January 18, 2019

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Articles Tagged With: FHA Appraisal Rules

On Buying A First Home With An FHA Mortgage

On Buying A First Home With An FHA Mortgage

First-time home buyers looking for a new home to buy with a mortgage loan might not know all of their options at the time they start looking, but everyone stars house hunting with their own set of assumptions-some are right, and some are not. Some assume that an FHA home loan is made specifically for first-time home buyers, but this is not true-any financially qualified borrower can apply and be approved for an FHA home loan for a mobile home, suburban home, duplex, even condos and multi-unit properties. You read that correctly, FHA home loans can help first-time home buyers purchase multi-unit homes. This is good for those anticipating family growth, and for those who are thinking about becoming landlords and getting income from the unused living units in the | more...

 
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...

 
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 Limits For 2019

What You Need To Know About FHA Loan Limits For 2019

FHA loan limits for 2019 will be higher than for 2018. We will cover the specifics of this news in another blog post, but there are some basics first-time home buyers should know about FHA loan limits that will help save time in the loan preparation process. FHA Home Loan Limits For 2019 Are Higher For Every Type Of Property Available To Buy With An FHA Mortgage Single family homes can be many things; condo units, duplexes, multi-unit properties, mobile homes, etc. No matter what property type you wish to purchase with an FHA mortgage loan, the FHA loan limits for 2019 have increased. One of the most important factors in determining your FHA loan limit in the new year is your location, rather than whether you want to buy | 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...

 
How FHA Home Loan Appraisals Differ From Home Inspections

How FHA Home Loan Appraisals Differ From Home Inspections

If you are serious about buying a particular home with an FHA mortgage loan, one of the big steps in the process heading toward loan approval is the FHA appraisal. The appraisal process and the home inspection are not the same thing, do not address the same concerns, and are intended for different users. What are these differences and why should you as the house hunter care about them? FHA Appraisals Are A Lender’s Tool The home that is appraised by an FHA fee appraiser does so in service of the lender, not the borrower. The lender is interested in knowing that the home meets minimum FHA standards and applicable building codes. The lender is also interested in setting a fair market value for the home; that is done by | more...

 
FHA Loan Limits For 2019

FHA Mortgage Loan, Dropping Home Prices, And Your Appraisal

You may read articles discussing home prices moving lower on real estate blogs or lending websites; when house prices move from one part of a cycle to another there is sometimes confusion related to the valuation of a home. Why would an FHA borrower looking at a house in a neighborhood or housing market with prices trending in one direction get back an FHA appraisal indicating that the home the buyer wants isn’t valued in the same way? Higher or lower, why does one home get valued “as expected” when another one does not? There are a set of variables at work in the appraisal process that include not only the age/condition of the home, but also how other houses stack up against the one you want to purchase with | more...

 
Four Reasons You Need A Home Inspection After The FHA Appraisal

Four Reasons You Need A Home Inspection After The FHA Appraisal

There are four good reasons why you need a home inspection as well as an FHA appraisal on the home you want to buy with an FHA mortgage. Some FHA loan applicants are tempted to sign on the dotted line based on the results of the FHA appraisal alone. Is this a good idea? No. Why not? If it’s good enough for the FHA, why isn’t it good enough for the borrower to accept the appraisal results and take it on faith that the home is exactly as it appears? #4: Get A Home Inspection Because The Appraisal Is Not Intended For The Borrower, It’s A Tool For The Lender The appraisal process is meant only to establish the home’s fair market value and determine that the home meets minimum | more...

 
How Much Will My FHA Appraisal Cost?

How Much Will My FHA Appraisal Cost?

How much does an FHA appraisal cost? This is a common question, most often asked in conjunction with whether or not the FHA regulates this expense as part of the FHA home loan process. The Cost Of FHA Appraisals And Home Inspections The first thing to remember when you are budgeting for an FHA appraisal is that you will also need to set aside money for a home inspection. You should never rely on the appraisal alone to determine whether the home, condo unit, or mobile home or modular home is suitable to purchase. The FHA appraisal costs money, and the home inspection costs money too. Borrowers who balk at the idea of paying “twice” for a service that is mistakenly viewed as nearly identical (appraisals are NOT identical to | more...

 
Am I Required To Use Water Utilities For The Home I Buy With An FHA Mortgage?

Am I Required To Use Water Utilities For The Home I Buy With An FHA Mortgage?

Not all properties are created exactly alike. Some are hooked up to the local utility company for drinking water and septic, while others may rely on wells or other sources. FHA borrowers considering the purchase of a property served by a well often worry that the home won’t meet FHA minimum standards. What do FHA loan rules say about home loan approval for a property served by a well and/or a water purification system? For a start, FHA loan rules do not automatically deny FHA loan approval for properties that have a well or a water purification system rather than being served by a local utility company. That said, HUD 4000.1, the FHA loan handbook, does require that properties purchased with an FHA loan use local water utility systems “wherever | more...