April 9, 2020

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Articles Tagged With: FHA Condo Loan

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...

 
How To Avoid Foreclosure During The Coronavirus

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...

 
Myths About One-Time Close Construction Loans

Who Qualifies For FHA Loans?

Whether you’re interested in building a house from the ground up on your own lot or you need a mobile home or condo unit, there is an FHA home loan for you. Who qualifies for these mortgages and why? FHA Loans For First-Time Home Buyers FHA mortgages are open to first-time homebuyers without perfect credit. You can apply for an FHA home loan even with past credit mistakes; the best thing to do is to review your past credit and make sure your home loan application is turned in once you have a full year of on-time payments on your credit record. First-time borrowers should know an FHA mortgage, even an FHA One-Time Close construction loan is within their reach thanks to low 3.5% down payment requirements and the ability | more...

 
Repair Your Credit Before Your Home Loan

Home Loan Approval: Why FICO Scores Matter

If you want to buy a home, you will need to become well-read about credit, credit scores, and how your credit report affects your ability to apply for a mortgage loan. There are three major credit reporting agencies, Equifax, TransUnion, Experian. The fact that there are three agencies is one good reason why credit experts encourage borrowers to check their credit reports as early as possible prior to applying for an FHA mortgage or any other major line of credit. One credit report could have discrepancies another one does not reflect, etc. A borrower should always know what their lender is going to see on the report before the application is completed. FICO scores are indeed an important part of FHA loan approval, and borrowers should respect FICO scores and | more...

 
Do you need to

What You Should Know About FHA Home Loan Amounts

Do you know what affects your FHA home loan amount? There are factors that the borrower controls such as whether to make the minimum required down payment or pay more down up front; there are also factors that are in the lender wheelhouse such as the amount of the origination fee and other closing costs. Not all of these factors automatically result in a different home loan amount. Some may be required to be paid up front in cash, others may permit financing in whole but not in part. Still, other expenses may not be required of all transactions but may apply to yours. You may find that in some housing markets, a charge or expense that is reasonable and customary may not be common in other housing markets. Some | more...

 
How to get ready for an FHA home loan

Homes You Can And Cannot Buy With An FHA Mortgage

What kinds of homes can you purchase using an FHA mortgage loan? It does not matter whether you are a first-time home buyer or an experienced borrower, the FHA mortgage option (as well as FHA refinance loan options) are open to any financially-qualified borrower. Homes You Can Buy With An FHA Home Loan: Condominiums The FHA condo loan program was revised in 2019 to include the approval of qualifying individual condo units in projects not on the FHA approved list. That means that it is easier to find a purchase a condo unit with an FHA mortgage. Some believe condos to be closer to the luxury side of real estate buying, but condo units are popular, especially in larger metropolitan areas. The FHA loan program allows borrowers to purchase condo | more...