December 13, 2018

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Articles Tagged With: Credit Check

FHA home loans for families

FHA Home Loans For Families

FHA home loans for families offer advantages that go beyond the comparatively lower interest rates than for conventional loans (borrower financial qualifications will help determine the actual rate the applicant is able to get from the participating FHA lender). Those advantages are important to remember when comparing FHA loans to conventional equivalents or USDA and VA mortgage loans. What kinds of advantages? They include the ability to be considered for a second FHA mortgage later down the line if job or family requirements have the borrowers thinking they might be outgrowing their home or need to relocate to be closer to a new job. FHA Mortgage Loans Allow Financing And Seller Assistance For Certain Closing Costs Borrowers who need very low out-of-pocket expenses up front will be glad to learn | more...

 
FHA Home Loans And Your Holiday Debt

FHA Home Loans And Your Holiday Debt

Are you considering an FHA home loan in 2019? Even as shoppers nationwide are preparing for Black Friday, the biggest shopping day of the year, some are being tempted by credit card offers to help pay for the gift-giving in December. But if you need a home loan in 2019, Christmas shopping season should be more carefully thought out for several reasons. It’s generally advised not to open new lines of credit in the planning stages leading up to your FHA loan application. Whether you need to refinance a home loan, get a new mortgage for your dream home, or apply for fund to repair your property using an FHA 203(k) Rehabilitation loan, you will need to maintain and pay down your existing lines of credit and avoid opening new | more...

 
Buying Real Estate With An FHA Mortgage Loan In 2019

FHA Loan Approval And Your Credit Scores

What do you need to know about FHA loan approval and your credit scores? There are some important factors that can help you in the planning stages for your new mortgage loan. Don’t go into the mortgage application process without being armed with this information-you’ll be glad you know before you sign. FHA Minimum FICO Scores And Your FHA Lender FHA minimum FICO score requirements are not necessarily the same as your lender’s requirements. FHA Loan rules establish a minimum for credit scores (580 or higher for maximum financing) but your lender may require higher scores. An average is between 640 and 700, with scores between 640 and 680 being common requirements for the lowest down payment. FICO Score Requirements May Vary Depending On The Type Of FHA Loan Your | more...

 
Will I Need To Fill Out IRS Form 4506-T To Buy A Home With An FHA Loan?

Will I Need To Fill Out IRS Form 4506-T To Buy A Home With An FHA Loan?

When you fill out FHA home loan paperwork to purchase a home, your lender may ask you to complete IRS Form 4506-T, Request for Transcript of Tax Return. What is the purpose of this form and how does it affect your FHA loan? What Is IRS Form 4506-T Request for Transcript of Tax Return? The official site of the Internal Revenue Service says that the purpose of this form is twofold. One use is so that a transcript may be ordered free of charge, and the other use is to give permission to a third party (in this case, your participating FHA lender) to receive the transcript instead. Why Does My FHA Lender Need My Tax Information? The lender is charged with verifying the borrower’s income and employment as part | more...

 
FHA Home Loans For 2019

How To Start Buying A Home With An FHA Mortgage

What are the first steps towards purchasing a home with an FHA mortgage? That depends on the stage of your loan that you find yourself in-when it’s time to plan the mortgage, the steps involve pulling your credit report and saving up for your down payment and other expenses. But what about when you are ready to start actually house hunting? A few preliminary steps can save you headaches and wasted time later. Use A Mortgage Calculator To Determine A Price Range It’s strongly recommended that house hunters first calculate an estimated price range on homes they can afford. House hunting with a specific set of prices will help rule out neighborhoods that don’t fit into your budget. But the price range determination does not stand alone-knowing how much home | more...

 
Five Reasons Lenders May Deny Your Home Loan Application

FHA Home Loans And Your Free Credit Report

There is a great deal of advice about preparing for a home loan application. If you are considering an FHA mortgage, FHA refinance loan, or even a reverse mortgage, you will need to take time to prepare for your FHA loan before filling out the application paperwork. Part of that preparation involves pulling your credit report to make sure there is no identity theft, inaccurate information, etc. But how do you get copies of your credit report? All consumers are entitled to a free credit report every 12 months. This report is available from each of the three credit reporting agencies; Equifax, TransUnion, and Experian. The government consumer watchdog agency, the Consumer Financial Protection Bureau (CFPB), advises borrowers to apply for these credit reports via AnnualCreditReport.com. You are entitled to | more...

 
Five Credit Areas That Affect FHA Loan Approval

Five Credit Areas That Affect FHA Loan Approval

There are many areas that can affect the lender’s decision to approve or deny an FHA home loan application. Do you know what these important issues mean and how they can affect millennial home buyers or anyone else examining their affordable housing needs? #5 FHA Home Loan Approval And Your FICO Scores Your FICO score may be well within the FHA minimums for loan approval or even maximum financing, but do you know what the participating FHA lender’s FICO score requirements might be above the FHA minimum? You may find that the FHA loan program’s minimum 580 FICO score for the lowest possible down payment is lower than the FHA lender’s requirements. Check with the lender to see what is required in this area for a better idea of what | more...

 
Five Reasons Lenders May Deny Your Home Loan Application

FHA Loan Applications And Your Credit Report

When you apply for an FHA mortgage, your lender is required to check your FICO scores and credit history. But do you know what the lender must gather to determine whether or not to approve your mortgage loan? This process is a mystery to some home buyers and knowing what’s involved can help you plan for your mortgage loan long before you ever contact a lender. FHA Loan Requirements For Checking Credit Scores And Credit History The rules that govern this process are found in HUD 4000.1, the FHA Single-Family Loan handbook. It instructs the lender to use a traditional credit report whenever possible-some borrowers may have little to no credit history and a non-traditional credit report may be needed. But in cases where the lender is able to obtain | more...

 
FHA Loans And Your Credit Report: Check Ahead Of Time

FHA Loans And Your Credit Report: Check Ahead Of Time

It’s generally advised for borrowers to check their credit reports a year ahead of time before applying for a home loan. One of the reasons for the early start has to do with the amount of time it could take to dispute items on your report; outdated information, errors, evidence of stolen identity, etc. But when you are pulling your credit report, what should you be looking for? There are plenty of items you should compile a credit report checklist and include in that list. Check The Basics Before Applying For Your FHA Mortgage Or Refinance Loan The first thing to do when pulling your credit report is to make sure all of your vital information is accurate. Your name should be correctly spelled, your Social Security Number should be | more...

 
FHA Home Loan Credit Questions And Answers

FHA Home Loan Credit Questions And Answers

There are lots of questions about how the FHA home loan process works, but among the most common are on the subject of credit, and how you qualify for a home loan with your credit scores and credit history. Here are some of the most frequently asked questions about home loans and credit. What FICO Scores Are Able To Qualify For An FHA Home Loan? There are two standards; FHA loan minimum requirements and the lender’s individual FICO score rules. FHA minimums are NOT the same as your lender’s standards; the FHA FICO scores are the minimum required to be approved. FHA loan rules say borrowers with FICO scores between 500 and 579 technically qualify for an FHA mortgage, but at a higher down payment than those who qualify for | more...