October 26, 2021

Vimeo Channel YouTube Channel

Articles Tagged With: FHA Mortgage Loan

Five FHA Home Loan Questions To Ask Your Lender

What Goes Into Your Mortgage Payment

Are you new to the house-hunting process? Do you need to know what goes into a monthly mortgage payment? It’s a lot more than just dividing up your loan amount by the number of years you want to pay on the mortgage. With a home loan, it is true that your main numbers will include the amount you pay on the loan principal and the interest, divided by the number of months you are obligated to on the mortgage note.  HUD 4000.1 is the FHA single-family home loan rule book. It has all the guidelines your participating FHA lender needs to process and approve or deny your loan application. And when your lender accepts your application for review, she will not simply run the numbers on the principal and interest.  | more...

 
Credit Requirements For Your FHA Home Loan In 2020

Planning Your FHA Home Loan

FHA home loans appeal to some differently than others–some buyers like the low 3.5% down payment (the lowest possible for an FHA mortgage for those who qualify) and for other buyers, the more flexible qualifications for loan approval are the main draw. One thing that’s crucial to remember about FHA loans? You do NOT need to meet a first-time homebuyer requirement to apply and be approved. Some consumers still, after all this time, mistakenly believe that FHA loans are only for those who have never owned a home before. That is NOT TRUE. When planning an FHA mortgage, it’s important to start considering your financial needs and goals as early as you can. Your decisions in this area may make your FHA loan options more obvious or attainable depending on | more...

 
FHA Home Loan

Buying A Condo With An FHA Mortgage

Are you interested in buying a condo unit with an FHA home loan? It’s an option some borrowers don’t realize they have–some make assumptions about the FHA home loan program and the availability of loans for condo units. But the fact is that an FHA mortgage can be used to purchase a condo the same as any suburban home though there are some considerations to remember when making this type of purchase.   FHA condo loans feature the same basic qualifying terms as other FHA mortgages for mobile homes, suburban homes, etc. This type of FHA mortgage is, like all other FHA mortgages, open to first-time buyers AND those who have owned a home before (even in the last three years).  You will be approved for the FHA condo loan based | more...

 
Down payment

Buying A Home: Your Down Payment

What are the rules for FHA loan down payments? Some first-time homebuyers looking for a first home don’t realize you can’t just make the down payment by providing a check to your lender.  There are strict rules about down payments–they must come from approved sources, they must be accompanied by any supporting documentation showing where the money comes from, etc. You, the borrower, are allowed to apply for a home loan and make a down payment on the house you make an offer on, but when you make that down payment you must document the sourcing of the money. As in, where did it come from? A cashed-in investment? That’s permitted under FHA loan rules. Did your down payment money come from a pink slip loan or a credit card | more...

 
Mortgage Loan Approval During Coronavirus

Should I Make Two Mortgage Payments Each Month?

Why do some borrowers–those applying for FHA loans or otherwise–choose to make bi-weekly payments on a mortgage? That is, why do some choose to pay two mortgage payments each month?  Paying ahead on an FHA home loan is not a new idea nor is it a bad one. There are those who pay more on their home loans each month to gradually whittle down the amount they owe on the loan so that payoff comes earlier. And there are several ways to do that, as we’ll explore below. Unlike some other types of loans, FHA mortgages do not come with a pre-payment penalty and you cannot be billed extra for early payoff of the FHA loan amount. The multiple ways to pay ahead and pay down your mortgage earlier than | more...

 
FHA Condo Loan Basics You Should Know

How To Avoid A Mortgage Closing Scam

The government’s consumer watchdog agency, the Consumer Financial Protection Bureau (CFPB), has a page dedicated to warning house hunters about home loan closing scams.  According to CFPB documents,FBI warnings about home scams include attempts to “phish” your personal information with the purpose of tricking a potential borrower into diverting the payment of closing costs and down payment to a destination that is NOT your lender.  In a single year alone, these mortgage closing scams cost almost one billion dollars. Want to know how you can keep this from happening to you? Scammers trying to pull these types of phishing attacks target people in the mortgage industry–they find legitimate email addresses and “spoof” them, making the email appear to be from a real address. But the email is full of hacking | more...

 
Is your credit ready for an FHA loan?

What’s In Your Mortgage?

If you are new to the home buying process and are still house hunting, chances are good you might not be thinking about the ups and downs of your monthly mortgage payment.  Some find it difficult to wade through home loan paperwork–there is a lot of print and fine print to digest in the best of times. What should you expect from your monthly mortgage bill and what do you do if you find errors or other issues on your monthly statements long after the loan has closed? The Consumer Financial Protection Bureau or CFPB advises consumers to carefully review their monthly mortgage statement. You will want to review the following sections for accuracy each month and to make sure there are no surprises: Customer service contact information the lender/servicer | more...

 
Is Your Credit Report Hurting Your Chances At Loan Approval?

FHA Home Loans: Why You Need To Review Your Credit Report Now

Why is it so important to review your credit report long before you apply for a mortgage? One important reason–the one you read in almost every article with advice on this topic–is to start reviewing your credit early in case you have to dispute an item on your report. But what happens in the event you find errors, outdated information, or evidence of identity theft? In the 21st century the likelihood of having any–or even all–of these in your credit report is elevated due to hackers, accidental breaches of personal data, or even mistaken identity. So what should a potential borrower do if they discover trouble with their credit reports? The first thing to do is to remember you’ll need to check all three credit reporting agencies to determine if | more...

 
HUD

Time Is Running Out On The HUD Foreclosure Eviction Moratorium

The end of the HUD foreclosure moratorium was announced earlier this year–the end date of the moratorium is listed as July 31, 2021. That date is firm, at least according to the most recent FHA Mortgagee Letter published on this issue, which mentions, “foreclosures of FHA-insured mortgages may be initiated or resumed upon the expiration of the foreclosure moratorium in accordance with FHA requirements.” The July 31st deadline is, at this time, not expected to be extended further. However, there is also a moratorium on foreclosure-related evictions for FHA borrowers who are in default on their mortgages. That eviction moratorium has been extended until September. HUD instructions to participating FHA lenders is clear. The Mortgagee Letter on the FHA/HUD official sites includes these guidelines: “A Mortgagee must not initiate or | more...

 
Information You Need To Pre-Qualify Or Get Pre-Approved For A Mortgage

Before You Apply For Your Mortgage Loan

If you are concerned about your ability to qualify for a mortgage, before you get pre-qualified or pre-approved, it’s a good idea to add a few steps to your home loan prep checklist. These steps should be in addition to the usual things you need to do before you apply for the loan, seal pre-approval, approach a seller, or even start working with a real estate agent. One of those things is very important–you need to not only know the contents of your credit report (a Home Loans 101 type piece of advice) but also monitor your credit through the entire planning and purchase process of your home loan.  Knowing your credit score is vital for a mortgage borrower and home buyer, but what happens if your credit report begins | more...