December 10, 2019

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Articles Tagged With: FHA Condo Loan

Why Did My Mortgage Payment Increase?

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...

 
Who Qualifies For FHA 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...

 
Home Loan Approval: Why FICO Scores Matter

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...

 
Higher FHA Home Loan Limits For 2020

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...

 
Homes You Can And Cannot Buy With An FHA Mortgage

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...

 
FHA Condo Loan Rule Changes

FHA Condo Loan Rule Changes

The FHA and HUD announced changes to FHA condo loan approval policy in August of 2019, opening the program up to condo loans in condominium projects that have not been added to the FHA approved list. A Final Rule detailing the program changes was published, but in the interim between revising the FHA Single-Family Home Loan program handbook, HUD 4000.1, the FHA and HUD have published rules to manage the new rules. According to an FHA mortgagee letter published on the FHA official site, “FHA systems will be enhanced in the future to permit the issuance of case numbers in unapproved projects” basically from the time the final rule became effective (mid-August 2019) until the FHA and HUD rules and systems are fully updated with the new changes. What is | more...

 
If Your Home Was Damaged In A Federally Declared Disaster Area

If Your Home Was Damaged In A Federally Declared Disaster Area

Do you know what your FHA loan options are for recovering from natural disasters in federally-declared disaster areas? FHA home loan options include loan forbearance, FHA Rehab loans to replace or repair a damaged home, refinance options, and much more. The FHA, HUD, and FEMA all urge those who are affected to contact their loan officers immediately. It is never safe to assume any offered relief measures are automatic; you must usually make arrangements to get assistance, disaster relief, etc. Those who had properties secured by conventional mortgages at the time of the disaster may still be able to get help by applying for an FHA Rehab loan (mentioned above) that is specifically meant for those in federal disaster areas. FHA 203(h) loans (specifcially for disasters) can be used in | more...

 
The New FHA Condo Rules

The New FHA Condo Rules

The Department of Housing and Urban Development official site announced new FHA condo loan rules in August 2019 that make it easier to purchase a condo unit, especially for condo projects not added to the FHA approved list. October 15, 2019 is the start date for the new rules that allow FHA loan approval for mortgages to buy condo units in projects that are not on the FHA approved list. Not all condo units are eligible for this consideration, and the FHA and HUD have issued a list of “single unit approval” requirements that include the following as described on the HUD official site: The individual condominium unit must be located in a completed project that is not FHA-approved; Condo projects that have 10 or more units are limited to | more...

 
HUD Announces Expanded Disaster Relief Options

FHA Announces New Condo Loan Rules

The Federal Housing Administration has announced changes to its’ condo approval policies that could make it easier for house hunters to find and purchase condo units with an FHA mortgage. The changes are intended to increase lender flexibility and to adapt to changing conditions in the housing market. The FHA and HUD issued a press release on the new rules which states that the new rules …“will allow certain individual condominium units to be eligible for FHA mortgage insurance even if the condominium project is not FHA approved.” Under the old rules, a condo project had to be on the FHA approved list or added to it. As of October 15, 2019, the new FHA policies will, according to the FHA official site, include the following changes to FHA condo | more...

 
Five FHA Loan Tips About Condo Loans

Five FHA Loan Tips About Condo Loans

Some borrowers, especially first-time home buyers, are surprised to learn that FHA loan options include loans to purchase condo units in FHA-approved condo projects. 5. FHA Condo Loans Are For Condos On The FHA Approved List Whether the condo you want to buy a unit in is already on the approved list, or needs to be added to it, the FHA condo loan is available to financially-qualified borrowers who have never owned a home before or are coming back to apply for a new home loan after purchasing in the past. Borrowers who need to have a condo project added to the FHA list will be required to work with a participating FHA lenders who can apply to have the condo project added to it. But there is one important | more...