May 21, 2019

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Articles Tagged With: FHA Condo Loan

FHA Loan Credit Advice

FHA Loan Credit Advice

First-time home buyers and experienced home owners alike sometimes need help understanding what it takes to be approved for a major line of credit like an FHA home loan. What does it take to financially qualify for the mortgage and get on the road to home ownership? Buying real estate with an FHA mortgage means making a serious investment of time and money. And that usually begins with budgeting, saving, and working on your credit. Preparing your credit a year in advance or more is a very good way to prepare for the home loan application process. Why? Your lender needs to see at least 12 months of on-time payments on ALL financial responsibilities prior to your applying for the home loan. Anything less than this can hurt your chances | more...

 
FHA Loans For First-Time Borrowers

FHA Loans For First-Time Borrowers: Debt Ratios

One area that is just as important as FICO scores and credit reports to first-time borrowers? The amount of debt versus the amount of monthly income. This is known as a debt-to-income ratio or debt ratio for short; this is just as crucial for a borrower as their FICO scores. Many borrowers already know this; they have spoken to a lender or a housing counselor, or they have done their research already and fully understand that if you have too much outgoing debt and not enough monthly income, your home loan chances are in jeopardy. But what is not as well-known? The fact that there are actually TWO debt ratios the lender will look at. Yes, there are two calculations and if you don’t anticipate the second one you may | more...

 
Fact And Fiction About FHA Home Loan Approval

Fact And Fiction About FHA Home Loan Approval

First-time home buyers and experienced home owners alike may have misconceptions about what it means to get an FHA loan. Here are some of the most common facts and fictions about buying a house with an FHA loan. FHA Loan Fact: FHA Mortgages Have Lower Down Payments and Credit Score Requirements 3.5% down is all that is required for borrowers with qualifying FICO scores. FHA loan minimum standards are more forgiving that some conventional mortgages but you will need to see whether lender standards allow certain lower credit scores to get loan approval with a higher down payment. Lender standards apply in addition to FHA loan minimums. But the fact is, your lender has the ability to work with your FICO scores in many cases. FHA Loan Fiction: You Have | more...

 
Do You Qualify For An FHA Mortgage As A First-Time Home Buyer?

Do You Qualify For An FHA Mortgage As A First-Time Home Buyer?

Do you qualify for an FHA home loan as a first-time home buyer? There are several things you can check to see whether your credit and employment situations will allow a lender to justify approving your mortgage loan application. Buying real estate means making a major investment; potential borrowers who are not financially ready for this investment should take their time and prepare for it and commit when they are fully prepared. What does it take to get an FHA home loan approved? Stable Employment If you are considering applying for an FHA home loan without at least two years of work history, it may be a wise idea to consider delaying your application until you do have at least 24 months of work on your record. Anything less than | more...

 
Things That Keep You From Getting An FHA Mortgage

Which FHA Home Loan Do You Need?

First-time home buyers new to FHA home loans don’t always realize how many different FHA home loan options are available to them. You don’t have to buy a one-bedroom house in the suburbs; FHA mortgages are more flexible and offer many ways for you to find and buy a dream home. FHA Condo Loans Because of a long-time misconception held even today about FHA loans being need-based, having income caps, or intended only for low-income borrowers (none of those things actually apply to the FHA mortgage loan program) some are surprised to learn that there is such a thing as an FHA condo loan. Any qualified borrower (based on income, credit history, employment stability, and other financials) can apply for an FHA condo loan in a condominium project that meets | more...

 
Different Types Of FHA Home Loans For First-Time Buyers

Different Types Of FHA Home Loans For First-Time Buyers

There are many different choices for home loans, and first-time home buyers should know their options before they decide on which loan to apply for. Do you know the difference between a rehab loan and a construction mortgage? Or a condo loan versus a mobile home loan? FHA One-Time Close Construction Mortgages These loans, also known as FHA Construction-to-Permanent loans, offer a single loan and closing date for borrowers who want to have a house built for them rather than buying an existing property. FHA construction loans can be more complex that loans for existing real estate but for many the additional effort is worth it to have a home that is built especially for them. First time home buyers can apply for these loans the same as any other | more...

 
FHA home loans versus conventional mortgages

FHA Loans Versus Conventional Home Loans

If you are planning to look at real estate listings soon or use the help of a realtor to locate a new home, here are some questions to ask yourself about your new home loan; the answers will help you decide whether to pursue an FHA mortgage, a conventional loan, etc. FHA Mortgage Versus Conventional Home Loans: Compare Down Payments Make sure you know your FICO scores in advance of comparing down payment requirements since the amount of cash you will be required to put down is affected by credit scores when those scores are below a specific cutoff. There is more than one standard for FICO scores in this area-FHA loan minimums and lender requirements. Lender standards will apply no matter whether you are applying for FHA or conventional | more...

 
FHA Home Loan Income Limits Do Not Exist

What You Need To Know About FHA Condo Loans

Buying a condo with an FHA mortgage loan is an option many borrowers might be interested in but sometimes assumptions about the FHA home loan program might cloud the issue. Here are some things you should know about FHA mortgages for condo purchases. FHA Condo Loans For First-Time Home Buyers FHA condo loans are open to first-time buyers and experienced home owners alike. You will be approved for the FHA condo loan based on your financial qualifications rather than whether or not you have owned property before. FHA Condo Loans Have Certain Advantages The down payment requirements for FHA home loans do not change based on the type of property you purchase, so you are still required to financially qualify but your down payment requirement does not get adjusted because | more...

 
FHA Home Loan Income Limits Do Not Exist

Buying Versus Renting A Home

What is the advantage of applying for an FHA mortgage to buy your home versus renting one out and declining to become a first-time home buyer? There are many differing opinions on this subject, so it seems like a good idea to simply list some facts about owning and renting a home that could help you choose which is better. Depending on your financial needs and goals, you may decide that owning is a far better option. Renting Means Accepting The Landlord’s Interior Decoration Skills Or Lack Of Them Home owners have the option to paint, wallpaper, remodel, and reconfigure their home at any time. Renters have to get permission first AND put the home back in its’s original paint scheme when the rental period is finally over. Naturally you | more...

 
First-Time Refinance Advice

The Flexible FHA Home Loan

First-time home buyers don’t have to put 20% down when shopping for real estate they want to live in as their primary residence. The FHA home loan allows a low 3.5% down and this type of home loan has been described as having loose underwriting standards. Those standards include the FHA minimum credit score of 580 or higher for maximum financing and the lowest down payment, and technically borrowers with FICO scores above 500 are also eligible though with a higher down payment. Lender standards will apply above and beyond these minimums. FHA home loans allow borrowers with lower credit and higher debt ratios to qualify for first-time home buyer loans using compensating factors; a higher down payment, a substantial amount of cash reserves, or other, lender-defined compensating factors. And | more...