June 28, 2022

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Articles Tagged With: FHA Mortgage

First-Time Home Buyer Advice: Get A Home Inspection

FHA Home Loans And Seller Inspections: What You Need To Know

What is a seller inspection and why should you know what it is before you start looking for a home to buy with an FHA mortgage?  The National Association of Certified Home Inspectors official site says that a seller inspection, sometimes referred to as a pre-listing inspection, is popular in some areas, “…because they virtually eliminate all the pitfalls and hassles associated with waiting to do the home inspection until a buyer is found.” A seller inspection can tell you (as a buyer) a lot about a home before you decide to make an offer. But why would a seller have an inspection if there’s a risk that a defect or problem might be uncovered that can hurt the seller’s chances to sell the property? Generally speaking, it’s common sense | more...

 
One Time Close Mortgage Loans: The Base Home Sales Price

Why Choose An FHA Construction Loan?

If you want to build a home on your own lot or on land you buy in conjunction with the project, you have two basic options to choose from. There is a type of construction loan that features two applications and two closing dates.  One is a loan to pay for the labor and materials in the construction of the property itself. Once the construction phase is over, the borrower applies for a second loan that pays off the construction loan and serves as the mortgage.   It is important to remember that the loan for building your house is not a 30-year mortgage. If you want to build a custom home this way, the first loan is sometimes called an interim loan with the second being referred to in the | more...

 
Mortgage Rate Trends

FHA Loans And Rising Rates

If you need to buy a home with an FHA mortgage but you are concerned about rising interest rates, there are some things you can do to help yourself make a more informed choice about your FHA loan options.  There are options to haggle with the seller, and there are loan options to consider like an FHA Adjustable Rate Mortgage. In the meantime, you can work to improve your FICO scores which helps the lender offer you a lower interest rate.  When it comes to negotiating with the seller, you may find the asking price is too high in general, or you may be looking for a price offset because of rising mortgage loan rates.  But it may be tough to sell the idea of a lower price. Instead, you | more...

 
FHA mortgages and refinance loans

Seller’s Markets, Buyer’s Markets, And FHA Loans

What does it mean to get an FHA loan when you are in a buyer’s market? What does it mean to use an FHA mortgage in a seller’s market? If you are new to house hunting chances are you’ve heard these terms before, but what do they mean in the context of a house hunt? FHA Home Loans In Buyer’s Markets What does it mean to be shopping for a house in a buyer’s market? The simplest answer is that you have an advantage as a buyer because there may be plenty of homes to choose from with little serious competition from other buyers.  That lack of competition may be because of the supply of available houses for sale. In a buyer’s market, you would still want to get pre-qualified | more...

 
FHA Rehab Loans

What To Know About Renovating Your Home With An FHA Loan

FHA home loans for renovation include the FHA 203(k) Rehabilitation loan and refinance loan options. There are also FHA Energy Efficient Mortgages or FHA EEMs that allow energy-saving upgrades and improvements to the property.  EEMS are add-ons allowed for most FHA home loans, not a separate loan program, and adding an EEM potentially raises your monthly mortgage payment. If you need to apply for an FHA home loan to renovate, the first thing you need to know is that on paper, FHA loan rules say you may be allowed to be your own builder or contractor.  However, lender standards will apply and you may find that your FHA lender does not permit this. You’ll need to ask directly as early in the process as possible. FHA loan rules say that | more...

 
Mortgage Loan Approval During Coronavirus

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...

 
HUD

HUD Announces More Fair Housing Funds

The Department of Housing and Urban Development has been very active on the Fair Housing front in 2022. A June 2022 press release by HUD announces even more funding to combat violations of the Fair Housing Act such as illegal discrimination in the housing process. Why so much activity in 2022? It’s thanks in part to language in the American Rescue Plan of 2021, which acknowledges that “fair housing enforcement and education and outreach services are an essential component of protecting persons from housing discrimination” in the United States. The latest move in supporting fair housing enforcement and awareness? HUD’s announcement of funding support for Fair Housing organizations “working to end housing discrimination” according to the press release. The funding is made possible via the HUD Fair Housing Initiatives Plan | more...

 
FHA Loan Options

Applying For Your FHA Mortgage

After you have gotten all the planning done, and after you have saved for your downpayment and gone house hunting, you’ll come to the place where you are finally ready to apply for a home loan.  What do you need to know about this process and how it works? One of the most important things to decide is how much personal help you might need to apply. There are three basic options that may be open to you depending on the lender. Whether you need to pre-qualify, get pre-approved, or actually begin the application process itself, your lender may take a specific approach to how your loan documentation and application data is submitted. Some lenders take a very hands-off approach, allowing you to apply and submit online without requiring any | more...

 
HUD

June 2022 Is National Homeownership Month

On the last day of May 2022, President Biden issued a proclamation that June 2022 is National Homeownership Month. It’s the 20th anniversary of the observance and the Department of Housing And Urban Development issued a statement about it, reminding us that homeownership has benefits and that equal opportunity and access for all should be the norm in the 21st century. During National Homeownership Month 2022, the FHA and HUD plan a series of events designed to raise awareness of fair housing issues, increase the amount of affordable housing, and make the homeownership process sustainable. “Each June, we mark National Homeownership Month, a time for HUD and FHA to renew our commitment to supporting individuals and families in achieving and sustaining homeownership,” says HUD Secretary Marcia L. Fudge, who was | more...

 
FHA home loans

FHA Loans And Home Equity

How soon do you need to start thinking about home equity? Believe it or not, you start making decisions about equity right away in the planning and saving process of your loan.  How? The amount of money you save for a down payment is a decision that directly affects the amount of the loan you want. The bigger your down payment, the more potential equity you could start out with. Essentially your home’s equity is the difference between the current market value of the home and how much you owe on the mortgage. That’s one reason why a bigger down payment affects your equity–you’ll start out owning the mortgage amount minus that money down. Since the equity in your home is subject to change, it’s important to pay attention to | more...