July 21, 2019

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Articles in Category: Special FHA Programs

Home Repairs With An FHA Loan

VA One-Time Close Construction Loan Tips

There are plenty of VA One-Time Close (VA OTC) / Single-Close construction loan tips you should know about-probably as many as for FHA One-Time Close loan or the USDA One-Time Close equivalent. Did you know that the size of your project could affect your ability to get a no-money-down VA home loan? Or that you should discuss the amount of time your VA OTC loan might take with the seller of the land if you are purchasing land and building the home? Know these issues before you apply for best results when you are ready to commit to your VA construction loan. VA One-Time Close Construction Loans / Single-Close Construction Loans Require A Contractor VA loan rules for construction loans require the borrower to hire an outside contractor rather than | more...

 
Top Tips For FHA One-Time Close Mortgages

Five Tips For FHA One-Time Close Mortgages

One-Time Close Construction Loans May Take Longer To Close Than A Purchase Loan For Existing Construction You should discuss the amount of time your FHA OTC loan might take with the seller of the land if you are purchasing land and building the home. Timelines may be very important depending on circumstances. Find out how long the loan may take to close in your area and discuss this with the seller to see if the time frame is acceptable. Contractors For One-Time Close Construction Loans / Single-Close Construction Loans FHA construction loans include certain lender requirements that can vary depending on the lender. Borrowers should anticipate having to hire an outside contractor rather than trying to do the work personally. The builder and borrower will have to work together to | more...

 
FHA Home Loan Down Payment Assistance

FHA Construction Loan Facts

Some borrowers, including some first-time home buyers, don’t want to buy someone else’s house. They prefer a home built to suit; real estate built from the ground up using borrower-approved plans. This kind of home loan is available as an FHA mortgage from participating FHA lenders. It is called an FHA One-Time Close construction loan and it is an excellent alternative to buying an existing construction house. What do you need to know about FHA One-Time Close Construction Loans? For starters, these loans do not have a different down payment requirement than other FHA mortgages-the same low down payment options exist for borrowers with qualifying FICO scores. Your lowest possible down payment on a home built using an FHA construction loan is the same 3.5% as other FHA mortgage options. | more...

 
June Is National Home Ownership Month

June Is National Home Ownership Month

June is National Homeownership Month. The Department of Housing and Urban Development announce this on their official site as “a time to recognize the importance of homeownership to the U.S. economy and the benefits owning a home have on building household wealth for families”. National Housing Month is a time the agency uses to raise awareness of home ownership issues much in the same way that April is used (as Fair Housing Month) to raise awareness of federal law that protects house hunters and renters from discrimination in housing. This year, the Department of Housing and Urban Development has announced millions of dollars in funding in support of “sustainable homeownership”; the agency announced $43 million in grants intended for housing counseling organizations nationwide. “HUD-approved housing counselors can make all the | more...

 
What Is An FHA REO Home?

What Is An FHA REO Home?

The FHA Real Estate Owned program or FHA REO program has gotten some media attention lately, which likely has more people wondering what exactly this program is. The HUD REO program, sometimes known as HUD Homes, is described on the FHA / HUD official site as “…a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim”. The HUD Home Store is the official HUD site used to list these HUD REO homes for sale to the public, real estate brokers, state and local governments and nonprofit organizations. What does the general public need to know about buying HUD REO homes? According to HUD, | more...

 
FHA One-Time Close Construction Mortgage Basics

FHA One-Time Close Construction Mortgage Basics

FHA home loan options are not limited to existing construction housing. FHA borrowers, including first-time home buyers, have the option to apply for a FHA One-Time Close Construction loan. This allows any borrower who financially qualifies to have a home built for them from the ground up. FHA One-Time Close loans have some basic requirements; some of these are FHA loan program rules, but others are unique to an individual lender. For example, FHA One-Time Close mortgages, also known as FHA OTC loans, technically allow a borrower to build a home with more than one unit. But many lenders may restrict these mortgages to single-unit properties. Or they may not permit the financing of certain closing costs, require higher FICO scores, etc. Much depends on the rules of the specific | more...

 
HUD Charges Maine Apartment Owners With Fair Housing Act Violations

HUD Announces Disaster Relief For Iowa and Nebraska Storm Victims

The Department of Housing and Urban Development recently announced disaster relief for victims of storms in Nebraska and Iowa. The agency issued press release stating it would “speed federal disaster assistance “to the State of Iowa and the State of Nebraska to offer “support to homeowners and low-income renters forced from their homes in areas affected by severe storms and flooding”. In March, there was a declaration of a major disaster area for Iowa counties including Fremont, Harrison, Mills, Monona, and Woodbury. There was also a major disaster declaration in March for Nebraska counties including Boone, Buffalo, Butler, Cass, Colfax, Custer, Dodge, Douglas, Knox, Nemaha, Richardson, Santee Indian Reservation, Sarpy, Saunders, Thurston, and Washington. These declarations allow HUD to offer FHA borrowers in the affected areas foreclosure relief in the | more...

 
FHA Loan Down Payment And Closing Costs

FHA Mortgage Loan Approval For First-Time Borrowers

What does it take for a first-time borrower to get home loan approval with an FHA mortgage? There are several areas to pay attention to; don’t make the common first-time buyer mistake of thinking that FICO scores are the only thing that matter when it comes time for your lender to approve your mortgage loan. First Time Buyer Home Loan Approval Criteria: Employment FHA loan rules require your lender to verify two years of employment, though those two years do not have to be with the same company. What borrowers should know about this requirement is that the lender wants to know if your income is stable and likely to continue long after the loan has been closed. Generally a lender wants to know if your current income will allow | more...

 
FHA One Time Close Construction Loan Option

The FHA One-Time Close Mortgage Option

Borrowers looking at their FHA home loan options don’t have to feel limited to purchasing an existing construction property; there is a way to apply for an FHA mortgage that lets you have a home built to suit from the ground up. These FHA new construction home loans are referred to as Construction-To-Permanent mortgages or, more recently, FHA One-Time Close construction loans. One-Time Close construction loans are good for borrowers who want a home that is just right, and are not in a hurry to get into their new home. The trade-off for having just the right property built for you is the time it will take from planning to move-in. The process will take more time, but it is definitely worth it to those who choose this type of | more...

 
FHA One-Time Close Construction Mortgage Advice For First Time Home Buyers

FHA One-Time Close Construction Loans: Advice For First-Time Home Buyers

First-time home buyers aren’t always looking for a pre-existing home. Some want to have a house built to suit according to design plans they have personally approved. The FHA One-Time Close construction loan is an excellent option for those who want to build a home instead of having to scour the housing market for just the right property. It’s good to explore FHA mortgage loan options in this area by asking a participating lender about the FHA One-Time Close (OTC) construction loan which allows a single loan application and a single closing date instead of the more traditional construction loan which features two loan applications and closing dates. One closing date is for the construction phase and there is also a second loan and closing date for the mortgage itself. | more...