Articles Tagged With: Mobile Home

January 17, 2011

FHA Loans and Predatory Lending–Ask an Agent

When a first time home buyer wants to apply for an FHA home loan, they have a lot of learning to do about the whole process. The marketplace is full of reputable lenders, but as with any industry there are some individuals and even whole companies with business practices designed to take advantage of the lack of knowledge a newcomer might have. That's one reason the FHA offers a collection of resources for house hunters which includes plenty of advice on how to avoid predatory lending.

December 27, 2010

Making Home Affordable Refinancing and Loan Modification

By Joe Wallace

n 2009, the Obama Administration created a plan to help the American economy recover from a serious financial crisis. Part of that plan included stabilizing the troubled housing market and reduce the amount of foreclosures. The Making Home Affordable program was introduced to help struggling home owners avoid defaulting on their loans, including FHA mortgages and equivalent programs for VA home loans. Under the Making Home Affordable program, several loan modification and refinancing options became available. Those with FHA loans who qualify for help under these programs have many options to save the home, prevent foreclosure and get back on track with their mortgage payments.

November 29, 2010

What are FHA Minimum Property Standards?

By Joe Wallace

As with most government home loans, the mortgages guaranteed by the FHA have minimum property standards which must be met before the FHA will approve the loan. But taken at face value, that statement would lead some to believe the FHA maintains a set of building codes that a home must meet above and beyond (or at least separate from) state and local codes. That was true once upon a time--until the mid 1980s, the FHA did have its own codes for different types of buildings.

November 12, 2010

Do FHA Loans Require a Criminal Background Check?

By Joe Wallace

There are many steps to take on the road to home ownership. When applying for an FHA mortgage, some of those steps include furnishing information to help the FHA determine whether an applicant is a good credit risk. FHA requirements include a credit check that includes residency information, employment history and other details to give an accurate picture of an applicant's background as it relates to paying bills on time and maintaining good credit.

November 1, 2010

What Does the FHA Look For in a Credit Report?

By Joe Wallace

When a buyer wants to purchase a home with an FHA guaranteed mortgage, FHA requirements include a credit report. The FHA needs to see credit information on all prospective borrowers to establish that the applicant has a good history of on-time bill payments; the FHA also needs to know the borrower's residence history and related information.

November 1, 2010

FHA Loan Features

By Joe Wallace

As the official site of the Department of Housing and Urban Development says, the FHA loan program has been running since 1934. This program is designed to help ordinary people get into affordable home loans with low down payment requirements, low closing costs and credit requirements that are more lenient than conventional loans.

July 15, 2010

Can I Get an FHA Loan for a Mobile Home?

By Bruce Reichstein

The FHA has a program that lets FHA loan applicants get financing (or refinancing) for the purchase of mobile homes, a developed lot for the mobile home, or the combination of the home and the lot. Like other FHA loan products, the mobile home must be considered the primary residence of the FHA borrower.

July 6, 2010

Why Should I Consider an FHA Loan?

By Bruce Reichstein

There are plenty of reasons to consider an FHA loan.FHA insured home loans can be used for a variety of properties and purposes. Those who apply and qualify for FHA loans can purchase a home for up to four families, a condo or even a manufactured home on a permanent foundation.

June 10, 2009

FHA Home Loan Numbers Increase in Spite of Housing Slump

By Bruce Reichstein

While indicators show conventional lending markets are still feeling the effects of the housing slump the FHA has taken a larger role in helping consumers get affordable home loans. Some of the most recent developments are making those on the fence about buying a new home in this economy give FHA loans a second look.