July 5, 2020

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Articles Tagged With: FHA Home Loan

Reverse Mortgage And Foreclosure Relief Scams: What You Need To Know

Budgeting And Saving For Your First FHA Mortgage

When you decide to commit to buying a home or building one from the ground up using a one-time close construction loan, there are expenses you will need to save up for. If you haven’t started making a checklist of items you will need to pay for up front or choose to include in the loan amount, it’s a good idea to start making one as early as possible. Saving for your loan means identifying the expenses you will pay such as closing costs, appraisal fees, the home inspection fee, the FHA Up-Front Mortgage Insurance Premium, and of course the down payment. The down payment, which is a minimum of 3.5% of the adjusted value of the home, is one of the biggest expenses. That is one reason why it’s | more...

 
FHA Extends Coronavirus Policies

FHA Extends Coronavirus Policies

The Federal Housing Administration has issued a press release announcing an extension to coronavirus-related mortgage relief for American borrowers with FHA home loans. One major feature of that extension? More time on the FHA eviction and foreclosure moratorium issued on FHA mortgages. That moratorium now lasts until June 30, 2020. This applies to homeowners with “FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages” according to the HUD official site. Until these measures expire, FHA lenders are directed to: Halt all new foreclosure actions; Suspend all foreclosure actions currently in process, excluding legally vacant or abandoned properties; Cease all evictions from FHA-insured Single Family properties; This excludes actions “to evict occupants of legally vacant or abandoned properties”. Also extended? The length of time for FHA’s temporary policies | 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...

 
HUD Extends Modified Exterior-Only Appraisals During COVID-19

Sexual Harassment As A Violation Of The Fair Housing Act

The month of April is Fair Housing Month in America, and while at the time of this writing that month has just ended there are efforts made around the clock to raise awareness of Fair Housing laws. HUD has issued a press release about one of those ongoing efforts; a joint-agency fight to stop sexual harassment in the housing process. The U.S. Attorney General and the HUD Secretary have partnered to remind landlords and renters that sexual harassment at any stage of the housing process is illegal and a violation of federal Fair Housing Act regulations. “The Fair Housing Act embodies the spirit of this great Nation where everyone is entitled to equal opportunity and respect,” said the HUD Secretary, who was quoted in the press release. He adds, “No | 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 and HUD Change Loan Approval Requirements For Coronavirus

FHA and HUD Change Loan Approval Requirements For Coronavirus

The FHA and HUD have announced short-term alterations to appraisal and approval policies for single-family forward mortgages during the coronavirus outbreak. The changes, originally set to expire on May 17, 2020, address issues involving how appraisers review their properties, and how lenders must reverify borrower financial data before closing time. The changes to appraisal requirements (exterior-only inspections allowing the appraiser to work without being at risk of infection) were a big part of that, but not the whole substance of the policy changes. Reducing the risk to appraisers is one thing, but some of the measures are intended to streamline loan approval in a time of crisis. The FHA/HUD official site press release explains that certain measures were needed to, “maintain the stability” of the FHA Single-Family Home Loan program, | more...

 
Income Rules For FHA Loan Approval: What You Need To Know Today

Income Rules For FHA Loan Approval: What You Need To Know Today

FHA home loans, like other mortgages, require the lender to make sure their applicants have enough income to be able to realistically afford the loan. This is known as “qualifying income” and the lender is only permitted to use earnings that meet FHA standards. Those paychecks must be stable, and likely to continue for the purpose of debt-to-income ratios and other loan approval procedures. Those regulations apply regardless of whether you are buying existing construction or want to build a house on your own lot using an FHA construction loan so it’s important to be familiar with them. Military Pay And Earnings: Yes, military people have access to the GI Bill and the VA home loan program, why would they need an FHA home loan? There are actually many reasons, | more...

 
How To Avoid Foreclosure During The Coronavirus

Do You Want To Buy A House This Year?

Do you want to buy a house this year? There are things you should do to prepare for the loan, and it’s a very good idea to give yourself extra time to get it all done. It’s best to come to the application process with the following steps already accomplished. Check Your Credit Report Get a free copy of your credit reports and start reviewing your FICO scores and details to make sure there are no errors, identity theft, outdated information, etc. You are legally entitled to a free credit report. Use A Mortgage Calculator Using an online mortgage calculator will give you a much better idea of how much home loan you can afford. The online calculator will ask you for the price of the house, the interest rate, | more...

 
Do You Need Down Payment Help?

FHA Home Loan Pre-Approval And Mortgage Loan Approval

We encourage potential FHA borrowers to get pre-approved for a home loan before house hunting. If you are new to the home loan process, you might not be sure what the difference is between FHA loan approval and getting pre-approved for an FHA mortgage. What is that difference? Getting through the initial pre-approval application does not mean you’ve been fully approved for the mortgage. But it IS an important tool for soon-to-be homeowners. Home loan pre-approval is a tool for both borrower and lender to determine if you’re ready to buy based on your income, debt to income ratio levels, the amount of down payment you have saved, etc. Think of pre-approval as the start of the loan process, but it is not a guarantee that you have an FHA | more...