Articles in Category: Fixed Rate Mortgage

January 22, 2020

Closing Day On Your FHA Home Loan

What do you need to know about closing day for your FHA home loan? There is plenty of advice out there including the idea that you should not schedule loan closing AND moving trucks on the same day. But why? Because there are some variables that could delay your closing day, and you don’t want to get stuck juggling TWO rescheduling needs instead of just one (to say the least). Closing Day Delays Your closing day could be rescheduled for any number of reasons–there could be an issue with the title, your appraisal could come in too low, you may pay for the home inspection only to find that there are problems with the home not covered by the appraisal. Some issues are merely delays. Others could develop into a | more...

Types Of Homes You Can Buy Or Build With An FHA Mortgage

January 9, 2020

FHA Home Loan Options For 2020

By Bruce Reichstein

What kind of home loan do you need in 2020? You can build on your own lot with an FHA One-Time Close construction loan, you can apply for an FHA mortgage to purchase a mobile home or manufactured house, and you can even find an FHA mortgage for a fixer-upper property. These loans are not need-based, have no income caps, and feature a low down payment requirement. What kind of home loan do you need? Houses You Can Buy And Occupy Right Away Referred to in the real estate industry as an existing construction home, these properties are sold assuming they meet current appraisal and building code regulations or can be brought into compliance without a great deal of difficulty. Existing construction homes have been built for at least one | more...

January 8, 2020

Do You Want To Buy A House This Year?

By Joe Wallace

Do you want to buy a house this year? There are things you should do to prepare for the loan, and it’s a very good idea to give yourself extra time to get it all done. It’s best to come to the application process with the following steps already accomplished. Check Your Credit Report Get a free copy of your credit reports and start reviewing your FICO scores and details to make sure there are no errors, identity theft, outdated information, etc. You are legally entitled to a free credit report. Use A Mortgage Calculator Using an online mortgage calculator will give you a much better idea of how much home loan you can afford. The online calculator will ask you for the price of the house, the interest rate, | more...

December 27, 2019

FHA Rehabilitation Loans In 2020

By Bruce Reichstein

Are you interested in buying and fixing up a home, or refinancing and remodeling your current home? These are projects are possible in 2020 thanks to the FHA Rehabilitation Loan, also known as the FHA 202(k) Rehabilitation Loan or the refinance loan version of it. The FHA has a program that allows borrowers to apply for a mortgage loan in order to improve a property. The FHA 203(k) rehab loan is intended for borrowers who want to buy or refinance the property and do repairs, but not all borrowers have big rehab projects or work that requires a huge sum of money. Two Rehab Loan Options Open To You There are two different types of 203(k) loans-the “full” version is available for larger projects including work on loan-bearing structures, but | more...

December 19, 2019

FHA Loans And Buy-To-Let Mortgages

By Joe Wallace

What is a buy-to-let mortgage? These loans, popular in Britain and elsewhere, are basically designed for investment property buyers. They are similar in purpose (not in terms or conditions) to bank statement loans in that both are intended to help investors and small business people. FHA home loans do not include a buy-to-let loan, but those who want to be owner/occupiers can purchase a property with as many as four living units with an FHA mortgage. You can buy a multi-unit home with an FHA mortgage, live in one or more of the units, and rent out the unused units to other tenants. This is completely acceptable under the terms of the FHA Single-Family home loan program. The requirement is that you live in the property yourself. Buy-to-let loans that | more...

December 16, 2019

What You Need To Get Ready For A Home Loan Application

By Joe Wallace

What do you need to get ready for a home loan application? Some things are practical and common-sense moves such as deciding in advance what kind of property you want to buy, while others are more about aesthetics such as the kind of neighborhood you want to live in, choosing urban or rural areas, etc. Why take this extra time? For a start, knowing what kind of property you want can require some serious thinking. The range of styles available alone may seem intimidating to some. In 2019, some of the most popular and most widely-searched for home styles included Farmhouse style, Colonial house style, Cape Cod house style, Spanish style house, and Art Deco style. Starting early can help you weed out the ones you might like versus those | more...

Build A Home On Your Own Land With A One-Time Close Construction Loan

December 13, 2019

5 FHA Loan Facts To Remember When House Hunting

By Bruce Reichstein

There are five basic things to remember when house hunting that can help you make better choices about your loan and the home you want to purchase with it. FHA mortgages are for those who intend to own and occupy the home as their primary residence, so if you are looking to find a home to live in, keep reading! FHA Home Loans Are Available For Fixer-Uppers If you want to buy a home you are sure won’t pass an FHA appraisal, you can still buy the property using an FHA 203(k) Rehabilitation Loan instead of the FHA 203(b) loan used to buy homes that can pass the appraisal process. FHA 203(k) Rehab loans come in two sizes, one known as the Limited 203(k) for smaller projects that don’t involve | more...

December 12, 2019

5 Home Loan Interest Rate Facts You Should Know

By Joe Wallace

The Federal Reserve announced interest rates would not change; the week of December 9 was one investors would pay a great deal of attention to. The interest rate was left untouched on December 11, 2019; there were three adjustments in 2019. FHA Home Loan Interest Rate Facts: The Fed Does Not Directly Set Mortgage Loan Rates The interest rate cut by the Fed this week did not directly adjust mortgage loan rates, but investor reaction to the announcement definitely plays a part in the daily ebb and flow of rates. But what the Fed has done in 2019 does not “fix” home loan rates at their current low levels. What rules the daily rate changes is investor activity based on current events, economic data, and things like the Fed rate | more...

December 9, 2019

Applying For A Home Loan In 2020

By Joe Wallace

Are you thinking about buying or building a home in 2020? Prepare for your dream home early and get ready to start the path to homeownership in the new year. Save Early What kind of expenses should you anticipate when saving for your home loan? It’s not just the down payment you’ll need to save for–here is a list of common home loan expenses: Title insurance Appraisal costs Pest inspection fees Origination fees Discount points Credit report fee Survey fee Property taxes Mold abatement (where applicable) Document prep Compliance inspections You will also want to save early for unexpected costs including contingencies where the appraised value of the property is lower than the asking price. Some borrowers like the home so much they are willing to pay the difference in | more...

December 6, 2019

Why Did My Mortgage Payment Increase?

By Bruce Reichstein

There may be circumstances where you find your mortgage payment has increased. There are several reasons why a mortgage payment might increase; regardless of which issue may be affecting your loan it’s crucial to address it right away. Mortgage Payment Increases Due To Interest Rate Adjustment If you have an FHA Adjustable Rate Mortgage, your mortgage payment increases when there is a scheduled interest rate adjustment on the mortgage. The government watchdog agency known as CFPB, the Consumer Financial Protection Bureau, advises, “Some homeowners believe that they have a fixed-rate mortgage loan when their loan actually includes an adjustable-rate or some other feature that can cause their interest rate and payment to change.” Changes To Your Property Taxes If you notice an increase in your mortgage payment, check your monthly | more...