Articles Tagged With: FHA Refi

April 11, 2019

First-Time Refinance Advice

Buying your first home with an FHA loan means, for some borrowers, the need to think about a first-time refinance later down the line. What do first-time home owners need to know about refinance loans and their FHA loan options? Decide Ahead Of Time On Your Goals For The Refinance Loan FHA refinance loans can help you do a number of things depending on the need for the loan. For example, you may wish to do repairs or upgrades in the home, and for that purpose an FHA 203(k) rehabilitation loan is an excellent option to pursue. Rehab loans allow you to simultaneously refinance and repair or upgrade the house with approved projects, but if you are looking for cash back to use in any way you see fit, the | more...

Refinancing a Second Home With An FHA Mortgage Loan

April 8, 2019

FHA Home Loan Questions And Answers For First-Time Borrowers

By Joe Wallace

FHA home loans offer first-time home buyers an advantage with low down payment requirements, more flexible lending standards, and the ability to apply for local down payment assistance help where offered (as long as that assistance meets FHA requirements). Do you have questions about the FHA home loan process as a first-time buyer? Some of these answers below may help. What Is An FHA Forward Mortgage? The term “forward mortgage” refers to any home loan used to buy a property. It’s also sometimes known as a purchase loan. Why Are Closing Costs Due At Closing Time And Why Can’t I Finance Them Into My Home Loan? Not all closing costs must be paid in cash at closing time-the FHA Up-Front Mortgage Insurance Premium is an example of an FHA home | more...

March 20, 2019

Home Loan Rules You Should Know

By Bruce Reichstein

What home loan rules should you know ahead of your mortgage loan application? There are several that you should keep in mind when planning and applying for your new home loan. FHA Loans Are Issued By Participating Lenders A lender must meet FHA standards, conform to the FHA loan program rules, and generally be recognized by the FHA as being permitted to issue FHA-guaranteed mortgage loans. But not all lenders choose to participate in the FHA home loan program so you may need to shop around for a lender. Shopping around is a good thing, but some feel that one lender is as good as another. When it’s time to compare interest rates and mortgage loan terms, you may find that to be untrue. But not all lenders choose to | more...

February 27, 2019

FHA Refinance Loans For Non-FHA Mortgages

By Bruce Reichstein

Did you buy your first home with the help of a real estate agent but without the benefit of an FHA mortgage? When you compare online mortgage rates you will notice that the websites publishing these interest rates listing FHA loans with mortgage interest rates than conventional equivalents. While it’s true that your FICO scores and other financial qualifications will play an important part in the rate you are offered, when it’s time to refinance you may find an advantage with FHA mortgages, and not just in the interest rate department. FHA Refinance Loans For Non-FHA Mortgages The FHA refinance loan options a non-FHA borrower has include cash-out refinancing, the equivalent of such a loan but with no cash back, and FHA rehabilitation mortgages known as FHA 203(k) rehab refinance | more...

FHA Home Loans And The Biggest Credit Mistake You Can Make

February 21, 2019

Buying A Home With An FHA Mortgage Versus Renting

By Joe Wallace

How much money do you spend renting a home instead of owning one? If you count the security deposit, any applicable pet deposit, and other expenses, the numbers can add up quickly. When you rent a home instead of buying real estate with a mortgage loan, you are also stuck with whatever appliances your landlord has seen fit to install in the home, regardless of quality. You have to live with someone else’s interior design and paint scheme preferences, and chances are the carpet is not what you would have chosen…at all. Renting A Home: Where Are The Long-Term Financial Benefits Compared to Home Ownership? When you rent, you get no equity, no cash-out refinance loan option, and no ability to sell the home at a higher price than you | more...

February 4, 2019

FHA Cash-Out Refinance Loans For First-Time Home Buyers

By Bruce Reichstein

There are several important issues centered around FHA cash-out refinance loans. Borrowers who want to cash in on the value of the home will wonder about many aspects of cash-out refi loans. How much money will you get in cash? How long before you can successfully apply for an FHA refi loan once you have purchased your first home? FHA Cash-Out Refinance Loans: Not The Same At Every Lender All housing markets differ and lender standards/requirements will also vary. When it comes to the differences in housing markets, those applying for an FHA cash-out refinance loan in an area with rapidly increasing property values may discover your home is worth far more than originally thought. The reverse may be true in areas that are leveling off or are experiencing changes | more...

January 25, 2019

Refinancing Your Home Loan With An FHA Mortgage

By Joe Wallace

With recent interest rate headlines, some may be interested in refinancing their first home loan in 2019, especially those in adjustable rate mortgages who want to lock in an interest rate to avoid future mortgage loan rate fluctuations. Some will ask how much of the credit-check process is needed for an FHA refinance loan compared to when the original mortgage was applied for, and much depends on the type of refinance loan being applied for. Some refinance loans, such as FHA Streamline Refinancing, also known as an FHA Interest Rate Reduction Refinance Loans (VA IRRRL) do not feature a government-mandated credit check. Qualified borrowers will use the original credit check and other information used on the first mortgage as a guide. Your participating FHA lender is, however, free to require | more...

January 11, 2019

On Buying A First Home With An FHA Mortgage

By Bruce Reichstein

First-time home buyers looking for a new home to buy with a mortgage loan might not know all of their options at the time they start looking, but everyone stars house hunting with their own set of assumptions-some are right, and some are not. Some assume that an FHA home loan is made specifically for first-time home buyers, but this is not true-any financially qualified borrower can apply and be approved for an FHA home loan for a mobile home, suburban home, duplex, even condos and multi-unit properties. You read that correctly, FHA home loans can help first-time home buyers purchase multi-unit homes. This is good for those anticipating family growth, and for those who are thinking about becoming landlords and getting income from the unused living units in the | more...

January 10, 2019

Buy And Fix A Home With An FHA 203(k) Rehab Loan

By Joe Wallace

An imperfect home or a property you are sure won’t pass FHA appraisal requirements is not necessarily a lost cause when it comes to FHA mortgage loan approval. You just need to select the right home loan for the property. In the case of a home that is in need of repair, you won’t use the same kind of mortgage that you would if you were interested in a turn-key home. The kind of mortgage you need for a fixer-upper is an FHA 203(k) rehabilitation loan. FHA 203(k) mortgages allow you to buy and renovate a property using a single loan. FHA rehab loans are available as both new purchase loans and refinance loans, so no matter what stage in the home ownership process you are, this option is open | more...

December 6, 2018

Are FHA Cash-Out Refinance Loans The Only Option For Older Home Owners?

By Joe Wallace

There are many kinds of homeowner; there’s the young couple just starting out looking for their first home, there are mid-career professionals who need to relocate or upsize their living conditions, and there are older home owners looking to cash in on equity they have worked hard to build up in the home. What kind of FHA loan options are open to the older home owner who wants to keep their home but cash in on the increased value of their property? FHA Cash-Out Refinance Loans For Older Home Owners Before we start discussing the FHA cash-out refinance loan option for seniors, it’s important to point out that FHA cash-out refinance loans are for any financially qualified borrower; these loans are NOT restricted to older home owners. FHA cash-out refi | more...