February 21, 2019

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Articles Tagged With: FHA Lenders

Buying A Home With An FHA Mortgage Versus Renting

Buying A Home With An FHA Mortgage Versus Renting

How much money do you spend renting a home instead of owning one? If you count the security deposit, any applicable pet deposit, and other expenses, the numbers can add up quickly. When you rent a home instead of buying real estate with a mortgage loan, you are also stuck with whatever appliances your landlord has seen fit to install in the home, regardless of quality. You have to live with someone else’s interior design and paint scheme preferences, and chances are the carpet is not what you would have chosen…at all. Renting A Home: Where Are The Long-Term Financial Benefits Compared to Home Ownership? When you rent, you get no equity, no cash-out refinance loan option, and no ability to sell the home at a higher price than you | more...

 
How Does An FHA Mortgage Help A First-Time Home Buyer?

How Does An FHA Mortgage Help A First-Time Home Buyer?

When it’s time to buy that real estate you’ve had your eye on, how can an FHA mortgage help out a first-time home buyer? What do you need to know about FHA loans that can help you make the most informed choices? FHA Loans Offer Lower Credit Requirements Yes, there are conventional home loans you may qualify for with lower FICO scores, but you may face larger down payment requirements, which means more money out of pocket up front. FHA home loans require a 3.5% down payment for those with FICO scores 580 or higher. Lender standards may be higher than this, but the FHA minimums are lower than conventional loans. FHA Loans Allow Certain Closing Costs To Be Financed Ask your lender which closing costs of your specific transaction | more...

 
Setting The Home Loan Closing Date For First-Time Home Buyers

Setting The Home Loan Closing Date For First-Time Home Buyers

When should a first-time home buyer expect to be able to move into the new home they have purchased with an FHA mortgage? Can you realistically expect to move into your new home on the day scheduled for closing? Believe it or not, the answer might be no. It is in the borrower’s best interest NOT to schedule move-in day at the same time your home loan closes. FHA Loans, Closing Day, And Anticipating Change Do you know what the day of funding is? For home loans, whether for first-time home buyers or experienced borrowers, the day of funding is when the loan funds transfer to the seller from the lender. This should happen before you take your keys the the property. Know the exact date of funding and you | more...

 
FHA Home Loan Approval For First-Time Home Buyers

FHA Home Loan Approval For First-Time Home Buyers

What should you know about FHA home loan approval? Buying a first home or a larger property after purchasing a starter home with an FHA mortgage can be less stressful if you remember a few important things right at the start. FHA Home Loans Require A (Lower) Down Payment FHA mortgage loans require a minimum of 3.5% down. Compare that with other mortgage loans such as a conventional mortgage, or other government backed mortgage loans such as the USDA program. Yes, when you do research on USDA loans, you will find a no-down payment option offered to some qualified borrowers. But USDA loans are need-based, and FHA home loans are not. Any financially qualified borrower can apply for an FHA loan if they intend to use the house they buy | more...

 
FHA Refinance Loans For Your First Home

FHA Refinance Loans For Your First Home

Why should first-time home buyers start thinking about their FHA refinance loan options sooner instead of later? It’s not because you are actively planning to refinance, but there are circumstances which may make you reconsider your refi loan options. As a millennial home buyer, first-time home owner, or any other type of borrower, unforseen events or situations may have you re-thinking your long-term financial plans. There are FHA refinance loan options for first-time home buyers and new home owners, but some are more appropriate for certain needs than others. FHA Refinance Loans For Upgrades, Repairs, And Home Improvements If your home is damaged in a storm, you experience a fire or flood, or need to repair your roof, an FHA 203(k) rehabilitation loan is the refinance you should ask a | more...

 
Considerations For Buying Your First Home With An FHA Mortgage

Considerations For Buying Your First Home With An FHA Mortgage

First-time home buyers looking for their first home and a participating lender to apply for an FHA mortgage loan with may not know exactly what they are looking for in a new home-at first. As you go on the home ownership journey there are several issues that will become more apparent as you go. When planning for your first home loan and preparing your credit to borrow, keep these concerns in mind. Buying A First Home To Accommodate Future Needs Couples looking at their first home should anticipate changes in family size, needs for a hobby room or a dedicated work space, and room to grow with furniture and other possessions. The one-bedroom house you look at today may be the home you grow out of tomorrow; make sure you | more...

 
How To Get An FHA Mortgage Loan As A First-Time Home Buyer

How To Get An FHA Mortgage Loan As A First-Time Home Buyer

How can a first-time home buyer qualify for an FHA mortgage loan? If you are looking for a starter home, a home to grow into, or you want to have a home built especially for you (using an FHA One-Time Close construction mortgage loan), your FHA loan options are impressive. How To Qualify For An FHA loan As A First-Time Home Buyer Plan ahead and start early-that’s the best advice for first-time buyers looking to buy a house with a mortgage loan. But what does this mean? For starters, it means planning to apply for the home loan when you have 12 full months of on-time payments with no late or missed bills. Some may struggle with this notion, but it’s one of the realities of home loans. You will | more...

 
FHA Home Loans For 2019

FHA Loans And The Government Shutdown: What’s Next?

Headlines in the earliest part of 2019 about the government shutdown gave way at the end of the third full week to those discussing the interim re-opening of the government for three weeks so that negotiations on the federal budget may continue. On Friday, January 5, 2019, the partial shutdown ended, bringing furloughed workers back on the job and ending the question of how long nearly one million American workers would have to do without a paycheck. What does all this have to do with FHA mortgage loans? Many wondered if the FHA would stop the home loan program during the partial shutdown, and while that did not happen, some aspects of the FHA mortgage program were affected including the Home Equity Conversion Mortgage program and certain aspsects of the | more...

 
Are The Same FHA Home Loans Offered To A First-Time Home Buyer As Experinced Borrowers?

Are The Same FHA Home Loans Offered To A First-Time Home Buyer As Experinced Borrowers?

There are plenty of misconceptions about the FHA home loan program and first-time home buyers may assume some of them are true. One such misconception is that the FHA home loan program is only for first-time home buyers. Another is that the FHA loan program offers perks for those who are searching for their first home or a starter home. The reality is much different. Three Things First-Time Home Buyers Should Know About FHA Loans FHA home loans are not need-based mortgages, though many who need affordable down payments and the ability to refinance later into a lower mortgage payment choose FHA mortgages for the flexible credit guidelines and other factors. Down payment assistance may be available in your local area. However, the FHA itself does not offer any such | more...

 
FHA Home Loans For First-Time Home Buyers

FHA Home Loan Basics: Who Qualifies?

Are you looking for a home loan? Do you want to buy a home with a mortgage loan in 2019? The FHA Single-Family Home Loan program offers a wide variety of options for qualifying borrowers, but some future home owners make the wrong assumptions about FHA mortgages. How much do you know about this important home loan option? FHA Home Loans Are For Any Financially Qualified Borrower Regardless Of Past Home Ownership If you have applied for a home loan in the past, owned a home before, or are a current home owner, you are not excluded from consideration for an FHA mortgage under the rules of the FHA program. This is true of all FHA mortgages including One-Time Close construction loans, FHA condo loans, and FHA mortgages for multi-unit | more...