July 27, 2021

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Articles in Category: FHA Loan Basics

FHA Home Loans For Manufactured Housing

Why Get Pre-Approved For An FHA Home Loan?

Why get pre-approved for an FHA mortgage? This is a question some first-time home buyers ask, and the answers can make a big difference in how you approach your home loan. FHA Home Loan Pre-Approval Does Not Commit You To A Mortgage When you fill out the forms to be pre-approved for a home loan, you are not committing to the transaction in the sense that you would be financially obligated to buy. The borrower is not legally committed to a purchase when getting pre-approved. Home loan pre-approval actually works to help you be taken seriously as a buyer when you do find a home you’re ready to commit to. The buyer takes a pre-approved borrower more seriously and you may find that a pre-approval letter (depending on the housing | more...

 
FHA Appraisal Refunds?

Do You Need An FHA Loan Calculator?

The short answer is, “YES”, you DO need an FHA loan calculator. But which one to use? There are multiple types of home loan calculators–they all have important functions. But many seeking FHA loans won’t need to use all of them or even most of them. You might just need a little extra information for planning and saving purposes. The FHA Loan Calculator The FHA home loan calculator uses the numbers you provide about your income, hazard insurance, mortgage insurance, property taxes, the term of your loan, and other information to help you arrive at an estimate of the monthly payments you could be making (principal and interest rate combined) and the maximum loan amount you might qualify for on a 15-year or 30-year loan (estimates only and not a | more...

 
Why did my mortgage payment increase

FHA Home Loan Rules For Income: VA Benefits, Disability

Home loan approval depends on a variety of factors–your credit score, history of on-time payments on your financial obligations, and your income. Where your paycheck is concerned, FHA loan rules say the income must be verifiable and likely to continue in order to be counted for purposes of approving your FHA mortgage. FHA home loan rules in HUD 4000.1 say that certain benefits may be counted as verifiable income–the rules allow the use of disability benefits to financially qualify for the loan. But there are borrowers who worry their disability income won’t be counted for the purposes of the loan. In cases where such income meets FHA standards, the borrower likely has nothing to worry about. Those standards are found in HUD 4000.1 and start with a basic definition of | more...

 
FHA and HUD

FHA Condo Loan Rules That Affect Your Mortgage

Some house hunters are surprised to learn that FHA home loans are possible for condo units. There is an assumption that FHA loans are only for first-time home buyers looking for starter homes, but ANY financially qualified applicant can apply to buy a single unit home, a multi-unit property, or a condo unit. FHA condo loans are similar in many ways to other purchase loans for suburban homes, but you should know the differences in buying and owning a condo versus other property types. FHA Condo Loans And The Condo Project Approval List FHA loans have requirements for condos or condo units–these usually must be on or added to the FHA approved list. Borrowers may look for an approved condo project using a tool on the FHA official site or | more...

 
FHA Loan

Can I Get A Second FHA Appraisal If I Don’t Agree With The First One?

Can I get a second FHA appraisal if I don’t agree with the first one? This is a common question, normally asked if the appraised value of the home comes in differently than a buyer or seller expects it to. FHA loan rules don’t allow a borrower to be forced into purchasing a home where the appraised value is lower than the asking price, so it’s an issue that can definitely affect a home loan transaction depending on what the borrower wishes to do in such cases. Can I Order A Second FHA Appraisal? FHA appraisals are ordered by the lender, so the borrower cannot initiate any second appraisal requests. In any case, the lender is restricted on how and when a second appraisal may be ordered. Specific Restrictions On | more...

 
Gathering Your Home Loan Documents And Preparing For The Application

Gathering Your Home Loan Documents And Preparing For The Application

Are you interested in applying for an FHA home loan this year or in early 2021? If so, it’s handy to make a checklist of the items you will need to have ready to submit to your participating FHA lender. What do you need to complete submit your FHA mortgage loan application? The lender will need a variety of information from you including documentation related to your job, your credit, and your lender will also ask you for tax records. Some balk at being asked to provide federal tax return information, but this is a requirement of doing business with your lender for a major investment. What do you need to apply for an FHA home loan? Proof of employment Proof of income Tax records (be ready to submit two | more...

 
FHA Home Loan

Common Questions About FHA Home Loan Interest Rates And More

FHA home loan interest rates remain at historic lows in July 2020; FHA and other government-backed mortgages feature rates below the three percent range at press time. Some borrowers see all-time loan interest rate headlines and want to know how they can access such low rates. What do you need to know about home loan interest rates? To start, you should be aware that your credit scores play a part in determining the interest rate you may be offered by a participating FHA lender. How Important Is My Credit Score? For determining your mortgage loan interest rate? Very important. That’s one reason why there is so much advice on line about preparing your credit ahead of a mortgage loan application. Whether you want to buy, build, rehab, or refinance, start | more...

 
Planning To Buy A Home? Credit Resources You Need

FHA Cash-Out Refinance Loans: What You Need To Know Today

Are you looking at the current low mortgage loan interest rates and wondering about your cash-out refinance loan options? If you are a homeowner looking for an FHA cash-out loan, you should know that you don’t have to have an existing FHA mortgage to refinance a loan with an FHA cash-out loan. No matter which type of home loan you are looking to refinance, there are rules and requirements you should know–some refinance loan options are better than others depending on the purpose of your loan. Rehab And Refinance For example, some borrowers want to rehab a home while refinancing it–there is a separate FHA refi loan for that purpose, though the loan proceeds from the FHA 203(k) Rehabilitation Refinance loan can only be used for approved purposes where cash-out | more...

 
tips about FHA loan interest rates

Five Tips About FHA Mortgage Loan Interest Rates

FHA mortgages feature lower interest rates than conventional mortgages thanks to being backed by the U.S. government. Those who qualify for the lowest down payment save money over the lifetime of their mortgages thanks to the lower rates, but how do you qualify for the lowest rate possible for your specific purchase? Here are some important tips about mortgage loan interest rates you should know in the planning stages of your new home loan. Credit Scores And Interest Rates Are Connected That statement does not pertain to the overall interest rate offered to all borrowers. Your lender will offer you a mortgage loan rate based on that current going rate, but affected by your credit scores and other financial information. The best advice for borrowers who are worried that their | more...

 
Buying a House In The Era of Corona

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...