March 31, 2020

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Articles Tagged With: FHA Mortgage Loan

Income Rules For FHA Loan Approval: What You Need To Know Today

FHA Purchase and Refinance Loan Interest Rate Trends And Your New Home

FHA home loans have a low minimum required down payment of 3.5%, which makes them perfect for both experienced homeowners and first-time homebuyers alike. With an FHA mortgage it’s possible to purchase or refinance a fixer-upper (with an FHA 203(k) rehab loan), buy or refinance a condo, mobile home, existing construction houses, and you can even apply to have a home built for you on your own lot with an FHA One-Time Close construction loan. As we head into the second month of 2020, we are reminded that 2019 was the best year for mortgage loan interest rates in almost a decade and the trends that kept rates low last year continue to exert some influence as new issues also conspire to push mortgage rates lower. At least in the | more...

 
Home Loans For Building On Your Own Land

One-Time Close Home Loan Hints

One-Time Close (OTC) loans allow borrowers to build a house on their own lot instead of having to choose from existing properties. You can be a first-time home buyer and still be approved for a One-Time Close construction loan, also known as Single-Close loans or Single-Close construction mortgages. If you have never examined your options on the real estate market, it’s easy to assume you aren’t financially qualified for a construction loan. After all, that sounds like a very big undertaking, doesn’t it? Having a house built for you? That may sound like something that other people might qualify for, but the fact is that FHA and VA OTC loans have the same requirements as any other FHA or VA mortgage. These loans are designed to be more affordable, and that | more...

 
Home Buying, FHA Loans, And Mortgage Trends

Home Buying, FHA Loans, And Mortgage Trends

Is 2019 the best time to consider buying a home? Recent mortgage loan interest rate trends and the news agencies that report on them seem to indicate that conditions are very good for first-time home buyers looking to purchase a home in the remainder of the year. One indication? Headlines during the week of August 4, 2019 that included phrases like, “Lowest Rates Since November 2016”. And then there are reports by agencies that monitor house prices in the United States. Consider the First American Real House Price Index (RHPI), which tracks the prices of single-family homes and the effects of factors like changes in mortgage loan interest rates on consumer borrowing power. The May 2019 report by First American includes this quote: “Consumer house-buying power, how much one can | more...

 
How To Avoid Foreclosure During The Coronavirus

How To Prepare Your Finances For A Home Loan

Do you know how to prepare your finances for a home loan application? There are several areas you should pay attention to before applying for an FHA home loan to buy real estate, and the are all equally important for loan approval. How To Prepare Your Credit Cards For A Home Loan Application Reduce your credit card balances as much as possible before applying for your home loan. Ideally your initial goals should be to get the balances below 50% of your credit limit, but your goal should also definitely include 100% on-time payments for a full year before you fill out a home loan application. How To Prepare Your Student Loans For A Home Loan Application You will, as a first-time home buyer or repeat borrower, hear again and | more...

 
FHA Rehab Loans Versus FHA 203(b) loans

FHA Home Loans: Solar And Wind Technology

Did you know that you can ask for an add-on to your FHA home loan or refinance loan to get funds for solar or wind-powered energy efficient upgrades to the home? Whether you want to add such features to your home at purchase time or refinance time is up to you but it is possible to apply for extra funds to install wind or solar power features. Some reading at this stage might assume we are talking about the FHA Energy-Efficient Mortgage add-on, but this is actually a different program. Under a section in the FHA loan rulebook, HUD 4000.1, labeled “Solar And Wind Technologies” we find the following information: “The solar and wind technologies policy allows the Mortgagee to increase the Base Loan Amount to cover the cost and | more...

 
Low Mortgage Rates and Refinance Options

FHA First Time Home Buyer Loans

How can the FHA home loan program help first-time home buyers? Some perks of an FHA mortgage are central to the home loan program itself, while others may be offered by lenders as an incentive to use that financial institution for your FHA home loan. FHA Home Loans For First-Time Buyers: Low Down Payments The FHA home loan program requires only 3.5% minimum for borrowers with qualifying FICO scores. FHA loan requirements say FICO scores as low as 580 can technically qualify for the lowest down payment, but you will need to check with a participating lender to see what standards may apply above the FHA minimums. Those with credit scores lower than 580 may still technically qualify for an FHA mortgage loan but at a higher down payment. FHA | more...

 
Do FHA loans have an income cap?

FHA Home Loan Income Limits Do Not Exist

Some borrowers confuse the features of the FHA home loan program with other government-backed loans, but when it comes to the question of income limits, FHA borrowers do not need to worry-there are NO income limits for FHA home loans. Those who misunderstand the FHA loan program as a need-based home loan option are likely confusing FHA mortgages with USDA loans, which are need-based and DO have income limits. Real estate purchases with FHA loans are not the same as their USDA counterparts. FHA Mortgages Are Not Just For First-Time Home Buyers We repeat: FHA mortgages are not only for first-time home buyers, and they are not restricted to those who may fall into a lower income category. Any financially qualified borrower can be approved for an FHA mortgage as | more...

 
FHA Home Loan Rules For Sellers

FHA Home Loan Rules For Sellers

What do sellers need to know about FHA home loans? There are several areas that you should know when negotiating with a first-time home buyer or an experienced real estate owner. One excellent example; when the home is appraised for an FHA mortgage loan, if the appraisal values the home at a dollar amount lower than the sale price, the borrower cannot be forced to complete the transaction. She has the option to walk away from the loan. This option is described in HUD 4000.1 which instructs the lender that a clause must be inserted into any sales contract involving an FHA mortgage that includes the following; “It is expressly agreed that notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of | more...

 
HUD Announces Million Dollar Settlement With Bridgeport Housing Authority Over Disability Discrimination Claims

HUD Announces Disaster Relief For Alaska Earthquake Victims

Department of Housing and Urban Development has announced federal disaster assistance for the State of Alaska and those affected by the earthquake there. On January 31st, the President declared a major disaster area in Anchorage, Matanuska-Susitna Borough, and Kenai Peninsula Borough. A federal disaster declaration allows HUD to offer foreclosure relief and other assistance to those living in the affected areas. According to the press release, HUD offers immediate foreclosure relief to those with FHA mortgages in the disaster area. Borrowers should not delay in contact their FHA loan officers. Home loan disaster relief is not automatic and you will need to discuss your options with the lender as soon as possible once you know you will experience a delay in making payments. Borrowers are eligible for 100 percent financing, | more...

 
Home Values Dropping: FHA Loan Rules You Should Know

How To Find The Right Mortgage

First-time home buyers often aren’t sure what to look for when it comes to choosing the right mortgage loan. You can have a real estate agent help you with MLS listings to find the right type of home, you can compare participating FHA lenders to see which ones offer the best mortgage loan interest rates, and you can select from a variety of options with the mortgage itself. Choose The Right Mortgage Loan For Your Needs The family that needs to relocate to a new area for a job move does not have the same immediate needs as someone interested in buying a fixer-upper home with an rehabilitation loan. Your needs and financial goals will play an important part in the type of mortgage loan you choose. FHA Home Loans | more...