November 16, 2018

Vimeo Channel YouTube Channel

Articles Tagged With: FHA Home Loan

Five Reasons Lenders May Deny Your Home Loan Application

Five Reasons Lenders May Deny Your Home Loan Application

There are many reasons why a home loan application might be denied. If you seek an FHA home loan, credit requirements and other rules may be more forgiving of past credit mistakes, but lender standards and other factors do mean the borrower is held to certain minimums for FICO scores, debt ratios, and other financial qualifications. #5: FHA Loan Rules Require A Minimum FICO Score Requirement If your FICO scores are below 500, FHA loan rules say you are not eligible for an FHA mortgage loan. But that 500 minimum score is the FHA requirement, NOT the lender’s. Your participating lender’s requirements may be higher than 500 as a minimum, and meeting the bare minimum can result in a higher down payment. FHA FICO score requirements for the lowest down | more...

 
FHA Home Loans: Should I Buy A House Or A Condo?

FHA Home Loans: Should I Buy A House Or A Condo?

One of the big choices facing some FHA home loan applicants is whether to concentrate on buying a suburban-type home or a condo unit. FHA home loans for condo unit purchases are definitely available from participating lenders willing to offer them; what are the differences between an FHA home loan for a condo or other types of properties? FHA Condo Loan Rules: The FHA Approved Condo Projects List FHA loan rules in HUD 4000.1 require all condo units secured by an FHA mortgage to be on or added to an FHA approved condo project list. Your lender can help work with you on a condo project to get it added to the list, assuming the project meets FHA loan requirements. If you want to search for an already-approved condo project | more...

 
FHA Home Loans For 2019

How To Start Buying A Home With An FHA Mortgage

What are the first steps towards purchasing a home with an FHA mortgage? That depends on the stage of your loan that you find yourself in-when it’s time to plan the mortgage, the steps involve pulling your credit report and saving up for your down payment and other expenses. But what about when you are ready to start actually house hunting? A few preliminary steps can save you headaches and wasted time later. Use A Mortgage Calculator To Determine A Price Range It’s strongly recommended that house hunters first calculate an estimated price range on homes they can afford. House hunting with a specific set of prices will help rule out neighborhoods that don’t fit into your budget. But the price range determination does not stand alone-knowing how much home | more...

 
What You Can And Cannot Do With An FHA Home Loan

Am I Ready To Apply For An FHA Mortgage?

Are you ready to apply for an FHA home loan? There are some steps you can take in the planning stages to make sure that when you fill out those forms, you are absolutely ready. FHA Home Loans: Is Now The Right Time To Buy A Home? There are many things that come together to make a home loan transaction successful; one of them is the timing of your loan application. Is now the right time to buy? If you have a down payment saved or budgeted for, if you have checked your credit, if you have done the math on your finances, you have a very good idea of your financial status at the moment. If there are things left undone, you can pick some of the most simple | more...

 
Will I Be Approved For An FHA Mortgage Loan?

Will I Be Approved For An FHA Mortgage Loan?

We get many reader questions asking about scenarios they are worried might cause trouble when it’s time to apply for an FHA mortgage. Here are some of the most common questions related to situations that may or may not be an issue when applying for an FHA home loan or FHA refinance loan. I have a FICO score of 500. Can I Qualify For An FHA Mortgage? Technically the answer is yes, if you go by FHA loan standards alone. However, lender standards for FICO scores and loan approval will also apply and the lender’s FICO score requirements are likely to be higher than the FHA loan minimums. Those with FICO scores between 500 and 579 are technically eligible for an FHA loan but they are required to pay 10% | more...

 
FHA Home Loans: Five Reasons To Buy A Home Instead Of Renting

FHA Home Loans: Five Reasons To Buy A Home Instead Of Renting

In our last blog post we discussed some reasons to purchase a home with an FHA mortgage instead of renting a property. Most of the reasons discussed in the previous post had to do with financial matters including the fact that renters gain no equity in their rental homes, and they have no ability to apply for a cash-out refinance loan based on the current value of the home. Reverse mortgages are unavailable to renters, too. But there are other reasons to buy a home and not rent. Are you thinking of an FHA mortgage to buy a home based on some of the reasons listed below? There are compelling arguments for each of the five reasons. #5: Buying A Home Means More Privacy Borrowers who own their own homes | more...

 
FHA Home Loans For 2019

Who Needs Credit Repair Before Applying For An FHA Mortgage?

Who needs credit repair before applying for an FHA mortgage? If you are worried about your ability to qualify for a home loan because of past financial issues, credit mistakes, or even identity theft, it’s important to begin reviewing your credit and working on raising your credit scores as early as possible before committing to a mortgage loan application. Don’t wait to start working on your credit, begin today! What Kind Of Credit Repair Is Needed? There are many different things you can do to work on your credit rating and credit history but what we NOT suggesting is that you pay a third party offering to “remove all negative credit information” from your credit report or other things that are not actually possible. The best way to begin working | more...

 
FHA Home Loans: Should I Buy A House Or A Condo?

FHA Loan Down Payment Assistance Rules

FHA loan rules governing down payments and down payment assistance are found in HUD 4000.1, the FHA single-family loan handbook. FHA loan rules require both a minimum down payment and also that the down payment comes from an approved source. FHA loan rules permit borrowers to get down payment assistance from third parties, but when down payment help is offered, it must meet the same types of requirements that borrower-provided down payment funds. What are the rules for down payment assistance for FHA mortgages? FHA Home Loan Down Payments Must Be Sourced Properly FHA loan down payment money can come from a borrower’s cash reserves, cashed-in investments, checking accounts, and a variety of other sources. But it cannot come from a payday loan, cash advance, or other restricted sources. The | more...

 
FHA Home Loan Advice: Wait Until After Your Closing Date For New Credit

How Many FHA Mortgages Can I Have?

How many FHA mortgages can I have? This question is often on the minds of those who are interested in buying an investment property using an FHA mortgage. Understanding the FHA loan rules in this area can save a potential borrower a lot of time. FHA Home Loans For Investment Property? FHA home loans cannot be used for investment properties. In this context, the phrase “investment property” refers to a single-family home with between one and four units that the borrower does not intend to personally occupy. It also refers to any type of intermittent-occupancy property such as a bed-and-breakfast, condohotel, or other property that is not primarily residential in nature and that the borrower won’t personally live in as her or his home. FHA Loan Rules For Occupancy and | more...

 
What Is A Home Loan Seasoning Period And Does This Affect My FHA Mortgage Application?

Seven Facts About FHA Home Loans

Seven facts about FHA home loans you should know include lower credit score requirements and down payments than conventional mortgage counterparts. The other five facts are just as useful to a house hunter as the low down payment and FHA credit score rules. FHA Home Loan Limits Are Adjusted Yearly And Vary Depending On The Housing Market Not all housing markets have the same costs or median house prices. A Zillow.com report for home values in 2018 says houses in California may average around $500,000 while homes in Pennsylvania average around $160,000. FHA home loan limits for high-cost and low-cost areas are adjusted rather than featuring an one-size-fits-all approach. FHA Loan Down Payment Requirements Compared To Conventional Mortgage Loan Requirements FHA loans specify down payment minimums between 3.5% of the | more...