June 2, 2020

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Articles Tagged With: FHA Mortgage Loans

Build on your own lot. Construction loan basics

FHA Construction Loan Facts: What You Need To Know

There are many options available when you are searching for a house to buy. The first set of choices often involves the type of home loan you want to apply for–believe it or not there is no one-size-fits-all mortgage. If you want to purchase a condo with an FHA mortgage, for example, there is a specific loan and procedures for that. But what if you want to have a house built for you from the ground up? This is also an option, even for first-time home buyers. You can apply for a conventional one-time close construction loan, but you’ll be applying for conventional loan interest rates and terms; an FHA One-Time Close construction loan has a 3.5% down payment requirement, which is lower than you may be offered on a | more...

 
Credit Requirements For Your FHA Home Loan In 2020

Mortgage Scams During COVID-19: Borrower Beware!

The Federal Trade Commission warns mortgage borrowers to beware of scams that prey upon homeowners in trouble during the coronavirus outbreak. The FTC Chairman, Joe Simons, was quoted in an FTC press release advising borrowers about the FTC’s role in prosecuting scam artists taking advantage of Americans who have been affected by COVID-19. “The FTC is ready to assist businesses that may seek guidance about compliance obligations on consumer protection issues during this unprecedented time,” Simons said in the press release. If you have been contacted by a third party about coronavirus financial relief and suspect a scam artist at work, report coronavirus-related scams at ftc.gov/complaint. What should consumers do to protect themselves from coronavirus mortgage scams? The first step is simply to recognize that if you have not initiated | more...

 
Buying a House In the Era of COVID-19

Facts About FHA Mortgage Loans

FHA home loans and refinance loans are complex, and the less you know about how the process works, the harder it can be to make sense of your loan. What you don’t know about home loans can make a big difference in the price you pay, the terms you accept, and more. FHA Loans: Credit Checks Are Very Important Credit counts. How much do you want to pay in interest and money up front for the down payment? Your credit score affects the cost of your loan. How can you get financially ready for your home loan application? Do not begin the FHA loan application process with fewer than 12 months of on-time payments. You should make on-time, every time payments on all financial obligations with no late or missed | more...

 
Buying a House In The Era of Corona

Is It Safe To Go House Hunting During The Coronavirus Outbreak?

Is the housing market is in “disarray” in the wake of the coronavirus? Some think so, sharing stories of lenders refusing new loans, mortgage rates moving contrary to their traditional patterns in the presence of influences that normally tend to put upward or downward pressure on those rates, etc. And then there’s the coronavirus itself, bringing cancellations, disrupted travel plans, and slow sales due to reduced demand. But even with all this, house hunting and real estate sales continue. But what can a home loan applicant do when they are afraid of catching coronavirus (however justified those fears may or may not be) or even just the garden-variety flu? Technology provides the answer for some in the form of the virtual real estate tour. Virtual tours can take the form | more...

 
HUD Begins Foreclosure Relief For FHA Borrowers Affected By The Coronavirus Outbreak

HUD Announces Settlement In California Fair Housing Discrimination Case

The Department of Housing and Urban Development (HUD) has announced a conciliation agreement in a California Fair Housing complaint alleging housing discrimination against those with children. Oberhauser Trust and its leasing agent, First Core Group, Inc. (doing business as Keller Williams Realty, in Glendale, California) were named in a complaint alleging denial of housing for a father of two; according to the HUD official site, this case was brought to the agency’s attention after the father was denied housing. According to a HUD press release, “…a father of two and his father-in-law filed a complaint alleging that the father was denied the opportunity to rent a condominium because he has two young daughters who would be living with him part-time.” The complaint alleges that an application to rent a condo | more...

 
Buying a House In The Era of Corona

Low Home Loan Interest Rates: How Long Will They Last?

Mortgage loan interest rates and the coronavirus–how low can they go? COVID-19 and coronavirus headlines have, via investor reaction to the headlines and the situation in general, greatly affected mortgage loan interest rates, pushing them to lows not seen in quite some time. Investors are putting more funds in safer investments, which can serve to put downward pressure on mortgage loan interest rates. The rates have fallen to incredible lows in 2020; not many expected rates to fall THIS low and some homeowners are scrambling to refinance and take advantage of lower rates and less costly monthly payments. Some borrowers might feel as if maybe they owe it to themselves to try to buy or refinance with mortgage rates as low as they are now; 3.25% for FHA and VA | more...

 
Home loans and your credit scores

Get A Better Home Loan Deal By Asking One Question

 Some people are born negotiators, and they don’t mind telling the rest of the world about it. But more people seem to feel uncomfortable with the idea even when it’s in their best interest to do so. Are you trying to buy a home? If so, you’ve already committed to spending a lot of money to make this important investment. Why pay MORE if you don’t have to? Negotiating the details of your home loan can save you money and get you a better deal. Does it have to be uncomfortable and awkward? No. Actually, you can negotiate quite successfully by asking one simple question, but that question needs a bit of homework to ask properly. What’s the secret to negotiating a loan? What is that one question? before we | more...

 
One-Time Close Construction Loan Options For Veterans

One-Time Close Construction Loan Options For Veterans

There are reasons why some veterans don’t use their VA loan benefits to buy a house at that moment. The reasons for that, we’ll discuss below. But it is important for military members and their families to know the options they have when looking for a home to build on their own lot. There are plenty of options; which type of One-Time Close construction loan to choose from? Those who have entitlement to use for a VA mortgage loan to build a home would seem to choose to do so based on the zero down home loan option all by itself. Add the lack of a mortgage insurance requirement, and the fact that veterans who receive (or are eligible to receive) VA compensation for service-connected medical issues are exempt from | more...

 
Closing Day On Your FHA Home Loan

Closing Day On Your FHA Home Loan

What do you need to know about closing day for your FHA home loan? There is plenty of advice out there including the idea that you should not schedule loan closing AND moving trucks on the same day. But why? Because there are some variables that could delay your closing day, and you don’t want to get stuck juggling TWO rescheduling needs instead of just one (to say the least). Closing Day Delays Your closing day could be rescheduled for any number of reasons–there could be an issue with the title, your appraisal could come in too low, you may pay for the home inspection only to find that there are problems with the home not covered by the appraisal. Some issues are merely delays. Others could develop into a | more...

 
Will FHA Loans Let Me Rent Out My Home?

Will FHA Loans Let Me Rent Out My Home?

Will FHA loan rules allow you to rent out the property you purchase with an FHA mortgage? There are many who wish to buy a home to start working as a landlord, but if you wish to do this with an FHA mortgage, there are certain restrictions you will need to know before you commit. Many home loans have specific requirements; a borrower may be permitted to buy an investment property with certain kinds of home loans (not FHA) but the trade off may be higher interest rates, more restrictive terms and conditions (depending on the lender), and penalties for early payoff of the mortgage. Being a Landlord With An FHA Home Loan With an FHA home loan, you are permitted to be a landlord as long as you occupy | more...