Articles Tagged With: FHA Cash-out Refinance

February 4, 2019

FHA Cash-Out Refinance Loans For First-Time Home Buyers

There are several important issues centered around FHA cash-out refinance loans. Borrowers who want to cash in on the value of the home will wonder about many aspects of cash-out refi loans. How much money will you get in cash? How long before you can successfully apply for an FHA refi loan once you have purchased your first home? FHA Cash-Out Refinance Loans: Not The Same At Every Lender All housing markets differ and lender standards/requirements will also vary. When it comes to the differences in housing markets, those applying for an FHA cash-out refinance loan in an area with rapidly increasing property values may discover your home is worth far more than originally thought. The reverse may be true in areas that are leveling off or are experiencing changes | more...

FHA Home Loans For First-Time Home Buyers

February 1, 2019

FHA Loans For First-Time Home Buyers

By Joe Wallace

If you are in the market for a first home or a starter home for a new family, there are many options to keep in mind that an FHA home loan can help you with. Which one of these FHA mortgage loan options is right for you? FHA 203(b) New Purchase Home Loans For First-Time Buyers And Return Borrowers If you are interested in a typical suburban home for your first house hunting adventure, the FHA 203(b) Mortgage is the right one for your needs. These home loans are for existing construction properties that don’t need extensive repairs and are intended for those who plan to own and occupy the home as their primary residence. FHA 203(k) Rehabilitation Loans For Fixer-Upper Homes The FHA 203(k) rehab loan is the one | more...

January 31, 2019

FHA Refinance Loans For Your First Home

By Bruce Reichstein

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...

January 28, 2019

How To Get An FHA Mortgage Loan As A First-Time Home Buyer

By Joe Wallace

How can a first-time home buyer qualify for an FHA mortgage loan? If you are looking for a starter home, a home to grow into, or you want to have a home built especially for you (using an FHA One-Time Close construction mortgage loan), your FHA loan options are impressive. How To Qualify For An FHA loan As A First-Time Home Buyer Plan ahead and start early-that’s the best advice for first-time buyers looking to buy a house with a mortgage loan. But what does this mean? For starters, it means planning to apply for the home loan when you have 12 full months of on-time payments with no late or missed bills. Some may struggle with this notion, but it’s one of the realities of home loans. You will | more...

January 28, 2019

FHA Loans And The Government Shutdown: What’s Next?

By Bruce Reichstein

Headlines in the earliest part of 2019 about the government shutdown gave way at the end of the third full week to those discussing the interim re-opening of the government for three weeks so that negotiations on the federal budget may continue. On Friday, January 5, 2019, the partial shutdown ended, bringing furloughed workers back on the job and ending the question of how long nearly one million American workers would have to do without a paycheck. What does all this have to do with FHA mortgage loans? Many wondered if the FHA would stop the home loan program during the partial shutdown, and while that did not happen, some aspects of the FHA mortgage program were affected including the Home Equity Conversion Mortgage program and certain aspsects of the | more...

Is Now The Right Time To Buy Your First Home With An FHA Mortgage?

January 25, 2019

Refinancing Your Home Loan With An FHA Mortgage

By Joe Wallace

With recent interest rate headlines, some may be interested in refinancing their first home loan in 2019, especially those in adjustable rate mortgages who want to lock in an interest rate to avoid future mortgage loan rate fluctuations. Some will ask how much of the credit-check process is needed for an FHA refinance loan compared to when the original mortgage was applied for, and much depends on the type of refinance loan being applied for. Some refinance loans, such as FHA Streamline Refinancing, also known as an FHA Interest Rate Reduction Refinance Loans (VA IRRRL) do not feature a government-mandated credit check. Qualified borrowers will use the original credit check and other information used on the first mortgage as a guide. Your participating FHA lender is, however, free to require | more...

December 31, 2018

Home Renovation With An FHA Loan

By Joe Wallace

There are two kinds of home renovation projects; the ones you plan and the unexpected renovation you may need to do if there is a sudden problem in the home after purchasing it. An unexpected home renovation can be caused by many things that were not a factor at the time your home inspection was done; a water pipe can burst, a stove can prematurely stop working, or storm damage could cause a leak in your roof. Repair experts and contractors will be quick to point out that even a home that passes an inspection can develop such problems through no fault of the builder or seller. An unexpected home repair situation isn’t uncommon for home owners, so what’s a borrower to do when the need arises? You can fund | more...

December 27, 2018

FHA Loans For Single Homeowners

By Joe Wallace

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...

December 6, 2018

Are FHA Cash-Out Refinance Loans The Only Option For Older Home Owners?

By Joe Wallace

There are many kinds of homeowner; there’s the young couple just starting out looking for their first home, there are mid-career professionals who need to relocate or upsize their living conditions, and there are older home owners looking to cash in on equity they have worked hard to build up in the home. What kind of FHA loan options are open to the older home owner who wants to keep their home but cash in on the increased value of their property? FHA Cash-Out Refinance Loans For Older Home Owners Before we start discussing the FHA cash-out refinance loan option for seniors, it’s important to point out that FHA cash-out refinance loans are for any financially qualified borrower; these loans are NOT restricted to older home owners. FHA cash-out refi | more...

December 4, 2018

FHA Cash Out Refinance In 2019

By Joe Wallace

There are many uses for an FHA cash-out refinance loan in 2019. Are you considering paying down student loan debt? Taking equity out of your home in cash for use to to home improvements, or to make a down payment on a new vehicle? FHA loan rules don’t restrict how you can use the funds from your cash out loan. FHA Cash-Out Refinance Loans In 2019 Some borrowers may be concerned about the rising home loan interest rates of 2018, but interest rate trends go in cycles and some mortgage experts are looking to the new year for some corrections or a slowing of interest rates going up based on the notion that further increases might damage consumer confidence. That would encourage the Fed to avoid more rate hikes at | more...