages to those who fall under the income guidelines for that loan program, FHA mortgages do NOT | more...

 
FHA Home Loan Income Rules

Bad Credit And FHA Home Loan Options

The term “bad credit” tends to feel a bit stigmatizing. Borrowers who have had past difficulty with credit have it hard enough trying to recover from the stigma of their previous credit issues without being confronted by those problems every time they want to start working on their credit. Is there such a thing as a bad credit FHA loan that can help people become homeowners and get a fresh start with credit? Technically the answer is, “it depends”, which isn’t very reassuring. But the truth of the matter is, there are FHA standards that technically make the concept of a bad credit mortgage a reality.  After all, on paper FHA loan rules state that a borrower with FICO scores in the 500 range could still technically qualify for an | more...

 
Mortgage Loan Approval During Coronavirus

Should I Make Two Mortgage Payments Each Month?

Why do some borrowers–those applying for FHA loans or otherwise–choose to make bi-weekly payments on a mortgage? That is, why do some choose to pay two mortgage payments each month?  Paying ahead on an FHA home loan is not a new idea nor is it a bad one. There are those who pay more on their home loans each month to gradually whittle down the amount they owe on the loan so that payoff comes earlier. And there are several ways to do that, as we’ll explore below. Unlike some other types of loans, FHA mortgages do not come with a pre-payment penalty and you cannot be billed extra for early payoff of the FHA loan amount. The multiple ways to pay ahead and pay down your mortgage earlier than | more...

 
Planning To Buy A Home? Credit Resources You Need

FHA Loans Versus Conventional Home Loans

If you are planning to look at real estate listings soon or use the help of a realtor to locate a new home, here are some questions to ask yourself about your new home loan; the answers will help you decide whether to pursue an FHA mortgage, a conventional loan, etc. FHA Mortgage Versus Conventional Home Loans: Compare Down Payments Make sure you know your FICO scores in advance of comparing down payment requirements since the amount of cash you will be required to put down is affected by credit scores when those scores are below a specific cutoff. There is more than one standard for FICO scores in this area-FHA loan minimums and lender requirements. Lender standards will apply no matter whether you are applying for FHA or conventional | more...

 
Is your credit ready for an FHA loan?

What’s In Your Mortgage?

If you are new to the home buying process and are still house hunting, chances are good you might not be thinking about the ups and downs of your monthly mortgage payment.  Some find it difficult to wade through home loan paperwork–there is a lot of print and fine print to digest in the best of times. What should you expect from your monthly mortgage bill and what do you do if you find errors or other issues on your monthly statements long after the loan has closed? The Consumer Financial Protection Bureau or CFPB advises consumers to carefully review their monthly mortgage statement. You will want to review the following sections for accuracy each month and to make sure there are no surprises: Customer service contact information the lender/servicer | more...

 
Information You Need To Pre-Qualify Or Get Pre-Approved For A Mortgage

Home Loan And Home Ownership Tools From HUD

Are you a first-time home buyer trying to get good advice on how to prepare for a home loan? Are you interested in an FHA Reverse Mortgage, but not sure about where to find approved housing counseling for an FHA Home Equity Conversion Mortgage (HECM)? Or perhaps you are a current homeowner with an FHA mortgage trying to avoid foreclosure? In every case, the FHA and HUD have housing counseling resources you can use to make more informed decisions about purchasing, refinancing, or saving your home. Did you know that the HUD official site has a page dedicated to housing counseling resources? You can find it at their official site: The HUD Office of Housing Counseling As the official site reminds, “HUD sponsor housing counseling agencies throughout the country that | more...

 
Low Mortgage Rates and Refinance Options

Mistakes First-Time Homebuyers Make

If you are a first-time homebuyer, there are some pitfalls and mistakes you should definitely try to avoid as you enter into the process of planning, saving, and applying for a loan to purchase a new home. What kinds of mistakes do we mean?  There is the usual Home Loans 101 type advice you read in every single finance blog ever written–don’t be careless with your credit, don’t apply for new credit while you are trying to apply for a home loan, and don’t start house hunting in earnest without home loan preapproval. But what about some of the less-obvious mistakes first-time homebuyers make? The ones you won’t find in some other online home loan blogs or advice centers? First-time homebuyers sometimes overlook critical expenses in the planning and saving | more...