Articles in Category: Fixed Rate Mortgage

August 20, 2018

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...

August 14, 2018

What Can I Do With An FHA Home Loan?

By Bruce Reichstein

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?

August 10, 2018

FHA Home Loans And Interest Rates: Explore Your Options

By Joe Wallace

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...

July 31, 2018

Understanding Your FHA Home Loan Options

By Bruce Reichstein

Understanding your FHA home loan options means knowing the different choices available to you for a mortgage. Did you know that FHA home loans are available for mobile homes, condos, and manufactured housing? FHA Home Loan Options: What Kind Of Home Do You Need? Some mistakenly assume that FHA mortgages and refinance loans are need-based and restricted to a certain income range. This is not true; anyone who financially qualifies with FICO scores, good loan repayment history, and other factors is eligible to buy using an FHA mortgage. The kind of homes you can buy with an FHA mortgage include condo units (in FHA-approved condo projects), mobile homes, modular and manufactured homes, multi-unit properties (up to four units), and you also have the option of having a home built for | more...

July 30, 2018

What You Need To Know About Closing Your FHA Mortgage

By Joe Wallace

What does an FHA borrower need to know about the closing date for an FHA mortgage? There are several issues to consider, especially when it comes to whether or not your transaction is occurring in a wet funding or dry funding state. Home Loan Closing Dates: The Difference Between Wet Funding And Dry Funding The terms “wet funding” and “dry funding” refer to states where requirements to close may require the loan to actually close and funds be disbursed on the closing date, and states where that does not specifically happen on the closing date. A wet funding state requires completion of the loan on the closing date or in a specified period of time after the closing date procedure. Dry funding means the paperwork for the mortgage is not | more...

July 23, 2018

FHA Lenders With The Lowest Mortgage Loan Interest Rates

By Bruce Reichstein

Which FHA lender offers the lowest interest rates? This is a question on the minds of all FHA borrowers, whether you are looking for an FHA new purchase loan, an FHA cash-out refinance, or even an FHA Reverse Mortgage. The answer to this question, however, is more complicated than “Lender X offers the best rates”. It Pays To Shop Around For FHA Loan Interest Rates If you need to know the lowest interest rate offered by a group of lenders, you will need to check with each participating lender. But there’s a catch-interest rates fluctuate, and can change daily. The rates you see today may not apply tomorrow, and those interest rates are listed without reference to a borrower’s credit rating and credit history. Shopping around for an interest rate | more...

July 19, 2018

What Is A Mortgage?

By Bruce Reichstein

What is a mortgage? To some that may sound like a totally obvious question, but for some first-time home buyers, the more information you get up front about the process of finding, buying, and owning a home the better. And that includes the most basic details of the process. FHA mortgages are an option for the serious home buyer who wants a lower down payment than many conventional mortgages and would like to enjoy the benefits of a government-backed mortgage. Why Do I Need A Mortgage? This is one of the most basic questions about the home buying process. Most people will apply for a mortgage to buy a home whether that’s an FHA new purchase mortgage, A VA home loan for qualifying military members, a USDA mortgage for those | more...

July 12, 2018

FHA Mortgage Loan Closing Day Tips

By Bruce Reichstein

Need some tips to help you navigate your closing date for your FHA home loan? There are some important things to do and things NOT to do on closing day. When your sale is final the seller or the real estate agent will give you the keys to your new home, but before you can get your hands on those keys, some important things must happen. Read All Home Loan Closing Documents Carefully FHA mortgage loans, like all other home loans, feature initial estimates of expenses and payments; the final numbers should be represented accurately at closing time and should not be estimates. If the numbers you were expecting don’t line up with what is in the closing documents, don’t let it go-ask for clarification. Don’t sign incomplete mortgage closing | more...

June 29, 2018

Remodel Your Home With An FHA Rehab Loan

By Joe Wallace

Are you thinking of selling your home? Need to think about increasing the value of your house before you put it on the market? Or maybe you want to remodel the home you’re planning on staying in long-term and are looking for the best return on investment or ROI for a remodeling project? FHA 203(k) Rehab loans can help you invest good money for a sound ROI on upgrades, improvements, and repairs. You can remodel your home with an FHA 203(k) rehab loan as a new purchase loan or as a refinance loan for your current mortgage. What types of remodeling projects have a good ROI and are allowed under the parameters of the FHA rehab loan program? The answer may depend on whether you apply for a standard or | more...

June 21, 2018

FHA Home Loan House Hunting Checklist

By Joe Wallace

Do you want to buy a new home? An FHA home loan, with its’ low down payment requirements for qualified borrowers is definitely an option to consider. With a low 3.5% down payment for qualified borrowers AND the ability to use approved down payment assistance and/or gift funds for potentially no money out of pocket for a down payment, FHA mortgages can have a lot of appeal. The house hunting process is an important part of any loan. When you are in the planning stages for your FHA mortgage, there are some big issues to consider before you launch into your search for the perfect home. Those issues can be covered by a checklist you can make and plan with, even house hunt with; when making your house hunting checklist, | more...