April 19, 2021

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Articles Tagged With: FHA Loan Approval

Buying A Home With A Lower Credit Score

Issues That Can Affect Your Home Loan

There are certain problems that crop up with home loan applications that can make it difficult for a mortgage lender to approve a loan application. We have written many articles about credit scores, debt payment history, and the amount of debt you carry, and how these issues affect your ability to get home loan approval. But what about the lesser-known issues? The Nature Of The Property Counts Some property types have restrictions from either the lender or under FHA loan rules. Those rules are found in HUD 4000.1. Did you know that no mobile home built before  June 15th, 1976 can be approved for an FHA mortgage? No home may be sold under the FHA loan program for commercial purposes. That means the home purchased with an FHA loan can’t | more...

 
Mortgage Loan Approval During Coronavirus

Learn More About Home Loans: Appraisals & Inspections

It’s important to learn as much as you can about the home loan process when planning and saving for your new mortgage. If you are a newcomer to the home loan process, there are some good resources that can help you be more informed borrower. The less informed you are, the more likely you are to have some kind of regret at the end of the home loan process. The more you know, the more confident you will feel about your choices along the way. One important issue for many borrowers is the FHA appraisal process. Are you in-the-know about what happens during the appraisal, what it is intended to do and why you should never trust the appraisal to provide you the information that only a complete home inspection | more...

 
FHA Home Loan

Planning Your First Home

Your first home loan might seem intimidating, but there are some things you can do to help reduce those feelings of being overwhelmed by unfamiliar details. The key is to start early and plan ahead; before you fill out loan application paperwork, consider making your planning phase for the loan last year or more. This takes some immediate pressure off borrowers to save up for the down payment and closing costs. It also provides more adequate time to work on your credit, and cut the amount of monthly debt you carry. What other things can first time home buyers do to help themselves in the months leading up to the home loan application? Home Loan Planning Means Knowing Your Housing Market Some borrowers start their home ownership journey without a | more...

 
FHA Appraisal Refunds?

FHA Home Loan Resources For First-Time Buyers

Are you thinking of purchasing your first home? An FHA mortgage can be a great help with its low downpayment requirements, borrower-friendly terms, and the ability to freely sell or transfer ownership of the home if needed. First-time home buyers often aren’t sure where to start gathering resources for their home loans in the planning and saving stages. Here are some of those resources that can help you get started on the journey toward owning your own home. FHA Home Loan Local Down Payment Assistance Programs FHA loans permit down payment grants, and you may be able to find one in your local area using this Downpayment Grant resources list broken down by state. FHA Mortgage Loan Calculators FHA mortgage loan calculators can help you determine a rough estimate of | more...

 
Buying a House In the Era of COVID-19

Buy Your First Home With An FHA Mortgage

Do you want to purchase your first home? Borrowers looking for a starter home often turn to the FHA loan program because of its low 3.5% down payment requirement for borrowers with qualifying FICO scores. And thanks to protections for the borrower such as no penalty for early payoff of the loan and the ability to refinance the FHA mortgage into a new FHA loan that can result in a lower mortgage rate or monthly payment when using an FHA Streamline Refinance loan. Qualify For An FHA Mortgage What do you need to qualify for an FHA loan? For best results, at least two years in the job market and FICO scores that are in the 600s or better. FHA loan rules say you can technically qualify for an FHA | more...

 
Build On Your Own Lot

Low Down Payment Construction Loans For New And Repeat Borrowers

Are you interested in building your home from the ground up? A loan called the One-Time Close construction mortgage can help you as a first-time home buyer or as an experienced borrower. You don’t have to be a first-time borrower to take advantage of a low-down payment or even a zero down payment home loan you can use to build a house on your own lot. Among the first questions you are likely to ask about this type of loan? How much you’ll be required to provide as your down payment. And the answer you get depends on what kind of construction mortgage you seek. Do you know how much money you need to save up for a down payment? That depends on the nature of your mortgage; VA, FHA, | more...

 
FHA Loan Rules And Your Personal Information

Why Loan Applications Are Denied

What makes a borrower worthy of home loan approval? A history of on-time payments, a low debt ratio, and good credit scores all work together to get you home loan approval. But what gets you denied a mortgage? Reasons For An FHA Loan Rejection Your lender is required justify approving a home loan. There are three things the lender will review (among others): Verify that you have sufficient income for the monthly mortgage obligation; Determine that the borrower can afford existing debt and the new mortgage payments Ensure the applicant has a history of responsible credit use. What factors contribute to the lender’s decision when reviewing these three areas? We’ll explore them below. Credit Scores Matter On paper, FHA loan rules allow loan approval for borrowers with FICO scores between | more...

 
One Time Close Mortgage Loans: The Base Home Sales Price

One-Time Close Construction Loans: Loan Limits

Are you a house hunter who has gotten tired of looking at other people’s dream homes? Do you want to build your home instead of buying someone else’s? The One-Time Close construction loan is a good option for this; the One-Time Close loan eliminates the need for a second loan application and approval process compared to some other types of construction loans.  There is more than one type of One Time Close mortgage to choose from–you could be eligible for a One-Time Close construction mortgage in multiple programs. Do you know which one is best for you? USDA One-Time Close Construction Loans We start with the need-based construction loan program offered by the USDA. The USDA One-Time Close construction loan program was created for borrowers on restricted incomes. This construction | more...

 
FHA Construction Loan Rule Changes In 2021

VA One-Time Close Construction Loans For Veterans

Military members and veterans alike do well to explore their One-Time Close options to build a home instead of buying an existing house. There is an FHA One-Time Close loan veterans can use, but there is also a VA One-Time Close construction loan that is more idea for military members and veterans due to the zero-down option for the VA construction loan. Veterans and currently serving military members who are on the fence as to whether they should build or buy should explore their One-Time Close options in addition to looking for existing construction. The VA One-Time Close construction loan, sometimes referred to as a single close construction loan, can provide a distinct financial advantage for military families, retirees, and those who are about to retire or separate from military | more...

 
Higher FHA Loan Limits In 2021

Uses For An FHA Cash-Out Refinance Loan

If you are thinking about applying for a cash-out refinance loan, you likely have some ideas about what you want to use the money for. FHA Cash-Out refinance loans allow the homeowner to convert equity built up in the home and take it out in cash. The amount of cash back is determined once the original loan and the closing costs of the new loan have been dealt paid.   How to use the money? Some want an FHA cash-out refi to do home improvements with no restrictions on how the cash gets used. These loans don’t have the same restrictions on how the funds are used when you compare them to the FHA 203(k) Rehabilitation loan which allows a refinance and improvements to be made using loan funds. But | more...