May 22, 2019

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Articles in Category: FHA Refinance

Refinancing a Second Home With An FHA Mortgage Loan

Refinancing a Second Home With An FHA Mortgage Loan

Not all borrowers are first-time home buyers; some who seek to buy a home with an FHA mortgage loan already own property and seek to own again. FHA home loan rules do not single out first-time home buyers, though the program is ideal for anyone who needs a lower down payment and more forgiving credit requirements. Those who have purchased a second home, whether or not they were using an FHA mortgage for that purchase, will likely want to consider refinancing at some point. This makes sense as most homeowners will consider a refi loan for one reason or another. How does the owner of a second home get an FHA refinance loan? Much depends on the type of loan you need; cash-out refinancing, a refinance loan to improve the | more...

 
How To Refinance Your Home

How To Refinance Your Home

Do you know how to refinance a home loan? If you need to refinance or want to explore your options, there are a variety of mistakes to avoid. Those who don’t check their credit first, those who don’t understand that a refi loan is treated in a similar manner to the original mortgage, and those who don’t shop around for a lender set themselves up to pay more for a loan that is supposed to benefit them. Avoid these common mistakes when exploring your refinance loan options: Refinance Loan Mistakes: Not Checking Your Credit Scores When you applied for your original mortgage, your credit reports were an important part of the process. They will be again, in much the same way in most cases. Know your credit scores and financial | more...

 
FHA Home Loan Basics For First-Time Home Buyers

FHA Home Loan Basics For First-Time Home Buyers

First-time home buyers should know as much about their home loan options as possible going into the application process. FHA home loans are a good option to consider when buying your first real estate-do you know how flexible the FHA home loan program is? FHA Home Loan Basics For New Borrowers FHA home loans are intended for owner-occupiers who want to purchase a home at least one person obligated on the mortgage will occupy as the full-time residence. FHA home loans are not need-based mortgage loans, so there is no income cap or other limitations on who can apply. Some people confuse FHA home loans with USDA mortgages, which are governmnent-backed mortgages that do require income caps and are need based, unlike FHA mortgages. Who You Borrow Money From With | more...

 
How To Refinance Your Home

Myths About FHA Refinance Loans

There are plenty of misconceptions about refinancing real estate. If you have a house you want to refinance, it’s good to learn what you can and cannot do with an FHA refinance loan before you start shopping around for a lender. And you WILL want to shop around. FHA Refinance Loan Myths: You Have To Keep Your Original Lender You are free to refinance you home with another lender offering more competitive terms, rates, or perks for borrowing with that financial institution. FHA Refi Loan Myths: You Have To Refinance Into A Fixed-Rate Mortgage Borrowers can choose an FHA Adjustable Rate Mortgage (ARM) at refinance time if the lender offers such a loan. Not all participating lenders will, which is another reason to shop around for the right lender for | more...

 
The Two FHA Rehab Mortgages

The Two FHA Loan Rehab Mortgages

There is a kind of FHA mortgage that first-time home buyers and experienced home owners alike can apply for that will allow the purchase or refinance of a piece of owner-occupied real estate and provide funds for repairs and renovations. The loan comes in two forms, as mentioned above; one for a new purchase and one to refinance an existing mortgage. The FHA 203(k) Rehabilitation Mortgage and the FHA 203(k) Refinance loan offer a range of possibilities for those who wish to buy a fixer-upper house or renovate their existing property. FHA loan rules in HUD 4000.1 describe these loans as follows: The Section 203(k) Rehabilitation Mortgage Insurance is used to:  Rehabilitate an existing one- to four-unit Structure, which will be used primarily for residential purposes;  Rehabilitate such a Structure | more...

 
First-Time Refinance Advice

First-Time Refinance Advice

Buying your first home with an FHA loan means, for some borrowers, the need to think about a first-time refinance later down the line. What do first-time home owners need to know about refinance loans and their FHA loan options? Decide Ahead Of Time On Your Goals For The Refinance Loan FHA refinance loans can help you do a number of things depending on the need for the loan. For example, you may wish to do repairs or upgrades in the home, and for that purpose an FHA 203(k) rehabilitation loan is an excellent option to pursue. Rehab loans allow you to simultaneously refinance and repair or upgrade the house with approved projects, but if you are looking for cash back to use in any way you see fit, the | more...

 
Refinancing a Second Home With An FHA Mortgage Loan

FHA Home Loan Questions And Answers For First-Time Borrowers

FHA home loans offer first-time home buyers an advantage with low down payment requirements, more flexible lending standards, and the ability to apply for local down payment assistance help where offered (as long as that assistance meets FHA requirements). Do you have questions about the FHA home loan process as a first-time buyer? Some of these answers below may help. What Is An FHA Forward Mortgage? The term “forward mortgage” refers to any home loan used to buy a property. It’s also sometimes known as a purchase loan. Why Are Closing Costs Due At Closing Time And Why Can’t I Finance Them Into My Home Loan? Not all closing costs must be paid in cash at closing time-the FHA Up-Front Mortgage Insurance Premium is an example of an FHA home | more...

 
Can I Buy A Home With An FHA Mortgage After Foreclosure?

FHA Streamline Refinance Loan Rates

There are lots of online lending websites discussing interest rates for mortgage loans. But what do you need to know about FHA home loan interest rates and refinancing? If you want an FHA Streamline refinance loan, you will be applying for a refi loan that generally requires the transaction to have some tangible benefit to the borrower such as a lower monthly payment or a lower interest rate. When you shop around for lenders offering the best interest rates, remember that one very important factor applies; until you enter into a mortgage rate lock commitment with the lender, today’s interest rates will not apply to your loan. In other words, until you have a commitment in writing for the interest rate, daily and weekly rate fluctuations will apply. The mortgage | more...

 
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...