October 26, 2021

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Articles Tagged With: FHA Lenders

FHA Refinance Loans And Current Interest Rates

FHA Streamline Refinance Tips

Are you interested in a lower interest rate on your home loan? What about a lower monthly payment? Or perhaps you are in an adjustable-rate mortgage and are looking for a way out before your next rate adjustment? These are all motivations to refinance. You’ll read plenty online about what it means to apply for an FHA Streamline refinance, but what do you need to know aside from the things EVERY home loan website talks about? Yes, FHA Streamline Refinance loans are for existing FHA borrowers only. Yes, FHA Streamlines normally require the borrower to get a tangible benefit from the loan like a lower rate, a lower monthly payment, etc. Yes, FHA Streamlines have no FHA-required credit check or appraisal requirement. And yes, the lender is free to require | more...

 
HUD

FHA Mortgage Relief Announced For Vermont Disaster Areas

In many cases, the FHA and HUD make announcements about disaster relief after tropical storms, hurricanes, forest fires.  But you don’t have to experience a Category 3 hurricane to be severely affected by weather; one excellent example of this comes with the HUD announcement of federal disaster assistance for parts of the State of Vermont that were in the path of severe storms and flooding at the end of July 2021. On September 29, 2021, there was a Presidential Major Disaster Declaration for two  Vermont counties–Windham and Bennington. Thanks to that Presidential declaration, HUD has offered an automatic 90-day foreclosure moratorium for those two counties–this affects those with FHA mortgages, “commenced on the date of the Presidential major disaster declaration, and foreclosures of mortgages to Native American borrowers guaranteed under | more...

 
HUD

FHA And HUD Announce New Foreclosure Relief Measures For Those Recently Affected By COVID-19

The Department of Housing and Urban Development has announced new COVID-19 relief measures for those with FHA mortgages.  This news comes on the heels of a previously issued FHA Mortgagee letter, ML2021-19, “Extension of the Foreclosure-Related Eviction Moratorium and Expiration of the Foreclosure Moratorium in Connection with the Presidentially-Declared COVID-19 National Emergency” which contained the following statement: “HUD’s foreclosure moratorium is set to expire on July 31, 2021, and HUD is not extending that moratorium further”. That statement is true for many; the FHA and HUD have added more help but it is intended for those who have experienced recent financial difficulty because of COVID-19. For those who have already taken advantage of this help, the loan forbearance offered borrowers a chance to save their homes even during the prolonged | more...

 
Mortgage Loan Approval During Coronavirus

Should I Make Two Mortgage Payments Each Month?

Why do some borrowers–those applying for FHA loans or otherwise–choose to make bi-weekly payments on a mortgage? That is, why do some choose to pay two mortgage payments each month?  Paying ahead on an FHA home loan is not a new idea nor is it a bad one. There are those who pay more on their home loans each month to gradually whittle down the amount they owe on the loan so that payoff comes earlier. And there are several ways to do that, as we’ll explore below. Unlike some other types of loans, FHA mortgages do not come with a pre-payment penalty and you cannot be billed extra for early payoff of the FHA loan amount. The multiple ways to pay ahead and pay down your mortgage earlier than | more...

 
Information You Need To Pre-Qualify Or Get Pre-Approved For A Mortgage

Home Loan And Home Ownership Tools From HUD

Are you a first-time home buyer trying to get good advice on how to prepare for a home loan? Are you interested in an FHA Reverse Mortgage, but not sure about where to find approved housing counseling for an FHA Home Equity Conversion Mortgage (HECM)? Or perhaps you are a current homeowner with an FHA mortgage trying to avoid foreclosure? In every case, the FHA and HUD have housing counseling resources you can use to make more informed decisions about purchasing, refinancing, or saving your home. Did you know that the HUD official site has a page dedicated to housing counseling resources? You can find it at their official site: The HUD Office of Housing Counseling As the official site reminds, “HUD sponsor housing counseling agencies throughout the country that | more...

 
FHA And HUD

Advice For Homeowners Affected By Natural Disasters in 2021

American homeowners have been hard hit by natural disasters in 2021; everything from forest fires to hurricanes and tropical storms have beset homeowners on both coasts and in many places in-between. Add to that the complications of the COVID-19 pandemic and you get a lot of financial hardship for those who have had to evacuate, and for those who have experienced lost or damaged homes and property. The FHA and HUD have specific disaster-relief policies for those affected by natural disasters; if you have been affected by a storm, fire, or any other type of natural disaster it’s vital to contact your participating lender immediately to discuss your home loan options during the recovery phase. FHA loan rules for those affected by natural disasters may include limited foreclosure moratorium procedures | more...

 
FHA Loan

Using Your Home Equity With An FHA Cash-Out Refinance Loan

There are many uses for an FHA cash-out refinance. These FHA refi loans can be used to refinance FHA and non-FHA mortgages alike, and the funds from cash-out refinance loans can be used for any purpose including paying off credit card debt, making home improvements, and even paying for luxury items like cars or boats. But what is the best use of cash-out refinance loan proceeds?  Like many similar home loan questions, the answer depends greatly on the financial needs and goals of the borrower. But there are some issues you should consider when deciding what to do with the money you get from an FHA refinance of this type. An FHA cash-out refinance loan is a good option for someone who has built up equity in their property over | more...

 
HUD

The Final Month Of The COVID-19 FHA Foreclosure Eviction Moratorium

September 1, 2021 marks the start of a countdown–the final days of the FHA foreclosure eviction moratorium issued to help FHA borrowers avoid loan default and foreclosure during the economic hardship of the global COVID-19 pandemic. There were two FHA-wide orders during the pandemic. One was a prohibition on foreclosures on homes securing an FHA mortgage, and the other was a moratorium on foreclosure-related eviction for those with FHA mortgages who were in the foreclosure process when the pandemic hit. The moratorium on FHA foreclosures ended in July 2021, but the foreclosure eviction ban was extended until the end of September 2021. On July 30, 2021, the FHA and HUD issued an announcement stating as such, which included the following: “Foreclosure-related evictions of persons from properties that were secured by | more...

 
Low Mortgage Rates and Refinance Options

Mistakes First-Time Homebuyers Make

If you are a first-time homebuyer, there are some pitfalls and mistakes you should definitely try to avoid as you enter into the process of planning, saving, and applying for a loan to purchase a new home. What kinds of mistakes do we mean?  There is the usual Home Loans 101 type advice you read in every single finance blog ever written–don’t be careless with your credit, don’t apply for new credit while you are trying to apply for a home loan, and don’t start house hunting in earnest without home loan preapproval. But what about some of the less-obvious mistakes first-time homebuyers make? The ones you won’t find in some other online home loan blogs or advice centers? First-time homebuyers sometimes overlook critical expenses in the planning and saving | more...

 
FHA Home Loan

Home Loan Advice From TransUnion

Credit issues are among the biggest worries for many FHA loan applicants. Are you concerned that you aren’t fully prepared for a home loan application? If you tackle home loan issues early enough, you can get much closer to home loan approval. We regularly encourage readers to check their credit scores, read and monitor their credit reports, and be extra-vigilant about checking those credit reports all the way until the loan closes. One of the reasons why we do that?  Your lender will not check your credit ONCE during the home loan process–your credit may be reviewed multiple times. And that is one very good reason to keep checking your credit reports, too. And while we’re talking about credit reports, why not take some advice from the very agencies responsible | more...