January 17, 2019

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Articles Tagged With: FHA

Government First-Time Home Buyer Programs

Government First-Time Home Buyer Programs

Many first-time home buyers want to know if there are government programs for those who have never purchased a home before. FHA home loans often get included into this category and it’s true; FHA mortgages are good for those buying a first home. FHA loan limits have increased for two years in a row at the time of this writing, there are lower FHA FICO score requirements and lower down payment requirements for FHA loans that make them a good option to explore when shopping for your first home and your first real estate loan. But FHA mortgages are not specifically intended for first-time buyers. You do not have to be a new house hunter to apply. That said, FHA mortgages for a starter home, first home, or for a | more...

 
FHA Home Loans In 2019: Are Home Price Increases Slowing Down?

FHA Home Loans In 2019: Are Home Price Increases Slowing Down?

A CoreLogic Home Price Insights report indicates that home prices increased by more than five percent between November 2017 to November 2018, but the same agency indicates that home prices may slow down in 2019. Could that be beneficial to a house hunter looking to purchase a new home with a mortgage loan? FHA home loan limits have increased in 2019 for the second year in a row, making for an interesting borrowing environment for the first-time home buyer or any other financially qualified loan applicant who seeks an FHA mortgage. The higher home loan limits combined with slowing home prices, with predictions of more houses available in 2019 could offer house hunters more to work with in the new year. FHA home loans are not just available for typical | more...

 
FHA Loan Down Payment Rules For 2019

FHA Loan Down Payment Rules For 2019

FHA home loan down payment requirements are lower than other mortgages, and depending on circumstances your down payment commitment on an FHA mortgage could be even less thanks to down payment assistance programs and seller contributions to closing costs. FHA Home Loan Small Down Payments Elsewhere on the internet you will find writing about down payment requirements for purchasing a new home, discussing why borrowers are choosing one approach or another regarding the money they put down on the home. Conventional mortgages require private mortgage insurance (PMI) unless the borrower makes a higher down payment. A 20% down home loan transaction is not uncommon in cases where the borrower wants to avoid paying PMI. FHA home loan rules in HUD 4000.1 require mortgage insurance premiums, too, but borrowers looking to | more...

 

Happy New Year 2019!

Happy New Year 2019! We hope your holiday season has been safe and fun. We pause from our usual posts about FHA home loans to enjoy New Year’s Day 2019, and our regular posting schedule resumes on Wednesday. Thanks for reading and have a great holiday.

 
Do You Have An FHA Adjustable Rate Mortgage?

Do You Have An FHA Adjustable Rate Mortgage?

Do you have an FHA adjustable rate mortgage, also known as an FHA ARM loan? Is your introductory rate about to expire? Borrowers with adjustable rate mortgages may get a bit nervous when the end of their introductory interest rate period, also known as a “teaser rate” period is about to and and the first adjustment to the ARM loan’s interest rate becomes due. Borrowers can negotiate an introductory rate that lasts as little as one year and as many as 10 years with the lender, but eventually that initial rate will end and the first adjustment will come due. If you have an FHA ARM loan you may be eligible for either a credit-qualifying Streamline Refinance loan or a non-credit qualifying FHA Streamline refi. In many cases FHA streamline | more...

 
5 Things To Remember About FHA Loans In 2019

5 Things To Remember About FHA Loans In 2019

What do you need to know about FHA home loans in 2019? There are several issues to keep in mind whether you are refinancing your existing FHA or non-FHA mortgage or buying a new home. Be fully prepared to explore your FHA home loan options in the new year! 5. FHA Loan Limits Are Higher For The Second Year In A Row FHA loan limits go up again for the majority of housing markets in the USA in 2019-more than 3000 counties will experience higher loan limits. A smaller number, approximately 180 counties, will see no change at all but in no case will the FHA loan limit decrease. Keep these higher loan limits in mind when you are deciding what to do about your FHA loan options in 2019. | more...

 
How To Prepare For A New FHA Mortgage In 2019

How To Prepare For A New FHA Mortgage In 2019

Want to prepare for an FHA home loan in 2019? There are some important steps to take to get ready for your journey to home ownership. Some are financial, some are credit-related, and some pertain to the rates and terms you will be offered when you are ready to find a lender. Decide On Type Of Property You Want To Buy With An FHA Mortgage Condo loans are different than existing construction mortgage loans for typical suburban homes. This is also true of mobile home loans versus typical suburban homes. For example, a mobile home cannot be manufactured before June 15, 1976 or it cannot be considered for an FHA mortgage. There is no such age restriction on typical suburban houses or similar properties. And those who wish to have | more...

 
FHA One-Time Close Construction Mortgage Advice For First Time Home Buyers

FHA One-Time Close Construction Loans: Advice For First-Time Home Buyers

First-time home buyers aren’t always looking for a pre-existing home. Some want to have a house built to suit according to design plans they have personally approved. The FHA One-Time Close construction loan is an excellent option for those who want to build a home instead of having to scour the housing market for just the right property. It’s good to explore FHA mortgage loan options in this area by asking a participating lender about the FHA One-Time Close (OTC) construction loan which allows a single loan application and a single closing date instead of the more traditional construction loan which features two loan applications and closing dates. One closing date is for the construction phase and there is also a second loan and closing date for the mortgage itself. | more...

 
Happy Holidays 2018

Happy Holidays 2018!

Happy Holidays! We’re pausing from our usual schedule of writing about home loans, mortgage trends, FHA and HUD news, and related topics in order to celebrate the holiday season with friends and family. From all of us here, have a fun and safe holiday season! Our normal schedule resumes on Wednesday, December 26. Thank you for reading!

 
Late Payments Can Hurt Your Home Loan Chances

Late Payments Can Hurt Your Home Loan Chances

When you apply for any kind of credit including an FHA home loan, the lender will check your payment history to see what kind of patterns are evident. Are you a responsible borrower? The lender wants to see indications that you are one. A Full Year Of On-Time Payments In general it’s recommended that house hunters come to the FHA loan process with 12 months of on-time payments on all financial obligations. A late or missed payment can require the lender to find reasons to justify the home loan, including making a determination that late or missed payments are not likely to happen be an ongoing problem. Borrowers sometimes make certain assumptions about their credit history that simply are not true. Some believe that if they do not report certain | more...