May 17, 2022

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Articles Tagged With: FHA Lenders

HUD

HUD Announces Fair Housing Settlement In Las Vegas Discrimination Complaint

Fair housing laws are sadly necessary, even in the 21st century. While some may labor under the misguided notion that American society has evolved away from the need for the Fair Housing Act, the Department of Housing and Urban Development continue to investigate Fair Housing Act violations. One of the most recent? HUD announced in February 2022 that a conciliation agreement had been reached the agency and  Las Vegas landlords accused of housing discrimination against people with disabilities.  According to a HUD press release, the agreement was reached between “Las Vegas landlord, Anwar Malik, and Malik’s property manager, Ahmad Sharif-Yazdi, to resolve allegations of discrimination brought by a prospective tenant with a disability”. The alleged discrimination in this case was a refusal to rent property based on the applicant having | more...

 
FHA Home Loan Income Rules

Do You Need To Fix Your Credit Before You Buy A Home?

There are plenty of third parties who promise to fix your credit for you, for a price. But did you know you can do your own type of credit repair without having to pay or coordinate with anyone else?  You should definitely try working on your own credit before you try to pay someone else to do it for you. But how is it done? The first thing to remember is that you need TIME. Don’t assume you can fix your credit scores and loan repayment history while you’re working with your loan officer to get your FHA mortgage application approved.  You will need to start working on your credit far earlier than that, as it takes time for credit reports to notice the work you’re putting in (on-time payments, | more...

 
FHA Home Loans And Interest Rates: What You Should Know About Low Rates

Buying A Condo Unit With An FHA Loan

The FHA Single-Family Home Loan program offers condominium loans in addition to its other single-family home loan options. This surprises a small number of house hunters who wrongly assume that FHA home loans are need-based loans or that condo units don’t qualify for an FHA mortgage. They do. But there are some important things to know about the FHA Condominium Loan option–the first is that since 2019, there have been different rules about how condo loans are processed. Once upon a time you could not get an FHA condo loan if the condominium project was not on or added to the list of FHA-approved projects. Now, you may be allowed to buy a condo unit in a project that is NOT on the FHA’s list provided that the condo unit | more...

 
the importance of credit for home loan approval

Refinance Loan Issues To Consider

Are FHA refinance loans only permitted to refinance existing FHA mortgages? The short answer is that it depends on the loan you wish to refinance and why. Some FHA refi options can be used for any mortgage loan, while others are only for existing FHA mortgages. The First Thing You Should Know FHA mortgages are not need-based loans and neither are most refinance options under the FHA Single-Family Home Loan program. FHA loans have no income limit, no household income caps, and are not specifically targeted at a first-time borrower. If you have a stable income, have been in the job market for more than a year (two years or better is considered ideal), and have 12 months or more of on-time payments, you may be able to qualify for | more...

 
FHA/HUD

HUD Announces Disaster Relief For Counties In Washington State

The U.S. Department of Housing and Urban Development has announced federal disaster relief for certain counties in Washington State affected by natural disasters late in 2021. The following counties have been declared federal disaster areas: Clallam Skagit Whatcom That is in addition to federal disaster areas for the Lummi Nation, Nooksack Indian Tribe, and Quileute Tribe in Washington. The relief is intended to “supplement state, tribal, and local recovery efforts in the areas affected by flooding and mudslides” from November 13 to November 15 in 2021. If you live in any of the affected counties or tribal areas mentioned above, contact your loan officer immediately and ask your lender about the following relief and foreclosure prevention remedies for those with FHA mortgages: Immediate Foreclosure Relief In federal disaster areas, there | more...

 
New FHA Home Loan

Getting A Lower Monthly Payment With An FHA Mortgage

If you want a lower mortgage rate, refinancing your home loan can help if the interest rates offered to you at the time are more competitive than what you pay under the original home loan. Lower rates can result in lower monthly payments.  There are also options to refinance for the express purpose of getting a lower payment but for some, this issue is complicated by an option known as mortgage recasting. When you refinance, you apply for a new loan to replace the old one. The new loan may be for a shorter term or for the same number of years you committed to originally. If you refinance an FHA mortgage using an FHA Streamline Refinance loan, one of the benefits from doing so can be a lower monthly | more...

 
FHA loan

FHA Refinance Loan Options In 2022: FHA Cash-Out Refi

How prepared are you to apply for an FHA Cash-Out Refinance loan? Some borrowers don’t realize that some FHA refinance options require more preparation than others.  FHA Cash-Out loans have an FHA-required credit check and appraisal; saving for these expenses and your closing costs is a smart idea to maximize your borrowing power and keep your monthly payments lower.  Financing your allowable closing costs may hike your mortgage payments; smart borrowers try to decide in advance how high the payment can go before it is too high. What does it take to qualify for an FHA Cash-Out Refinance and get your application approved? Aside from the basics like FICO scores and your record of on-time payments, you will need to have lived in the home as your primary residence for | more...

 
Will I Need To Fill Out IRS Form 4506-T To Buy A Home With An FHA Loan?

Shop Around For An FHA Lender

Why should you shop around for your home loan or refinance loan? Aren’t all mortgages and refinance loans pretty much the same? No, actually, you may find a larger degree of variation among lenders in several ways including what kinds of loan they are willing to offer. Shopping around for a lender is always a good idea even if you are fairly certain you want to continue using your current financial institution to get the new loan or refinance. In the same way you want to shop around for the best-used car dealer you can find, you want to find the lender offering the best deal to you for the money you are spending on closing costs, lender fees, etc. FHA home loans may be standardized in many ways–the types | more...

 
FHA refinance loans: Questions To Ask

Is 2022 Your Year To Refinance?

Are you thinking about refinancing your home in 2022? There are several options to choose from including FHA cash-out refinancing. FHA Cash-out refinance loans are an option for those who have used the home as their primary residence for the last 12 months as of the assignment of the FHA case number.  That means that FHA cash-out refi loans are not allowed for investment properties, second homes, vacation homes, etc. If you don’t plan to use a property as your home, the home may not eligible for many FHA loan options. There is one exception–those who inherit property may refinance it without a minimum occupancy requirement. There is one caveat according to the FHA Single Lender’s Handbook: “In the case of inheritance, a Borrower is not required to occupy the | more...

 
FHA Loan

Worried About Getting Scammed During Your Home Loan Approval Process?

There are plenty of warnings about mortgage scams, mortgage-related identity theft schemes, and much more. We could go into the specifics of one or two of the more popular variations, but it’s equally important to know how to protect yourself more or less unilaterally against such threats to your privacy, your personal data, and your money. The first type of “best practices” you should adopt to protect yourself against scams of any kind? Refusing to respond to “out-of-the-blue” contacts on social media, text messages, or emails that you did not initiate.  People get contacted unsolicited for legitimate reasons all the time. What we’re talking about here is third parties who write you trying to get you to click on a link, provide your account information, or perform some other act | more...