January 18, 2019

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Articles Tagged With: FHA and HUD

Credit Advice For First Time Home Buyers

Credit Advice For First Time Home Buyers

First time home buyers worried about their credit scores and the ability to get approved for a first-time mortgage should take plenty of steps to address those concerns before loan paperwork is filed. It is a very good idea to consider preparing for your mortgage loan a full year ahead of time so you can work on credit issues such as on-time payments, credit card balances, etc. First-Time Home Buyer Credit Advice: Lower Your Credit Card Balances Your credit cards can be an effective tool for establishing credit, but you have to know what the lender looks for in that credit to justify approving the home loan. The older your credit is, the better, but it’s also best to pay down the balances so you are not carrying too much | more...

 
Government First-Time Home Buyer Programs

Government First-Time Home Buyer Programs

Many first-time home buyers want to know if there are government programs for those who have never purchased a home before. FHA home loans often get included into this category and it’s true; FHA mortgages are good for those buying a first home. FHA loan limits have increased for two years in a row at the time of this writing, there are lower FHA FICO score requirements and lower down payment requirements for FHA loans that make them a good option to explore when shopping for your first home and your first real estate loan. But FHA mortgages are not specifically intended for first-time buyers. You do not have to be a new house hunter to apply. That said, FHA mortgages for a starter home, first home, or for a | more...

 
FHA Loans And The 2019 Government Shutdown

FHA Loans And The 2019 Government Shutdown

At the time of this writing, the partial government shutdown continues and we are seeing more headlines about the services affected, including certain kinds of home loans. Specifically, home loan applicants seeking USDA mortgages are locked out of the process for the duration of the shutdown according to a variety of sources. Some potential USDA borrowers were caught in the middle of their transactions when the government shut down, and the media reports stories of those left more or less in limbo until the current situation is resolved. So what does this mean for FHA mortgage loans? FHA Mortgage Loans Are Still Available During The Government Shutdown Forward mortgages will continue to be serviced during the shutdown as previously reported here and elsewhere. But there are some important things you | more...

 

Happy New Year 2019!

Happy New Year 2019! We hope your holiday season has been safe and fun. We pause from our usual posts about FHA home loans to enjoy New Year’s Day 2019, and our regular posting schedule resumes on Wednesday. Thanks for reading and have a great holiday.

 
FHA Loans For Single Homeowners

FHA Loans For Single Homeowners

Data from the 2017 American Community Survey, conducted by the U.S. Census Bureau, suggests that single women homeowners own 22 percent of American homes compared to single men’s 13 percent. These stats may not mean much to the typical first-time home buyer, but it’s an interesting bit of data that could indicate a growing trend in home ownership. Single home owners in general-men or women-can benefit greatly from an FHA loan with the lower down payment requirement and more forgiving credit score minimums. It’s easy to assume you might not qualify for a home loan as a single person, but is that the reality? Single men and single women, as demographics, are not as simple as the labels imply. Some may be single parents, some may have roommates or cost-sharing | more...

 
Millennial First-Time Home Buyers, 20 Percent Down, And FHA Loans

Millennial First-Time Home Buyers, 20 Percent Down Payments, And FHA Mortgages

If you make a 20 percent down payment, you save money over the lifetime of your mortgage loan, avoid private mortgage insurance (for conventional mortgages), and reap the benefits of doing these things over the long term. But millennial home buyers, especially first-time home buyers, may be unable to find the resources to make such a large down payment. If you make a 20 percent down payment, you save money over the lifetime of your mortgage loan, avoid private mortgage insurance (for conventional mortgages), and reap the benefits of doing these things over the long term. But millennial home buyers, especially first-time home buyers, may be unable to find the resources to make such a large down payment. You’ll find many internet articles and home finance blogs discussing the idea | more...

 
Happy Holidays 2018

Happy Holidays 2018!

Happy Holidays! We’re pausing from our usual schedule of writing about home loans, mortgage trends, FHA and HUD news, and related topics in order to celebrate the holiday season with friends and family. From all of us here, have a fun and safe holiday season! Our normal schedule resumes on Wednesday, December 26. Thank you for reading!

 
HUD Announces Settlement in Housing Discrimination Case

HUD Announces Settlement In Housing Discrimination Case

The Department of Housing and Urban Development (HUD) has announced a settlement in a New Jersey housing discrimination case. According to the HUD official site, Tamaron Association, which represents a condominium development in Waldwick, New Jersey must pay $9,000 under an Initial Decision and Consent Order. The order addresses allegations that the association refused to sell a condo to a man with disabilities and his wife, “because the couple planned to have their adult, disabled daughter live with them” according to a HUD press release. Fair Housing Act laws forbid denying or limiting housing to those with disabilities, and it is a violation of federal law to refuse reasonable accommodation for those with disabilities. “No family whose members have disabilities should be denied the reasonable accommodations they need to make | more...

 
Higher FHA Loan Limits For One-Time Close Construction Loans in 2019

Higher FHA Loan Limits For One-Time Close Construction Loans In 2019

The FHA and HUD have announced higher FHA loan limits in most counties for 2019. A small handful (under 200) counties in the entire country will not see higher loan limits, but the rest of the nation will see a higher FHA loan guaranty limit for single family, owner-occupied homes with between one and four units. What does this mean for borrowers interested in an FHA One-Time Close Construction loan in 2019? If you need a home built for you from the ground up instead of buying an existing construction home, the FHA One-One Time Close program is for you. FHA One-Time Close Mortgages Are Different Than Other FHA Mortgages Lender requirements for FHA One-Time Close loans can be more strict than for existing construction loans. Higher FICO scores may | more...

 
FHA Loan Down Payment Rules For 2019

FHA and HUD Announce Higher FHA Loan Limits For 2019

The FHA and HUD have announced higher FHA home loan limits for 2019. The higher loan limits come in part thanks to “robust increases in median housing prices” according to the FHA/HUD official site. Nationwide, the limit for “average” housing markets is set in 2019 at $314,827, an increase from 2018’s limit of $294,515. The FHA is required by the National Housing Act (and amendments to that act passed in 2008) to establish FHA forward loan limits “at 115 percent of median house prices”, which include both a “floor” and a “ceiling” on those yearly limits.  No FHA loan limits have gone down for 2019. For 2019, most areas of the country will see an increase. The FHA/HUD press release states maximum loan limits for FHA forward mortgages will rise | more...