April 18, 2019

Vimeo Channel YouTube Channel

Articles Tagged With: FHA Loan Calculators

Online Mortgage Calculators For First-Time Home Buyers

Online Mortgage Calculators For First-Time Home Buyers

Why should a first-time home buyer use an online mortgage calculator in the planning stages of a new home loan? There are several reasons, but one of the most important is also one of the things a new house hunter may need to learn as early as possible; the monthly mortgage payment you make as a new home owner is not just about the principal and interest payment on the loan. Three Important Things To Know About Your Monthly Mortgage Payment Buying a home with a mortgage loan-ANY mortgage loan-will include a variety of things that make up the total amount of your mortgage payment due each month. An FHA condo loan, an FHA rehabilitation loan, or even an FHA One-Time Close construction loan will have their monthly payments calculated | more...

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

How Can I Get Ready For An FHA Loan Application?

How can I get ready for an FHA loan application? The process includes some advice you’ve likely heard before (check your credit, make sure you have on-time payments, and avoid new credit applications before you apply for a home loan) but there are other steps to take in the earliest stages of your house hunting journey that can be very helpful. Home Economics Do you know how much it will cost to live in and maintain  your home? Utility bills for a house are likely to be higher than for a small apartment. It’s important to start learning what typical utility rates, commuting costs, and other expenses related to owning your home instead of renting. You’ll also want to investigate how much it may cost down the road to repair | more...

 
apply for an FHA loan

How To Apply For An FHA Loan

Do you know how to apply for an FHA loan? Getting an FHA mortgage is much like any other type of home loan when it comes to taking the same amount of time to prepare, examine and improve your credit rating, reduce your debt-to-income ratio, and other issues that can help with loan approval. Good preparation is the key to any home loan, even those that have more forgiving credit requirements such as FHA mortgages. Your lender will need to see proof that you are a good credit risk, have a stable and reliable form of income, and have an acceptable amount of debt compared to the amount of income you get each month. So how do you apply for an FHA loan? It is strongly advise that borrowers give | more...

 
Can I Get A Second FHA Appraisal If I Don't Agree With The First One?

Are You Ready For An FHA Mortgage Application?

If you are thinking about filling out an FHA mortgage application, there are a few questions to ask yourself before you do-if you’re ready to apply for an FHA loan, you’ll have the answers ready. How Much Down Payment Money Do You Have? In the planning stages of buying a new home, one of the most important things you can do early is determine how much home you can realistically afford. Using a mortgage calculator can help you estimate how much you need. Since FHA home loans typically require a minimum 3.5% down based on the adjusted price of the home, you can get an estimate of how much will need to be saved up to make that down payment. Know how much you’ll need-at least a rough estimate-early in | more...

 
Can I get an FHA home loan if I owe back taxes?

Credit Score Questions

Credit score issues are some of the most popular topics in our comments section-many want to know if their FICO scores are high enough to qualify for an FHA mortgage. One reader asked recently, “(Can) i can buy a (home using) FHA or HUD at a credit score from 500 to 579? With 10% down? How much is 10%?” This reader is referring to a recent blog post about FHA FICO score requirements which included the following: “FHA loan rules state that borrowers with credit scores at 580 or higher are eligible for maximum financing for FHA home loans, which requires a 3.5% down payment from the borrower. For those with credit scores between 579 and 500, 10% down is required.” The short answer to the reader question is that | more...

 

FHA Loan Terms

Understanding Your Loan Term from FHA.com on Vimeo. How long is an FHA mortgage? The answer to that question depends on a variety of factors including the initial choice of fixed or adjustable rate mortgage, whether you plan to pay off the loan early or not, whether you plan to refinance, etc. The typical length of a fixed rate, new purchase FHA mortgage can be 15 or 30 years. If you are refinancing, other variables may apply. Choosing a loan term depends on the individual borrower’s specific needs and goals. You may wish to apply for a 15-year mortgage if you are interested in saving money over the lifetime of the loan; borrowers who choose 15-year mortgages will make higher monthly payments than those who choose 30-year loans, but the | more...

 

FHA Loans: Calculating The Monthly Mortgage Payment

One of the most important questions a home loan applicant can ask is, “How much will my monthly mortgage payment be?” While this may seem to be a simple calculation of how much the loan is, divided by how many months the mortgage loan payments are required, the truth is that it’s more complex than that. Mortgage loan applicants have a variety of online mortgage calculators to help them arrive at estimates, but what actually goes into the calculation of your monthly mortgage payment? If it’s not a simple matter of taking the loan amount and dividing it by the number of months the loan term is set for, what DOES go into those calculations? There are a variety of things. The basic calculation we mention is part of it, | more...

 

For Consumers In Need Of Help Preparing For An FHA Mortgage

Many borrowers feel intimidated by the home buying process. Are you unsure about credit score issues, pre-purchase budget issues, down payment requirements, or appraisal rules? It’s easy to understand why; buying a home is a major investment and it’s definitely a step worth taking the time to research and save up for properly. Why does it take a year or better to get prepared for the home loan application? What are the basic credit score requirements for an FHA mortgage? Can I refinance my home at some point with a cash-out loan? These are all important questions. There are other commonly asked questions, too. Many involve dollar amounts for down payments, appraisal fees, or other loan expenses. We get asked these questions frequently in the comments section, but unfortunately there’s | more...

 

More FHA Mortgage Loan Questions and Answers

Do you have questions about FHA home loans? We get many requests for information in the comments section of this blog, and a good number of those questions are frequently asked, indicating the need to have more discussions on such topics. Buying a home may seem intimidating at first, but there is a process involved that follows certain basic steps towards completion. Let’s examine some of them: How do I start planning for an FHA home loan? The key to getting ready for an FHA loan application is to give yourself time. It’s recommended that potential home loan applicants start getting ready at least 12 months before actually filling out an application, and there are several good reasons for that. One is that it takes time to check and verify | more...

 

Preparing For Your FHA Loan: Important Questions To Ask

Are you in the planning stages for an FHA loan? Considering your refinance loan options? Regardless of which choice you’re making (new purchase or refinance) there are some important questions to ask yourself when preparing to apply. The first of those is one of the most important. “Am I giving myself enough time to prepare?” Some borrowers need more preparation time than others. If you don’t have 12 months of on-time payments on all financial obligations, for example, you should definitely take the time to make sure you bring that to the bargaining table. Lenders will be looking for that 12 months-or-better reliability to establish your creditworthiness. Some borrowers need more time to save up for certain closing costs and, in the case of new purchase FHA loans, the required | more...