July 14, 2020

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Articles Tagged With: FHA Condo Loan

Is your credit ready for an FHA loan?

Anticipating Closing Costs For Your New Home Loan

Buying a home requires planning and saving. Especially for closing costs, which can include appraisal fees, the home inspection, compliance inspections, and the Up-Front Mortgage Insurance Premium. It takes time to save for these expenses, but some borrowers will pay more up front than others. That is usually due to a combination of factors, but the thing new home loan applicants need to know is that your financial needs and goals will dictate how and when you pay certain closing costs. Did you know you can finance some closing costs and have the home’s seller help you pay for others? Government-backed mortgages like FHA home loans (including FHA One-Time Close construction loans which can help even a first-time home buyer build a home from scratch) make buying or building a | more...

 
Thinking about buying your first home?

Thinking About Buying Your First Home?

As a first-time home buyer, you might think your home loans are limited to a certain type of property, a certain price range, or other limitations. But did you know that with FHA mortgages, first-time borrowers who qualify may be able to apply for condo loans, construction loans, and even loans to buy and rehab a fixer-upper property. There are myths about FHA mortgages that hinder some borrowers or prevent them from exploring FHA loan options altogether. One such myth is that FHA mortgages are ONLY for first-time home buyers or that there is a first-time buyer advantage for loan approval. Not true. Another myth is that FHA mortgages are only for low-income people or those with a demonstrated financial need. This is also not true. There are no income | more...

 
Credit Requirements For Your FHA Home Loan In 2020

Mortgage Scams During COVID-19: Borrower Beware!

The Federal Trade Commission warns mortgage borrowers to beware of scams that prey upon homeowners in trouble during the coronavirus outbreak. The FTC Chairman, Joe Simons, was quoted in an FTC press release advising borrowers about the FTC’s role in prosecuting scam artists taking advantage of Americans who have been affected by COVID-19. “The FTC is ready to assist businesses that may seek guidance about compliance obligations on consumer protection issues during this unprecedented time,” Simons said in the press release. If you have been contacted by a third party about coronavirus financial relief and suspect a scam artist at work, report coronavirus-related scams at ftc.gov/complaint. What should consumers do to protect themselves from coronavirus mortgage scams? The first step is simply to recognize that if you have not initiated | more...

 
Home Loan Terms Defined: Conforming Loans

Home Loan Terms Defined: Conforming Loans

Are you new to the idea of owning a home? Are you interested in applying for a home loan when the time is right but aren’t sure about how it all works? First-time home buyers aren’t the only ones who can apply for FHA mortgages, but they often apply for FHA purchase loans and construction loans thanks in part to the FHA home loan program’s reputation for being helpful for those who need a lower down payment, or who have past credit issues, or past credit issues. Some FHA home loan jargon is confusing at first, but take the time to learn what some of these things mean and you’ll find that buying a home isn’t as daunting as it might seem when you were still in the learning stages. | more...

 
HUD Advice For Saving Your Home During The Coronavirus

HUD Advice For Saving Your Home During The Coronavirus

Are you worried about protecting your home from foreclosure during the coronavirus outbreak? The FHA and HUD official site now features a section dedicated to consumers who need advice about foreclosure avoidance, what to do if they fall behind on mortgage payments, and other advice for dealing with FHA mortgages, reverse mortgages, and FHA refinance loans during the coronavirus pandemic. FHA lenders have been asked by the Department of Housing and Urban Development, ”to use reasonable judgment” when trying to decide who is legitimately affected by coronavirus-related job loss and income interruption for the purpose of evaluating the loan. There is a real danger in this difficult time that FHA borrowers could lose their homes if there are missed payments, loan default, etc. The potential risks to a home in | more...

 
FHA Cash-Out Refinance Loans: What You Need To Know Today

5 Home Loan Myths You Should Know About

There are many myths about FHA home loans; that you must be a first-time buyer to qualify, that you can only buy a certain kind of home with an FHA mortgage, and that FHA loans are only for economically disadvantage home buyers. None of those things are true. There are other pervasive myths about FHA mortgages you should know. #5: FHA Loans Are Only For Existing Construction Property Not True! The FHA One-Time Close Construction loan allows even first-time homebuyers the chance to apply for a loan to build a house from the ground up. Construction loans require more time and you won’t be able to move into the home until the construction phase is complete, but for those not in a hurry to move in favor getting just the | more...

 
Mortgage Rate Trends

FHA Loan Rules You Need To Know Before House Hunting

There are several things you should know about FHA home loans before you go looking for real estate to buy. You can save a LOT of time and even some money by taking extra time to consider the following issues. You Don’t Have To Buy An Existing Home FHA home loans have an option called the One-Time Close construction loan. It lets you build a home from the ground up on your own land. Don’t want to purchase existing real estate? There is an FHA home loan for that and it is offered even to first-time home buyers. The same low 3.5% minimum down payment is available to those who qualify with credit scores and other financials. You Don’t Have To Buy A Suburban Home With An FHA Mortgage Don’t | more...

 
Types Of Homes You Can Buy Or Build With An FHA Mortgage

FHA Home Loan Options For 2020

What kind of home loan do you need in 2020? You can build on your own lot with an FHA One-Time Close construction loan, you can apply for an FHA mortgage to purchase a mobile home or manufactured house, and you can even find an FHA mortgage for a fixer-upper property. These loans are not need-based, have no income caps, and feature a low down payment requirement. What kind of home loan do you need? Houses You Can Buy And Occupy Right Away Referred to in the real estate industry as an existing construction home, these properties are sold assuming they meet current appraisal and building code regulations or can be brought into compliance without a great deal of difficulty. Existing construction homes have been built for at least one | more...

 
FHA Loan Interest Rates: How Low Can They Go?

How To Buy A Home In 2020

Need to know how to buy a home in 2020? Making a plan to become a home owner includes budgeting, research, and even sharpening your negotiating skills. Are you ready to start your home loan journey? Shopping Around For A Home AND A Home Loan FHA mortgages allow first-time borrowers and experienced home owners alike to apply for a loan to buy or build a property. But you don’t have to limit your search to one kind of home OR one kind of FHA mortgage. For example, you could apply for an FHA Condo loan to purchase a condominium unit, or you could buy a mobile home or townhouse. FHA mortgage loans allow you to buy properties with as many as four living units, and that could be any number | more...

 
Mortgage Loan Approval During Coronavirus

Why Did My Mortgage Payment Increase?

There may be circumstances where you find your mortgage payment has increased. There are several reasons why a mortgage payment might increase; regardless of which issue may be affecting your loan it’s crucial to address it right away. Mortgage Payment Increases Due To Interest Rate Adjustment If you have an FHA Adjustable Rate Mortgage, your mortgage payment increases when there is a scheduled interest rate adjustment on the mortgage. The government watchdog agency known as CFPB, the Consumer Financial Protection Bureau, advises, “Some homeowners believe that they have a fixed-rate mortgage loan when their loan actually includes an adjustable-rate or some other feature that can cause their interest rate and payment to change.” Changes To Your Property Taxes If you notice an increase in your mortgage payment, check your monthly | more...