May 21, 2019

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Articles Tagged With: Energy Efficient Mortgage

Do You Qualify For An FHA Mortgage As A First-Time Home Buyer?

Do You Qualify For An FHA Mortgage As A First-Time Home Buyer?

Do you qualify for an FHA home loan as a first-time home buyer? There are several things you can check to see whether your credit and employment situations will allow a lender to justify approving your mortgage loan application. Buying real estate means making a major investment; potential borrowers who are not financially ready for this investment should take their time and prepare for it and commit when they are fully prepared. What does it take to get an FHA home loan approved? Stable Employment If you are considering applying for an FHA home loan without at least two years of work history, it may be a wise idea to consider delaying your application until you do have at least 24 months of work on your record. Anything less than | more...

 
Lower Home Prices And FHA Mortgages

Lower Home Prices And FHA Mortgages

House prices in 2019 seem to be “at risk” to go lower according to some industry reports. If you are researching home prices (especially for those in housing markets on the West Coast) you may read about these issues being higher than usual for a variety of reasons. How Do Declining Home prices Affect FHA Home Loans? If the value or asking price of a neighborhood is in decline, it may affect certain options you have to negotiate with the seller. Your seller may or may not be willing to negotiate on items like the allowable six-percent-of-the-sale-price contributions toward closing costs the seller can make. Sellers may agree to pay this six percent as an incentive for the borrower to purchase the real estate. But if prices are going down | more...

 
FHA Loan Down Payment And Closing Costs

House Hunting Advice For First-Time Home Buyers

When you start making plans to work with a realtor, there are some very good things to consider ahead of time. Checklists, online mortgage calculators, and other home buying tools are only some of the things you’ll want in your house hunting toolkit when you are ready to become a home owner. Decide What Your Priorities Are For Your New Home Before you ever fill out FHA home loan paperwork, and long before you decide which real estate agent to work with, you should have an idea of what your main priorities are for your new home. Do you need a home located near a certain school or type of school? Are you looking for some place quiet and residential and nowhere near a shopping mall, gas station, or movie | more...

 
FHA Loan Credit Advice

Home Loan Rules You Should Know

What home loan rules should you know ahead of your mortgage loan application? There are several that you should keep in mind when planning and applying for your new home loan. FHA Loans Are Issued By Participating Lenders A lender must meet FHA standards, conform to the FHA loan program rules, and generally be recognized by the FHA as being permitted to issue FHA-guaranteed mortgage loans. But not all lenders choose to participate in the FHA home loan program so you may need to shop around for a lender. Shopping around is a good thing, but some feel that one lender is as good as another. When it’s time to compare interest rates and mortgage loan terms, you may find that to be untrue. But not all lenders choose to | more...

 
Fact And Fiction About FHA Home Loan Approval

FHA Home Loan Approval And Undisclosed Debt

Some first-time home buyers are tempted to leave information off of credit applications, hoping that the lender won’t find out or that the omitted information will get lost in the details of the loan. But this is not a good strategy; FHA home loan rules in HUD 4000.1 anticipate such issues and there are instructions to the lender accordingly. Leaving out crucial information including certain debts may jeopardize FHA home loan approval. FHA Loan Rules For Undisclosed Debt In a situation where the borrower fails to disclose debts and the lender discovers them by other means, HUD 4000.1 instructs the loan officer as follows for undisclosed debt that does not involve another mortgage: “When a debt or obligation (other than a Mortgage) not listed on the mortgage application and/or credit | more...

 
FHA Loan Appraisal Questions: Why Is Peeling Paint A Problem?

Rising Rent Versus FHA Home Loans For First-Time Home Buyers

Real estate and home mortgage blogs in the first quarter are 2019 are still reporting on the rising rent trends in many areas of the country that seem to be encouraging renters to examine their home buying options. Did you know that rents increased in places ranging from Wichita, Kansas to Scottsdale, Arizona? The increases in those two areas was above 12% each. Studio apartment rents climbed roughly 5% higher by the end of 2018, and in Newark, New Jersey renters were on the receiving end of more than 17% higher rents from last year. If you are tired of renting and are considering buying a first home, consider these perks of the FHA home loan program: Low Down Payment Requirements For FHA Loans First time home buyers looking at | more...

 
FHA Loans After Bankruptcy

FHA Home Loan Approval For First-Time Home Buyers

What should you know about FHA home loan approval? Buying a first home or a larger property after purchasing a starter home with an FHA mortgage can be less stressful if you remember a few important things right at the start. FHA Home Loans Require A (Lower) Down Payment FHA mortgage loans require a minimum of 3.5% down. Compare that with other mortgage loans such as a conventional mortgage, or other government backed mortgage loans such as the USDA program. Yes, when you do research on USDA loans, you will find a no-down payment option offered to some qualified borrowers. But USDA loans are need-based, and FHA home loans are not. Any financially qualified borrower can apply for an FHA loan if they intend to use the house they buy | more...

 
Questions To Ask Your FHA Lender

Questions To Ask Your FHA Lender

There are many questions to ask your participating FHA lender when you are getting ready to purchase a first home or a replacement home. If you are looking at working with a realtor and begin your house hunting process, make sure you create a list of questions for your lender so you can go into the home loan process as informed as possible. Do FHA Home Loans Require Me To Have A Financial Need To Qualify? Your lender will explain that no, FHA home loans are not need-based. There are government-backed need based loans that feature income requirements and maximum income rules; USDA home loans are a good example. But FHA mortgages have no income limit, are not need based, and do not require the borrower to be a first-time | more...

 
The Two FHA Rehab Mortgages

FHA Refinance Loans For Your First Home

Why should first-time home buyers start thinking about their FHA refinance loan options sooner instead of later? It’s not because you are actively planning to refinance, but there are circumstances which may make you reconsider your refi loan options. As a millennial home buyer, first-time home owner, or any other type of borrower, unforseen events or situations may have you re-thinking your long-term financial plans. There are FHA refinance loan options for first-time home buyers and new home owners, but some are more appropriate for certain needs than others. FHA Refinance Loans For Upgrades, Repairs, And Home Improvements If your home is damaged in a storm, you experience a fire or flood, or need to repair your roof, an FHA 203(k) rehabilitation loan is the refinance you should ask a | more...

 
FHA Home Loans For Homes Built Before 1978

Considerations For Buying Your First Home With An FHA Mortgage

First-time home buyers looking for their first home and a participating lender to apply for an FHA mortgage loan with may not know exactly what they are looking for in a new home-at first. As you go on the home ownership journey there are several issues that will become more apparent as you go. When planning for your first home loan and preparing your credit to borrow, keep these concerns in mind. Buying A First Home To Accommodate Future Needs Couples looking at their first home should anticipate changes in family size, needs for a hobby room or a dedicated work space, and room to grow with furniture and other possessions. The one-bedroom house you look at today may be the home you grow out of tomorrow; make sure you | more...