March 26, 2019

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Articles Tagged With: FHA Home Loan

Home Loan Credit Problems: Unresolved Borrower Debt

Home Loan Credit Problems: Unresolved Borrower Debt

What can jeopardize a home loan application? There are many factors, but delinquent and unresolved debt are two areas that first-time home buyers should be keenly aware of; these issues can derail a mortgage loan application depending on the severity and amount of the debt. We discuss debt ratios and related issues in this space all the time; the unresolved debt issue is related to debt ratios in a way (the resolution of the debt will likely add to the debt ratio in some way) but an account that is delinquent, and/or in dispute is a separate area altogether. It’s always best to apply for any major line of credit with a minimum of 12 months of on-time payments; anything less could threaten your ability to get loan approval. But | more...

 
First-Time Home Buyer Advice: Get A Home Inspection

First-Time Home Buyer Advice: Get A Home Inspection

Some wonder if they have had a home inspection when the FHA appraisal results come back. First-time home buyers should know that a home inspection is something that should be done regardless of the appraisal because the two procedures are quite different. The appraisal is not a tool for the borrower and will not give you an idea of the true condition of the home. The home inspection is the job that needs to be done to give you that information. The FHA itself publishes a pamphlet called “For Your Protection, Get A Home Inspection” which includes this advice; “You have the right to examine carefully your potential new home with a professional home inspector. But a home inspection is not required by law, and will occur only if you | more...

 
FHA Home Loan Down Payment Assistance Rules You Need To Know Now

FHA Home Loan Down Payment Assistance Rules You Need To Know Now

FHA home loan rules allow down payment assistance for the mortgage for both first time buyers and experienced house hunters alike. There are down payment assistance programs for first-time borrowers, there are down payment gift funds that can be provided by family, friends, or employers…but all of these are subject to FHA loan rules. FHA Home Loan Down Payment Assistance Rules HUD 4000.1 says down payment assistance cannot come from any entity or party that has a stake in the outcome of the home loan sale or the approval of the mortgage loan. That includes: -The seller of the Property; -Any other person or Entity who financially benefits from the transaction (directly or indirectly); or Anyone who is or will be reimbursed, directly or indirectly, by any party included in | more...

 
FHA Home Loan Approval By The Numbers

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

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...

 
How to Qualify For An FHA Home Loan With Low Credit

How To Qualify For An FHA Mortgage Loan With Low Credit

Do you know how to get approved for an FHA mortgage even if you don’t have much credit history or a very high credit score? First time buyers looking for real estate in Texas, California, And Colorado may wonder how to get a foot in the door in the real estate market without a long credit history or some past financial problems on a credit record. And while these housing markets aren’t the only ones, they can be competitive; that said, you can use this advice in ANY housing market How To Prepare For A Home Loan Application To get approved for an FHA mortgage with thin credit, low credit, or bad credit, it is important to give yourself plenty of time to establish a reliable payment record. In general, | more...

 
On Buying A First Home With An FHA Mortgage

On Buying A First Home With An FHA Mortgage

First-time home buyers looking for a new home to buy with a mortgage loan might not know all of their options at the time they start looking, but everyone stars house hunting with their own set of assumptions-some are right, and some are not. Some assume that an FHA home loan is made specifically for first-time home buyers, but this is not true-any financially qualified borrower can apply and be approved for an FHA home loan for a mobile home, suburban home, duplex, even condos and multi-unit properties. You read that correctly, FHA home loans can help first-time home buyers purchase multi-unit homes. This is good for those anticipating family growth, and for those who are thinking about becoming landlords and getting income from the unused living units in the | more...

 
Buying A Starter Home With An FHA Mortgage

Renters May Spend More In 2019: Is It Time To Buy?

Do a Google search on the phrase “2019 rent increase” and you’ll find plenty of talk about higher rents. That “higher rents in 2019” includes one article published by Wilmette Week discussing the possibility that the State of Oregon may be considering state-enforced rent control with possible yearly rental increase limits of five percent. The fact that Oregon is considering this as a state-wide measure may not reflect the state of rent increases nationwide, but it certainly is food for thought for anyone living in or near that area. Is 2019 the year to consider buying a home with a low-down payment FHA mortgage instead of submitting to yet another rent increase? Some housing finance blogs and real estate bloggers are discussing how renters in 2018 spent more than the | more...

 
Setting The Home Loan Closing Date For First-Time Home Buyers

Rent Spending Was Higher In 2018; Is Now The Time To Buy A Home With An FHA Mortgage?

Published reports coming in at the end of the year suggest that renters paid $13 billion more in rent in 2018 than in the previous year. The amount of money spent on rental housing in 2018 is higher, but in spite of this some sources point to a slowdown in rent hikes, saying that a stalling of rent hikes could bring down payments closer to some potential borrowers. The ability to save more each month toward a down payment can make a big difference in the timing of a new home loan, especially an FHA mortgage that requires only 3.5% down. FHA loans, like conventional mortgages, have a down payment requirement. But FHA loan down payments can be lower and also be supplemented by down payment grants or gift funds. | more...

 
FHA Home Loans and Help With Down Payments

Millennial First-Time Home Buyers, 20 Percent Down Payments, And FHA Mortgages

If you make a 20 percent down payment, you save money over the lifetime of your mortgage loan, avoid private mortgage insurance (for conventional mortgages), and reap the benefits of doing these things over the long term. But millennial home buyers, especially first-time home buyers, may be unable to find the resources to make such a large down payment. If you make a 20 percent down payment, you save money over the lifetime of your mortgage loan, avoid private mortgage insurance (for conventional mortgages), and reap the benefits of doing these things over the long term. But millennial home buyers, especially first-time home buyers, may be unable to find the resources to make such a large down payment. You’ll find many internet articles and home finance blogs discussing the idea | more...

 
Winter Vacation Homes And FHA Loans: What You Need To Know

Winter Vacation Homes And FHA Loans: What You Need To Know

Investing in a winter vacation home is tempting for many, especially in snow-bound states. Do borrowers have the option of purchasing a vacation home with an FHA mortgage? A look at FHA loan rules quickly reveals that one of the requirements for FHA loan approval is that the home be used as the primary residence; occupancy is a condition of loan approval for an FHA single family forward mortgage loan. But does this mean that borrowers can never use an FHA mortgage to buy a property that will become a winter vacation home? Not exactly. Borrowers who purchase a home with an FHA mortgage, use it as their primary residence, and refinance it with a conventional mortgage would be technically free (unless the conventional loan agreement states otherwise) to use | more...