May 21, 2019

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Articles Tagged With: FHA Loan Application

Buying Real Estate With An FHA Mortgage

Protect Yourself When Shopping For A New Home

A recently published report about home loans and credit checks advises, “Do not allow a credit pull by a lender you don’t know, especially if the offer is unsolicited”. This advice leads to a few other questions about the home loan process; how do you protect yourself against identity theft, fraud, scams, and unscrupulous vendors when you are trying to buy a home with an FHA mortgage? Consider Your Recent Activities When Shopping For A Home Loan What does this mean? When you want to buy a home with an FHA mortgage or any other kind of loan, consider that you may be signing up for accounts on real estate sites or other online resources and that you don’t always know what might become of your personal data with third | more...

 
Winter Vacation Homes And FHA Loans: What You Need To Know

Why Do People Choose FHA Mortgages Instead Of USDA Home Loans?

Why do some borrowers choose FHA home loans instead of the no-money-down USDA home loan? There are several reasons why an FHA mortgage might be the better choice depending on circumstances. USDA Mortgages Versus FHA Home Loans: Down Payment Requirements USDA loans do offer an advantage to eligible borrowers with a zero down payment requirement. USDA loan rules state that in some cases, borrowers who have assets higher than the USDA limit “…may be required to use a portion of those assets”. FHA home loans require a minimum down payment of 3.5% of the adjusted value of the home. The down payment requirement may be higher if there are other factors to consider including a non-occupying co-borrower (depending on circumstances), FICO scores that are lower than the limit for maximum | more...

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

Are You Ready To Buy A Home With An FHA Mortgage?

Are you ready to buy a home with an FHA mortgage? There are ways to tell how close you are to being ready to start house hunting and move out of the planning stages of your new home loan. Do You Know Your FHA Loan Limit? The FHA home loan limit varies depending on the housing market; some areas are more expensive than others and have a higher loan limit, others are “average” and conform to the median FHA loan limit nationwide. Some housing markets may be less expensive than others and feature a lower FHA loan limit, but the only way to tell is to either ask a lender what FHA mortgage loan limits are like or look the limits up for your area. Remember that FHA loan limits | more...

 
FHA Home Loans: The Escape Clause

How To Prepare For An FHA Mortgage: Check Your Spending

Do you know how to prepare for an FHA mortgage? If you aren’t currently doing a check on your spending as part of your mortgage loan preparation stage, you may need to run some numbers on your personal finances before you commit to house hunting and an FHA mortgage application. How To Take A Realistic Look At Your Monthly Spending Habits To Prepare For An FHA Home Loan Consider pulling your bank statements for the last year to review your spending habits, and pay close attention to the habits you notice over the most recent three to six months. Your financial institution may have a spending tracker for personal accounts that may help, or you may wish to invest in a personal finance app or tracking software to help you | more...

 
FHA Home Loan Approval Rules You Should Know

FHA Home Loan Mistakes To Avoid

Many people have checklists to help them shop for a home, apply for a mortgage loan, and close the deal. But is your house hunting checklist really complete without adding a list of mistakes to avoid? Steer clear of these common errors some home buyers make and you will save yourself time and money. FHA Loan Mistakes: Not Getting Pre-Approved For A Home Loan If you get pre-approved for a home loan, the seller of the property you decide to buy (or the real estate agent, or both) will know you are a serious buyer. Those who are in the window shopping phase of their home loan process aren’t take as seriously by a seller or RE agent, and in some cases not having pre-approval may exclude you from looking | more...

 
Things To Ask About Buying Condos And Other Homes

Things To Ask About Buying Condos And Other Homes

If you are in the market for a condo that you want to buy with an FHA home loan, there are some important questions to ask before you commit. Some of these questions apply to any property type, but some more specifically apply for condo loans or FHA home loans for properties that come with a requirement to join a Homeowners Association (HOA) or agree to its’ rules. What should an FHA borrower ask a seller about a condo unit or a home governed by a condo association agreement or homeowner association agreement? First, ask if any applicable agreements include a Right of First Refusal, which requires the borrower to submit any sale or transfer of the home to the association for approval. FHA loans cannot be approved for properties | more...

 
Can I Buy A Home With An FHA Mortgage After Foreclosure?

What You Need To Know About FHA Loan Applications And Loan Approval

What should you know about FHA home loan applications and FHA loan approval? Before your home loan gets final approval from the underwriter, it will go through a series of processes including the credit check, appraisal, employment verification, and much more. But FHA home loan approval depends on more than one set of standards, which makes these check and approval processes more complex. To approve your loan, the lender must answer a variety of questions about the borrower’s ability to afford the loan. FHA Loan Approval Questions Your Lender Must Answer There are several areas the lender must have answers in to give you final loan approval: What is the borrower’s current or expected income? What kind of assets does the FHA loan applicant have? What is the FHA borrower’s | more...

 
What You Need To Know About FHA Home Loan Interest Rates

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...

 
Five FHA Home Loan Questions To Ask Your Lender

FHA Mortgage Loan Rules For Earnest Money Deposits

When it’s time to get serious about a home you want to buy with an FHA mortgage loan, the payment of earnest money is an important step toward owning the property. FHA loan rules have specific requirements for earnest money deposits; like other payments associated with your home loan transaction, there are requirements for the payment and sourcing of these funds. The FHA Loan Handbook, HUD 4000.1, explains that the lender is required to verify and document the borrower’s earnest money deposit including the amount and the source when the earnest money exceeds one percent of the sales price or, as HUD 4000.1 explains, “is excessive based on the Borrower’s history of accumulating savings”. In such cases the lender must obtain: A copy of the borrower’s canceled earnest money check; | more...

 
FHA Mortgage Loan Interest Rates

FHA Home Loan Issues For Veterans

Veterans interested in buying a home have many choices including a VA home loan, but also FHA loans that function in much the same way as their VA counterparts. While it is true that VA loans require no down payment in most cases but FHA home loans always require one in most cases, some veterans explore their FHA loan options just the same. Some want existing construction loans, others want a One Time Close mortgage to build a suitable home from the ground up. One Time Close mortgages are available in both VA and FHA versions, so military and veteran borrowers have options with either type of mortgage. But some military members and veterans may enter the service after already having purchased a home, or after having assumed an FHA | more...