December 13, 2018

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Articles Tagged With: FHA 203b Mortgage

FHA Mortgage Or Conventional Loan? Which Is Best For You?

FHA Mortgage Or Conventional Loan? Which Is Best For You?

What is the advantage of the FHA mortgage loan over conventional mortgages? There are many areas to be aware of when choosing the right mortgage loan to buy your new home with, but your financial priorities will determine a great deal. If you are looking at buying a new home or refinancing your existing mortgage, FHA and conventional loans have features you should compare. Especially if you need to save money up front on the mortgage. Conventional home loans,  which you may also hear referred to as agency loans, are mortgages you will get via Fannie Mae or Freddie Mac. Fannie and Freddie are the government-sponsored enterprises that your lender relies on to provide liquidity and stability to the lending market. Why don’t FHA borrowers choose these loans instead? Higher | more...

 
Questions To Ask About Buying A Home With An FHA Mortgage

Questions To Ask About Buying A Home With An FHA Mortgage

Thinking of buying a home with a mortgage loan? FHA mortgages have options you should think seriously about-and not just for the purposes of buying the home and moving in. What Options Do I Have To Make A Lower Down Payment On My FHA Loan? This question is best answered depending on why it’s asked; are you in need of lower out-of-pocket expenses for your mortgage or do you need to know what FICO scores will let you qualify for a lower down payment? Down payment assistance programs may be available from third-party agencies in your housing market. As long as these down payment programs meet FHA standards and state law, an FHA borrower may apply for them. The FHA itself does not offer down payment assistance. Borrowers may also | more...

 
Making An Offer To The Seller To Buy A Home With An FHA Mortgage

Making An Offer To The Seller To Buy A Home With An FHA Mortgage

When you have found the home you want to buy with an FHA mortgage, there comes a point where you will have to do the (uncomfortable for some) ritual of negotiating with the seller to arrive at the final price of the home. You may decide to offer the same amount as the seller is asking for the purchase of the home or you may wish to negotiate a lower price. When do you stand the best chance of getting a lower price than what your seller is asking? There are several different aspects to this-much depends on the nature of the housing market, how eager or stubborn the seller might be, whether the seller is willing to make other concessions if the price is firm, etc. What does all | more...

 
On Buying A Home With An FHA Mortgage

On Buying A Home With An FHA Mortgage

 An FHA mortgage is not limited to those who are house hunting for the first time. FHA mortgages (and refinance loans) are open to all who financially qualify with FICO scores and other financial considerations. FHA mortgages are not restricted to first-time home buyers. FHA Loans: Backed By The Federal Government There are several government home loan programs; VA home loans, USDA mortgages for rural areas, plus FHA mortgages. FHA loans are government-backed to help borrowers buy affordable homes with a lower down payment requirement than conventional mortgages. Search the Internet and you’ll find (best-execution) mortgage loan interest rates all over the internet for FHA, VA, and conventional loans. In general government backed loans have a lower best execution rate and while interest rates fluctuate daily, FHA mortgages traditionally offer | more...

 
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...

 
Buying A Home With An FHA Loan: Should You Skip The Home Appraisal?

Buying A Home With An FHA Loan: Should You Skip The Home Appraisal?

When buying a home with an FHA mortgage, should you skip the home appraisal? Some buyers may wonder about this, especially in light of talk in late 2018 about whether the current real estate appraisal system should be kept or if appraisals should only be required of homes of a certain value or higher. According to data released by the National Association of Realtors, one big cause of home loan closing delays? Appraisal issues. The question remains; should borrowers skip the home appraisal? Borrowers Are Not Permitted To Skip The Appraisal Process FHA loans and other real estate lending require an appraisal as a mandatory part of the process. In spite of what you might see in headlines, borrowers and sellers cannot opt out. However, some borrowers may be thinking | more...

 
One-Time Close Mortgages: VA, FHA, And USDA Part Two

One-Time Close Mortgages: VA, FHA, And USDA Part Two

In our last blog post, we discussed how VA, USDA, and FHA One-Time Close mortgage loans differ. USDA One-Time Close construction loans have income limits and restrictions on certain property types, VA loans are similar to the FHA version except they are restriction to military members who have served a minimum amount of time in uniform (and certain qualifying military spouses). But what does the FHA One-Time Close construction loan have to offer? For starters, the FHA One-Time Close (OTC) loan is available to any financially qualified borrower who wants to build and buy a primary residence in an approved configuration. FHA loan rules require the home to be owner/occupied, not used as an investment property, and the home must conform to both FHA minimum standards once completed and the | more...

 
One-Time Close Mortgages: The Differences Between VA, FHA, And USDA

One-Time Close Mortgages: The Differences Between VA, FHA, And USDA

There are several different kinds of loan options you can explore if you want a home built for you instead of purchasing an existing-construction house. The type of home loan known as an FHA One-Time Close construction loan is available to provide a single loan application and closing date for your mortgage. The VA One-Time Close loan and USDA One-Time Close construction loan have similar features but these three types of construction loan do not have identical features and they are not appropriate for all borrowers. Of the three, FHA One-Time Close loans (known as FHA OTC loans) offers construction loan options to a wider range of applicants. Why? USDA One-Time Close Construction Loans USDA One-Time Close loans allow financially qualified borrowers to apply for a single loan to build | more...

 
Happy Thanksgiving

Happy Thanksgiving 2018!

Happy Thanksgiving 2018! Today we pause from our usual discussion of FHA home loans, refinance loans, FHA reverse mortgages and related topics to enjoy the holiday. Our regular schedule of posts resumes on Friday. Have a safe and fun Thanksgiving holiday and we’ll see you tomorrow!

 
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...