March 26, 2019

Vimeo Channel YouTube Channel

Articles in Category: FHA Refinance

FHA Home Loan Approval By The Numbers

FHA Home Loan Approval By The Numbers

Do you know what it takes to get a home loan approved? When you apply for an FHA mortgage loan or an FHA refinance loan, you should know about the following numbers and how they work together to get you into your first home or an upgrade to a newer property as a repeat home buyer. FHA Home Loan Approval Numbers: One One is the number of people obligated on the loan who are required to live in the real estate secured by the FHA mortgage as their full-time residence. At least one borrower obligated on the mortgage must live in the home as their primary home. FHA Mortgage Loan Approval Numbers: Two Two is the number of years of employment the lender is required to verify for all potential | more...

 
FHA Refinance Loans For Non-FHA Mortgages

FHA Refinance Loans For Non-FHA Mortgages

Did you buy your first home with the help of a real estate agent but without the benefit of an FHA mortgage? When you compare online mortgage rates you will notice that the websites publishing these interest rates listing FHA loans with mortgage interest rates than conventional equivalents. While it’s true that your FICO scores and other financial qualifications will play an important part in the rate you are offered, when it’s time to refinance you may find an advantage with FHA mortgages, and not just in the interest rate department. FHA Refinance Loans For Non-FHA Mortgages The FHA refinance loan options a non-FHA borrower has include cash-out refinancing, the equivalent of such a loan but with no cash back, and FHA rehabilitation mortgages known as FHA 203(k) rehab refinance | more...

 
First-Time Home Buyer Tips

First-Time Home Buyer Tips

What does a first-time home buyer need to know when searching for real estate to buy with an FHA mortgage? It’s good to make a checklist before you start and add to it along the way-there are some important things to do before you ever fill out home loan paperwork. Decide If You Are Going To Use A Real Estate Agent Whether you buy your home with an FHA mortgage or not, this is a choice that could make a difference in terms of saving time looking for just the right home. If you choose to use the services of a real estate agent, be sure to include a list of features you want in your home and features you do not want-the agent will help you narrow the field. | more...

 
How Does An FHA Mortgage Help A First-Time Home Buyer?

How Does An FHA Mortgage Help A First-Time Home Buyer?

When it’s time to buy that real estate you’ve had your eye on, how can an FHA mortgage help out a first-time home buyer? What do you need to know about FHA loans that can help you make the most informed choices? FHA Loans Offer Lower Credit Requirements Yes, there are conventional home loans you may qualify for with lower FICO scores, but you may face larger down payment requirements, which means more money out of pocket up front. FHA home loans require a 3.5% down payment for those with FICO scores 580 or higher. Lender standards may be higher than this, but the FHA minimums are lower than conventional loans. FHA Loans Allow Certain Closing Costs To Be Financed Ask your lender which closing costs of your specific transaction | more...

 
FHA Refinance Loans For Your First Home

FHA Refinance Loans For Your First Home

Why should first-time home buyers start thinking about their FHA refinance loan options sooner instead of later? It’s not because you are actively planning to refinance, but there are circumstances which may make you reconsider your refi loan options. As a millennial home buyer, first-time home owner, or any other type of borrower, unforseen events or situations may have you re-thinking your long-term financial plans. There are FHA refinance loan options for first-time home buyers and new home owners, but some are more appropriate for certain needs than others. FHA Refinance Loans For Upgrades, Repairs, And Home Improvements If your home is damaged in a storm, you experience a fire or flood, or need to repair your roof, an FHA 203(k) rehabilitation loan is the refinance you should ask a | more...

 
Is Now The Right Time To Buy Your First Home With An FHA Mortgage?

Refinancing Your Home Loan With An FHA Mortgage

With recent interest rate headlines, some may be interested in refinancing their first home loan in 2019, especially those in adjustable rate mortgages who want to lock in an interest rate to avoid future mortgage loan rate fluctuations. Some will ask how much of the credit-check process is needed for an FHA refinance loan compared to when the original mortgage was applied for, and much depends on the type of refinance loan being applied for. Some refinance loans, such as FHA Streamline Refinancing, also known as an FHA Interest Rate Reduction Refinance Loans (VA IRRRL) do not feature a government-mandated credit check. Qualified borrowers will use the original credit check and other information used on the first mortgage as a guide. Your participating FHA lender is, however, free to require | more...

 

Happy Martin Luther King, Jr. Day!

Happy Martin Luther King, Jr. Day! Banks and markets are closed today to observe the holiday and we too feel it’s very important to remember this important day. America owes a great deal to Dr. Martin Luther King, Jr. and we are proud to observe this day dedicated to him. We pause are regular coverage of FHA news and FHA loan topics to observe the holiday. We resume our usual schedule of posts tomorrow. Thanks for reading!

 
On Buying A First Home With An FHA Mortgage

On Buying A First Home With An FHA Mortgage

First-time home buyers looking for a new home to buy with a mortgage loan might not know all of their options at the time they start looking, but everyone stars house hunting with their own set of assumptions-some are right, and some are not. Some assume that an FHA home loan is made specifically for first-time home buyers, but this is not true-any financially qualified borrower can apply and be approved for an FHA home loan for a mobile home, suburban home, duplex, even condos and multi-unit properties. You read that correctly, FHA home loans can help first-time home buyers purchase multi-unit homes. This is good for those anticipating family growth, and for those who are thinking about becoming landlords and getting income from the unused living units in the | more...

 
Home Renovation With An FHA Loan

Home Renovation With An FHA Loan

There are two kinds of home renovation projects; the ones you plan and the unexpected renovation you may need to do if there is a sudden problem in the home after purchasing it. An unexpected home renovation can be caused by many things that were not a factor at the time your home inspection was done; a water pipe can burst, a stove can prematurely stop working, or storm damage could cause a leak in your roof. Repair experts and contractors will be quick to point out that even a home that passes an inspection can develop such problems through no fault of the builder or seller. An unexpected home repair situation isn’t uncommon for home owners, so what’s a borrower to do when the need arises? You can fund | more...

 
Why You Could Buy A First Home With An FHA Mortgage

How To Prepare For A New FHA Mortgage In 2019

Want to prepare for an FHA home loan in 2019? There are some important steps to take to get ready for your journey to home ownership. Some are financial, some are credit-related, and some pertain to the rates and terms you will be offered when you are ready to find a lender. Decide On Type Of Property You Want To Buy With An FHA Mortgage Condo loans are different than existing construction mortgage loans for typical suburban homes. This is also true of mobile home loans versus typical suburban homes. For example, a mobile home cannot be manufactured before June 15, 1976 or it cannot be considered for an FHA mortgage. There is no such age restriction on typical suburban houses or similar properties. And those who wish to have | more...