September 21, 2019

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Articles Tagged With: FHA Home Loans

FHA Home Loans For Millennials

FHA Home Loan Rules For Sellers

Much of our discussion here about FHA home loans is focused on the buyer; what the FHA borrower can and cannot do with an FHA mortgage or refinance loan, how occupancy rules may dictate whether a home loan is approved or not, etc. But there are some FHA mortgage loan rules that affect the seller, too. Not all the FHA loan guidelines concentrate on the lender or borrower. For example, the seller is allowed to contribute a certain amount of money toward the costs of the home loan, but those contributions cannot exceed FHA and lender limits. If the seller’s contribution DOES exceed the limit, the borrower’s loan must be reduced dollar-for-dollar for the full amount above the FHA limit. There is a list of things that can result in | more...

 
Why You Can't Buy An Airbnb With An FHA Mortgage

Choosing The Right Options For Your FHA Mortgage

Which options should you choose for your FHA mortgage? There are some things that are not required to be done in connection with your home loan which SHOULD be done, and there are choices to make that have more to do with the borrower’s financial needs and goals. Making the right choices means making informed decisions about whether to commit to things like a home inspection, financing your Up Front Mortgage Insurance Premium, or entering into a mortgage rate lock commitment with your lender. FHA Loan Options That Shouldn’t Be Considered Optional By The Borrower There are two very important aspects of home loans that are technically optional but have the power to affect your home loan experience in very crucial ways. One is the home inspection-a procedure arranged and | more...

 
Five Things You Should Do Before Applying For Your First Home Loan

FHA Mortgage Loan Closing Day Tips

Need some tips to help you navigate your closing date for your FHA home loan? There are some important things to do and things NOT to do on closing day. When your sale is final the seller or the real estate agent will give you the keys to your new home, but before you can get your hands on those keys, some important things must happen. Read All Home Loan Closing Documents Carefully FHA mortgage loans, like all other home loans, feature initial estimates of expenses and payments; the final numbers should be represented accurately at closing time and should not be estimates. If the numbers you were expecting don’t line up with what is in the closing documents, don’t let it go-ask for clarification. Don’t sign incomplete mortgage closing | more...

 
FHA Home Loans For Homes Built Before 1978

Cash To Close An FHA Home Loan: What You Need To Know

What kind of cash to close do borrowers need with an FHA mortgage loan? The amount and nature of the cash to close the FHA loan will vary depending on several factors including the amount of your down payment, whether you have financed the Up Front Mortgage Insurance Premium or not, etc. FHA Loans Cash To Close: Your Down Payment For new purchase home loans, FHA loans cash requirements to close the deal will include the minimum 3.5% down payment for borrowers who qualify for that lowest down payment with FICO scores that meet both FHA minimums and lender requirements. 10% down is required for borrowers with FICO scores that don’t fall into the ranges specified by FHA loan rules and lender standards. But the exact amount of cash needed | more...

 
The Confusion Over Closing Costs Versus Down Payment

FHA Home Loan House Hunting Checklist

Do you want to buy a new home? An FHA home loan, with its’ low down payment requirements for qualified borrowers is definitely an option to consider. With a low 3.5% down payment for qualified borrowers AND the ability to use approved down payment assistance and/or gift funds for potentially no money out of pocket for a down payment, FHA mortgages can have a lot of appeal. The house hunting process is an important part of any loan. When you are in the planning stages for your FHA mortgage, there are some big issues to consider before you launch into your search for the perfect home. Those issues can be covered by a checklist you can make and plan with, even house hunt with; when making your house hunting checklist, | more...

 
FHA Home Loan Rules For Refinance Loans

FHA Loans: What Does It Mean To Be A First-Time Home Buyer?

What does it mean to be a first-time home buyer when applying for an FHA home loan? Many borrowers want to know if there is an advantage to applying for an FHA mortgage if they have never borrower money for a home before. What is the reality? The FHA loan program itself does not give advantages to the first-time home buyer, nor does it penalize someone who has owned a home before. All financially qualified applicants are able to get an FHA loan even if they have purchased a home before. That does NOT mean first-time home buyers won’t get offered incentives from a participating FHA lender, but those incentives are offered by the lender and not via the FHA home loan program itself. Borrowers who are first-time home buyers | more...

 
HUD Announces Fair Housing Charges Against Colorado Landlords

HUD Settles Housing Discrimination Complaint Against San Francisco Real Estate Companies

There are many types of housing discrimination; some occurs when a house hunter is searching for a home, trying to rent in the local area and encountering violations of the Fair Housing Act while trying to do so. Other types of housing discrimination can occur in the house hunting process itself. Housing discrimination may come from a variety of sources; including, in the case of a recent HUD Fair Housing settlement, real estate firms. The HUD official site announced a settlement in June in the case of two San Francisco-based real estate companies accused of Fair Housing Act violations. HUD approved “a Voluntary Compliance/Conciliation Agreement settling a complaint filed by a family whose infant has a disability against San Francisco, California-based John Stewart Company and Hunters Point East West, LP.” | more...

 
FHA Home Loan Down Payment Assistance

Can I Use My GI Bill Housing Allowance For An FHA Home Loan?

Military borrowers who are considering an FHA home loan may wonder if they are permitted to use their Post 9/11 GI Bill housing stipend as part of their qualifying income for an FHA mortgage. FHA loan rules found in HUD 4000.1 require the lender to verify all sources of income for the borrower; verifiable income that qualifies may be counted in the borrower’s debt-to-income ratio. This process is important because if a borrower’s debts exceed a certain ratio compared to the amount of income, it may be harder for the lender to justify approving the FHA mortgage. So it makes sense that a borrower who qualifies for Post 9/11 GI Bill benefits or Forever GI Bill benefits might want to have their housing stipend included in the income they submit | more...

 
Is U.S. Citizenship Required For An FHA One-Time Close Construction Loan?

Is U.S. Citizenship Required For An FHA One-Time Close Construction Loan?

Is United States citizenship required for an FHA One-Time Close / Single-Close construction loan? This issue does not affect all potential FHA borrowers, but it’s a very important one to address, especially given controversy in the news over a variety of societal concerns. Before we get to the specifics of whether or not citizenship is required for an FHA One-Time Close / Single-Close mortgage or ANY type of FHA home loan, refinance loan, or FHA reverse mortgage, it must be noted that FHA home loans are approved on the basis of a borrower’s ability to financially qualify and afford the mortgage. The borrower must be able to legally commit to binding agreements including the loan contract itself, and be of sufficient legal age in the state the transaction is to | more...

 
Four Things to Remember About Home Loans and Credit Scores

Can I Do My Own Contracting Work With An FHA One-Time Close Construction Loan?

When applying for an FHA One-Time Close / Single-Close construction loan to have a house built from the ground up, some borrowers want to know if the FHA construction loan program will permit the borrower to act as her own contractor. FHA loan rules found in HUD 4000.1 would seem to make this question fairly easy to answer, but look beyond this quote from the FHA home loan rulebook-this isn’t the only rule that governs the FHA construction loan process: “The Borrower must have contracted with a builder to construct the improvements. The builder must be a licensed general contractor. The Borrower may act as the general contractor, only if the Borrower is also a licensed general contractor.” That is what is found in HUD 4000.1, page 445 under the | more...