December 13, 2018

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Articles Tagged With: FHA Loan Approval

FHA Mortgage Or Conventional Loan? Which Is Best For You?

FHA Mortgage Or Conventional Loan? Which Is Best For You?

What is the advantage of the FHA mortgage loan over conventional mortgages? There are many areas to be aware of when choosing the right mortgage loan to buy your new home with, but your financial priorities will determine a great deal. If you are looking at buying a new home or refinancing your existing mortgage, FHA and conventional loans have features you should compare. Especially if you need to save money up front on the mortgage. Conventional home loans,  which you may also hear referred to as agency loans, are mortgages you will get via Fannie Mae or Freddie Mac. Fannie and Freddie are the government-sponsored enterprises that your lender relies on to provide liquidity and stability to the lending market. Why don’t FHA borrowers choose these loans instead? Higher | more...

 
Questions To Ask About Buying A Home With An FHA Mortgage

Questions To Ask About Buying A Home With An FHA Mortgage

Thinking of buying a home with a mortgage loan? FHA mortgages have options you should think seriously about-and not just for the purposes of buying the home and moving in. What Options Do I Have To Make A Lower Down Payment On My FHA Loan? This question is best answered depending on why it’s asked; are you in need of lower out-of-pocket expenses for your mortgage or do you need to know what FICO scores will let you qualify for a lower down payment? Down payment assistance programs may be available from third-party agencies in your housing market. As long as these down payment programs meet FHA standards and state law, an FHA borrower may apply for them. The FHA itself does not offer down payment assistance. Borrowers may also | more...

 
Making An Offer To The Seller To Buy A Home With An FHA Mortgage

Making An Offer To The Seller To Buy A Home With An FHA Mortgage

When you have found the home you want to buy with an FHA mortgage, there comes a point where you will have to do the (uncomfortable for some) ritual of negotiating with the seller to arrive at the final price of the home. You may decide to offer the same amount as the seller is asking for the purchase of the home or you may wish to negotiate a lower price. When do you stand the best chance of getting a lower price than what your seller is asking? There are several different aspects to this-much depends on the nature of the housing market, how eager or stubborn the seller might be, whether the seller is willing to make other concessions if the price is firm, etc. What does all | more...

 
On Buying A Home With An FHA Mortgage

On Buying A Home With An FHA Mortgage

 An FHA mortgage is not limited to those who are house hunting for the first time. FHA mortgages (and refinance loans) are open to all who financially qualify with FICO scores and other financial considerations. FHA mortgages are not restricted to first-time home buyers. FHA Loans: Backed By The Federal Government There are several government home loan programs; VA home loans, USDA mortgages for rural areas, plus FHA mortgages. FHA loans are government-backed to help borrowers buy affordable homes with a lower down payment requirement than conventional mortgages. Search the Internet and you’ll find (best-execution) mortgage loan interest rates all over the internet for FHA, VA, and conventional loans. In general government backed loans have a lower best execution rate and while interest rates fluctuate daily, FHA mortgages traditionally offer | more...

 
How FHA Home Loan Appraisals Differ From Home Inspections

How FHA Home Loan Appraisals Differ From Home Inspections

If you are serious about buying a particular home with an FHA mortgage loan, one of the big steps in the process heading toward loan approval is the FHA appraisal. The appraisal process and the home inspection are not the same thing, do not address the same concerns, and are intended for different users. What are these differences and why should you as the house hunter care about them? FHA Appraisals Are A Lender’s Tool The home that is appraised by an FHA fee appraiser does so in service of the lender, not the borrower. The lender is interested in knowing that the home meets minimum FHA standards and applicable building codes. The lender is also interested in setting a fair market value for the home; that is done by | more...

 
Are FHA Cash-Out Refinance Loans The Only Option For Older Home Owners?

Are FHA Cash-Out Refinance Loans The Only Option For Older Home Owners?

There are many kinds of homeowner; there’s the young couple just starting out looking for their first home, there are mid-career professionals who need to relocate or upsize their living conditions, and there are older home owners looking to cash in on equity they have worked hard to build up in the home. What kind of FHA loan options are open to the older home owner who wants to keep their home but cash in on the increased value of their property? FHA Cash-Out Refinance Loans For Older Home Owners Before we start discussing the FHA cash-out refinance loan option for seniors, it’s important to point out that FHA cash-out refinance loans are for any financially qualified borrower; these loans are NOT restricted to older home owners. FHA cash-out refi | more...

 
FHA home loans for families

FHA Home Loans For Families

FHA home loans for families offer advantages that go beyond the comparatively lower interest rates than for conventional loans (borrower financial qualifications will help determine the actual rate the applicant is able to get from the participating FHA lender). Those advantages are important to remember when comparing FHA loans to conventional equivalents or USDA and VA mortgage loans. What kinds of advantages? They include the ability to be considered for a second FHA mortgage later down the line if job or family requirements have the borrowers thinking they might be outgrowing their home or need to relocate to be closer to a new job. FHA Mortgage Loans Allow Financing And Seller Assistance For Certain Closing Costs Borrowers who need very low out-of-pocket expenses up front will be glad to learn | more...

 
FHA One-Time Close Construction Loan Rules

FHA One-Time Close Construction Loan Rules

What do borrowers need to know about FHA One-Time Close construction loans? There are two very important areas to keep in mind. One involves the lender’s specific requirements to qualify for this single-close construction loan, and the other involves FHA loan rules. The two are not always identical and this is something to be aware of when going into the loan application process. FHA One-Time Close mortgages are different than existing construction loans because the home must be designed, built, and paid for from the ground up and there are varying time frames under which this will be done. Purchasing an existing construction home means getting to move in much more quickly, but the trade-off is that you are purchasing someone else’s home rather than having one built especially for | more...

 
Buying A Home With An FHA Loan: Should You Skip The Home Appraisal?

Buying A Home With An FHA Loan: Should You Skip The Home Appraisal?

When buying a home with an FHA mortgage, should you skip the home appraisal? Some buyers may wonder about this, especially in light of talk in late 2018 about whether the current real estate appraisal system should be kept or if appraisals should only be required of homes of a certain value or higher. According to data released by the National Association of Realtors, one big cause of home loan closing delays? Appraisal issues. The question remains; should borrowers skip the home appraisal? Borrowers Are Not Permitted To Skip The Appraisal Process FHA loans and other real estate lending require an appraisal as a mandatory part of the process. In spite of what you might see in headlines, borrowers and sellers cannot opt out. However, some borrowers may be thinking | more...

 
Refinance Loans, Millennials, and Remodeling

Refinance Loans, Millennials, and Remodeling

Published reports about home loan trends include stats indicate that more than 85% of home buyers or home owners in the Millennial age range will be undertaking renovation, fixer-upper, or remodeling projects in the next three years. These borrowers scour social media such as Pinterest to find decor, design, and layout ideas; these borrowers don’t seem to mind spending a bit extra to add just the right features to a home. Is there an FHA mortgage loan for these people? The FHA Rehabilitation Loan If you need to buy and remodel a home, the standard FHA mortgage is not the right type of loan to ask for. Instead, ask your loan officer about an FHA 203(k) Rehabilitation mortgage, which is available to help buy and repair or remodel a home | more...