October 28, 2020

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Articles Tagged With: FHA Home Loan

Warning Signs of Foreclosure Relief Scams

Warning Signs Of Foreclosure Relief Scams

Foreclosure scams are very much on the rise in an era where more borrowers than ever need some form of foreclosure prevention, mortgage relief, or other options to save their homes during times of financial uncertainty. Fortunately, many of these scams have some tell-tale warning signs you can use to avoid getting conned. The federal government warns consumers to watch out for the indicators that a scammer is at work instead of a legitimate offer of help. The Federal Trade Commission warns home owners to stay vigilant, especially when the following signs are present from any business which: offers to provide the homeowner with a loan modification regardless of circumstances; tries to get you to do an end-run around your current lender and asks you not to contact the lender, | more...

Rent Or Buy? Arguments For Purchasing A Home With An FHA Mortgage

Does FHA Offer Adjustable Rate Mortgages?

Does FHA offer adjustable rate mortgages? When you shop around for a participating FHA lender, be sure to ask about this type of FHA loan, sometimes known as an FHA ARM. Not all participating lenders may offer an FHA adjustable rate mortgage, but for those working with a lender that does, it is important to know some basics about the mortgage and how FHA loan rules govern the adjustments in the interest rates. Borrowers who apply for an FHA ARM loan must sign a disclosure statement that outlines the terms and conditions of the mortgage. The rules that govern FHA ARM loans are found in HUD 4000.1, and those rules begin with a definition of what the FHA considers to be an ARM loan. “An Adjustable Rate Mortgage (ARM) refers | more...

Applying For Your Home Loan With Other Credit Applications Recent or Pending

Is A Property Eligible for an FHA Mortgage Loan If It Has Asbestos?

Borrowers interested in purchasing older properties using an FHA insured mortgage could face several challenges depending on the nature of the property. For example, some buildings insulated or otherwise constructed with asbestos products could pose a health hazard. FHA rules include minimum property requirements for safety, which address situations like these. Is a property eligible for an FHA loan if it has asbestos in it?

FHA Appraisal Refunds?

How Much Is Your Monthly FHA Mortgage Payment?

When you enter the planning stages for a new home loan, you’ll want to know how to budget for the expenses of your mortgage such as the appraisal fee, down payment, home inspection, etc. But you will also want to know about the monthly mortgage payment–how much it could be, how you need to adjust your personal finances to accommodate the new loan, etc. That’s why one of the most important questions a home loan applicant can ask in the planning stages is, “How much will my monthly mortgage payment be?” It’s easy to assume this is a simple calculation of how much the loan is, divided by how many months the mortgage loan payments are required. But is it REALLY that simple? The truth is that it’s more complex | more...

VA One Time Close Construction Loan

VA One-Time Close Construction Loan Options for Military Veterans Expanded

Some house hunters get fed up with looking for just the right home, while others start out their home loan journey knowing in advance they want a house built for them. What options to these borrowers have? There is an FHA home loan known as the FHA One-Time Close / Single-Close construction loan that lets borrowers apply for a single loan that covers both construction costs and the mortgage itself. The FHA version of this type of construction loan requires the borrower and lender to work together to establish a plan for the project including estimated completion times, interest rates, budgets, and more. Some borrowers aren’t interested in FHA home loans since they have other options; do qualifying military veterans have a VA loan version of the FHA One Time | more...

What Kind Of House Can I Buy With An FHA Mortgage?

Commonly Asked Questions About Applying For An FHA Home Loan

Are you ready to stop renting and start owning your own home? The FHA home loan program was designed to help borrowers get into affordable homes with a low down payment requirement. FHA loan rules feature more forgiving FICO score standards (lender standards will also apply), and first-time home buyers should know there are down payment assistance programs in many states that can help. What sort of questions are common for FHA home loans? Read below to learn some important details every new borrower should keep in mind. How Long Does It Take To Save And Prepare For A Mortgage Application? Start planning as early as possible. It’s good to give yourself a year or more to review your credit reports, start monitoring your credit, and work on getting your | more...

Gathering Your Home Loan Documents And Preparing For The Application

How FHA Loan Limits Work

New home buyers have a lot to learn about the process of applying for and being approved for FHA home loans. The advantages of the FHA mortgage include lower down payment requirements and more forgiving FICO score rules…but how can a new borrower know how much loan they are permitted to apply for? HUD 4000.1, explains how FHA loan limits work. This handbook, a comprehensive guide to the FHA Single-Family Home Loan program, explains how loan limits work: “A Mortgage that is to be insured by FHA cannot exceed the Nationwide Mortgage Limits, the nationwide area mortgage limit, or the maximum Loan-to-Value (LTV) ratio.” These limits are set based on median house prices and are influenced by the home loan limits established by Freddie Mac and Fannie Mae. One Size | more...

FHA Loan Questions: Eligible Property Types

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...

HUD Extends COVID-19 Foreclosure Moratorium For A Third Time

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...

FHA Home Loans: What Kind Of House Can I Buy or Build

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...