June 2, 2020

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Articles Tagged With: FHA 203b Mortgage

Do You Need to Refinance Your Home Loan?

Do You Need To Refinance Your Home Loan?

Thinking about refinancing your FHA home loan or non-FHA mortgage? You can refinance either one into an FHA loan. Whether you are looking for cash back on the transaction, or you need a lower payment or interest rate, there’s a refi option for you. There are even FHA mortgages that can help you refinance out of an adjustable-rate mortgage and into a fixed-rate loan. Some refinance loans are only for existing FHA mortgages, others can refinance any home loan for a primary residence. Refinance Loans And Cash Back Cash-out refinancing is definitely an FHA home loan refinance option, but only one FHA refinance offers it; the FHA cash-out loan provides cash back to the borrower once the original loan is paid off and other expenses are settled. No other FHA | more...

 
Home loan approval and debt

Home Loan Approval And The Amount of Your Debt

Do you need to consider your home loan options? FHA mortgages offer much for both first-time buyers and repeat borrowers. Your choices include new purchase loans, One-Time Close construction loans, reverse mortgages, cash-out FHA refinance loans, and Streamline refinance options when you’re ready to consider a refi loan. No matter what kind of loan you need, for best results you should set aside some time in the early stages of your loan planning; review the last 12 months of credit and loan repayment history and have a good look at your debt-to-income ratio. It is vitally important to do this before the lender does. The Amount Of Debt You Carry Matters The debt to income ratio or DTI for short is one of the most important factors in the lender’s | more...

 
Mortgage Relief Scams To Avoid

Mortgage Relief Scams To Avoid

In an age where millions of Americans have applied for coronavirus-related mortgage relief, there are also con artists at work trying to steal money they haven’t earned from people who cannot afford to lose what money they have. What should you be aware of to avoid being conned while seeking home loan relief or foreclosure avoidance? Beware Mortgage Relief Scammers Some scammers just make random phone calls, hoping to strike gold. Others are far more careful and methodical. In those cases, mortgage relief scams often rely on a con artist viewing public records of homes that may be in the pre-foreclosure process, targeting these owners and hoping to take advantage.  One of the hallmarks of a mortgage relief scam? The scammer comes in with promises to save the home outright, | more...

 
Credit Requirements For Your FHA Home Loan In 2020

Credit Requirements For Your FHA Home Loan In 2020

What do you need to know about credit requirements for an FHA mortgage? There are plenty of those who have no choice but to seek housing even in the worst of times; what should you know about credit requirements for a mortgage in the age of coronavirus? Borrowers Should Work On Their FICO Scores Earlier You can raise your credit scores by paying all bills on time, every time. You can also raise your credit scores by lowering your credit card balances below the 50% mark (30% is ideal), and by not applying for new credit on top of the credit you are already paying down. Start working on your credit as far ahead of time as you can; knowing the contents of your credit report is a GREAT start. | more...

 
Five 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...

 
FHA Extends Coronavirus Policies

FHA Extends Coronavirus Policies

The Federal Housing Administration has issued a press release announcing an extension to coronavirus-related mortgage relief for American borrowers with FHA home loans. One major feature of that extension? More time on the FHA eviction and foreclosure moratorium issued on FHA mortgages. That moratorium now lasts until June 30, 2020. This applies to homeowners with “FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages” according to the HUD official site. Until these measures expire, FHA lenders are directed to: Halt all new foreclosure actions; Suspend all foreclosure actions currently in process, excluding legally vacant or abandoned properties; Cease all evictions from FHA-insured Single Family properties; This excludes actions “to evict occupants of legally vacant or abandoned properties”. Also extended? The length of time for FHA’s temporary policies | more...

 
Mortgage Relief Scams To Avoid

FHA Home Loan Down Payments: Do You Need Help?

If you want to apply for an FHA condo loan, an FHA mobile home loan, or even an FHA construction loan, you will need to anticipate the down payment requirements for these mortgages. At the very minimum, all FHA borrowers must put 3.5% down, with a higher down payment required for those with lower FICO scores. One of the first questions many readers will be asking at this point is likely, “What FICO scores require the higher down payment?” That question is one reason why you’re reading this article right now; there are issues that can affect your down payment requirements. It’s not safe to assume that you can simply pay what the FHA loan program rules require–lender standards, state law, and other variables can come into play. One variable | more...

 
Buying a House In the Era of COVID-19

Buying A House In The Era Of COVID-19

Who buys a house during a global pandemic? The answer to that question may surprise you at first, but a quick look at the official site for the Department of Housing and Urban Development and it’s clear that there’s a demand, and with good reason. Some Americans not only consider buying or renting a new home during COVID-19, but some actually have no choice but to seek new housing. This could be due to any number of factors including illegal evictions, loss of income, job changes that require relocation, natural disasters, changes in family size, changes in marital status, many reasons. And those people create a demand that must be met, even during a national emergency. Granted, not all home loans during this time are out of necessity, but the | more...

 
Is your credit ready for an FHA loan?

Is Your Credit Ready For A Mortgage?

Do you worry about your ability to obtain or use credit because of coronavirus issues? You can take steps to protect your credit and work on your credit rating; you don’t have to sit idly by and wonder what’s happening with your FICO scores and credit report. One of the first steps for many is to use credit monitoring. This is a type of service offered by third parties that allows you to see changes in your credit report including activities and scores (over a period time, not necessarily in real time) that may affect your ability to get credit in the future. Credit monitoring is a good way to start because using such a service makes the consumer more aware of how credit works, the day-to-day factors that could | more...

 
Sexual Harassment as a Violation of the Fair Housing Act

Sexual Harassment As A Violation Of The Fair Housing Act

The month of April is Fair Housing Month in America, and while at the time of this writing that month has just ended there are efforts made around the clock to raise awareness of Fair Housing laws. HUD has issued a press release about one of those ongoing efforts; a joint-agency fight to stop sexual harassment in the housing process. The U.S. Attorney General and the HUD Secretary have partnered to remind landlords and renters that sexual harassment at any stage of the housing process is illegal and a violation of federal Fair Housing Act regulations. “The Fair Housing Act embodies the spirit of this great Nation where everyone is entitled to equal opportunity and respect,” said the HUD Secretary, who was quoted in the press release. He adds, “No | more...