April 9, 2020

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Articles in Category: FHA Requirements

FHA Announces Updated COVID-19 Guidance For Participating Lenders

FHA Announces Updated COVID-19 Guidance For Participating Lenders

The FHA and HUD have announced policy changes to the FHA Single-Family home loan rulebook, HUD 4000.1. These changes were announced in FHA Mortgagee Letter 2020-06 and address loss mitigation procedures specifically for COVID-19 related economic hardship. The prior version of HUD 4000.1 did not include specific guidance for lenders trying to help borrowers avoid foreclosure due to coronavirus issues; the old instructions are updated to include policies for lenders to help borrowers via CARES Act measures signed into law to help struggling companies and workers. The new additions to HUD 4000.1 include a new Section addressing the “Presidentially-Declared COVID-19 National Emergency” guidance for lenders, which is effective immediately takes precedence over disaster relief guidance issued prior to the pandemic. FHA loan rules for presidentially declared major disaster areas in | more...

 
Protect Your Credit Score During The Coronavirus Outbreak

Protect Your Credit Score During The Coronavirus Outbreak

The economic effects of the coronavirus / COVID-19 are being felt in every sector of the American economy, including the real estate market and the housing industry. With trillions of dollars in economic stimulus promised, but in various stages of delivery (or non-delivery as the case may be), Americans are still facing economic pain that may not have a short-term fix. In spite of that uncertainty, one thing remains clear. Consumer credit scores are going to have a lot more weight in the credit approval decision process in the days following the peak of the coronavirus emergency in America. It’s going to take time to begin a full move toward recovering from the crisis, but those who take steps now (and later) to protect their credit will fare better than | more...

 
Protect Your Credit During The COVID-19 Emergency

Protect Your Credit During The COVID-19 Emergency

What can you do to protect your credit during the coronavirus pandemic? Millions of Americans have applied for unemployment, foreclosure relief, and other measures, but what do consumers need to know about protecting credit during a time of dramatically reduced income? Check Your Credit There is plenty of time during a shelter-in-place order to apply for the free copies of your credit report you are entitled to each year. You can get a copy of your credit report for free from the government’s official source for Americans to get those free credit reports, AnnualCreditReport.com. Review your credit report for errors, identity theft, and outdated information. You must dispute any inaccurate information on your report to improve your credit scores (which may have been lowered as a result of that inaccurate | more...

 
FHA Announces Modified Appraisal Rules During Coronavirus Outbreak

FHA Announces Modified Appraisal Rules During Coronavirus Outbreak

The FHA and HUD have modified certain FHA appraisal requirements in response to the coronavirus outbreak and the need for social distancing. Since the outbreak of coronavirus and the worldwide pandemic that followed, government agencies began issuing policies to accommodate the need to prevent gatherings of people which potentially spreads the virus farther and wider. In the home loan industry, many are at risk including appraisers who must (under normal conditions) enter the homes of strangers and potentially expose themselves to infection. At the end of March, the FHA and HUD issued a press release announcing changes in FHA appraisal policy to address the needs to get appraisals done without exposing people to additional risks. That announcement including a set of temporary modifications to FHA appraisal requirements for single-family home | more...

 
How To Avoid Mortgage Default And Foreclosure During The Coronavirus

Don’t Fall Victim To Mortgage Default And Foreclosure During The Coronavirus

Are you worried about losing your home during the financial trouble caused by COVID-19 and the global coronavirus outbreak? There are some important steps you can take to save your home and avoid foreclosure. FHA borrowers should know that the FHA and HUD have issued a 60-day moratorium for eviction and foreclosure action associated with FHA mortgages. But that is a TEMPORARY delay and borrowers should not expect to avoid foreclosure without making arrangements with their lender. If you are in trouble with your mortgage, there are important steps you can take to avoid foreclosure after the 60-day delay in FHA loan foreclosure action has expired. What are they? Contact your lender as soon as you know you are having financial trouble. Make arrangements with your loan officer and see | more...

 
How To Avoid Foreclosure During The Coronavirus

How To Avoid Foreclosure During The Coronavirus

Are you afraid of losing your home due to diminished income or a lack of income related to closures, furloughs, and layoffs due to coronavirus prevention? The global pandemic caused by the coronavirus has created major financial problems and governments worldwide struggle to control the damage. Mortgage rates have fluctuated wildly between incredible lows and one-year highs, the Fed has made emergency interest rate cuts, and hundreds of companies have been forced to endure waves of closures or reduced hours. Affording your mortgage payment in times like these is difficult; it’s easy to fall behind on your financial obligations. Do you know what to do if you are in danger of being late or missing a mortgage payment on your FHA home loan? Act Now To Avoid More Financial Damage | more...

 

How do I find a VA One Time Construction Close Lender? ( 1 x Close, Single Close, OTC)

We are passionate about educating our Nation’s Veterans about the VA One Time Close Construction to Permanent loan program.  This program allows eligible Veterans to utilize their hard earned home loan entitlement to purchase a newly constructed home as opposed to purchasing a resale property (both offer $0 down) with no geographical restrictions and for Primary residences only . VA One Time Close Program Highlights Include: No payments due during construction; No re-qualification once construction is complete so you only qualify once & a single closing reduces costs and paperwork. Buyer Advantages Include: Provides construction financing for lot purchase and permanent loan all in one loan; Allows for up to 6% seller / builder contribution for borrower’s closing costs & pre-paids; Permanent and Construction portions of the loan underwritten and | more...

 
How To Avoid Foreclosure During The Coronavirus

5 Home Loan Myths You Should Know About

There are many myths about FHA home loans; that you must be a first-time buyer to qualify, that you can only buy a certain kind of home with an FHA mortgage, and that FHA loans are only for economically disadvantage home buyers. None of those things are true. There are other pervasive myths about FHA mortgages you should know. #5: FHA Loans Are Only For Existing Construction Property Not True! The FHA One-Time Close Construction loan allows even first-time homebuyers the chance to apply for a loan to build a house from the ground up. Construction loans require more time and you won’t be able to move into the home until the construction phase is complete, but for those not in a hurry to move in favor getting just the | more...

 
Low Mortgage Rates and Refinance Options

Low Mortgage Rates and Refinance Options

On Tuesday, March 3, the Fed announced an emergency rate cut, and the reaction to that included mortgage loan interest rates hitting new and historic lows. The Fed does not set mortgage loan interest rates, but investor reaction to the announcement of the rate cut did affect mortgage rates, and the net effect was that FHA home loan interest rates remain (at the time of this writing) below the three percent range. And conventional mortgages are holding at the bottom of the three percent zone. These rates, plastered all over the internet, are provided assuming ideal scenarios, but even the average borrower will find the current lower mortgage rate trend to be to their advantage. New Purchase Loans And Refinance Loans Are Affected For those who are interested in refinancing? | more...

 
Is It Safe To Go House Hunting During The Coronavirus Outbreak?

Low Home Loan Interest Rates: How Long Will They Last?

Mortgage loan interest rates and the coronavirus–how low can they go? COVID-19 and coronavirus headlines have, via investor reaction to the headlines and the situation in general, greatly affected mortgage loan interest rates, pushing them to lows not seen in quite some time. Investors are putting more funds in safer investments, which can serve to put downward pressure on mortgage loan interest rates. The rates have fallen to incredible lows in 2020; not many expected rates to fall THIS low and some homeowners are scrambling to refinance and take advantage of lower rates and less costly monthly payments. Some borrowers might feel as if maybe they owe it to themselves to try to buy or refinance with mortgage rates as low as they are now; 3.25% for FHA and VA | more...