September 21, 2021

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Articles Tagged With: Mortgage Closing

FHA Loan

FHA Home Loans: Mistakes To Avoid When It’s Time To Close

As you get closer to the day when you sign the paperwork, pay your closing costs, and take possession of your new home, there are some important mistakes to avoid. Do you know what they are? FHA home loan closing day is an important milestone; make sure you know what to expect leading up to the big day. Don’t Move The Same Day You Close Closing dates can change, circumstances may require a new closing date. If you hired movers or rented a truck on the same day that you are supposed to close the deal, you may be disappointed. Don’t Be In A Hurry Take the time to carefully read all documents you are required to sign, don’t skip the home inspection, and don’t give in to any kind | more...

 
FHA Mortgage Loan Issues: "Identity Of Interest"

Before You Apply For Mortgage Pre-Approval

A lot of people assume they are ready to apply for any major line of credit at any time. But if you want to apply for mortgage pre-approval, there are some important things you need to ask yourself to determine whether you are truly ready to apply. Where are you at in the current process of planning and saving for a home loan? FHA mortgages, conventional loans, and even some first-time homebuyer downpayment assistance plans require the borrower to make a minimum investment.  If you don’t have a down payment saved or have a plan to come up with your down payment and closing costs before seeking a lender, you may not be ready to apply for pre-approval. But what else should you be asking? One of the first things | more...

 
Mortgage Loan Approval During Coronavirus

How Early Should You Use A Mortgage Calculator?

The short answer? The moment you think you want to commit to being a home owner, you should consider using an online mortgage calculator. A mortgage calculator can help you plan and save for your mortgage. The use of a mortgage calculator is something most real estate blogs and home loan websites encourage you to use. The most basic, entry-level finance blog advice includes “use a mortgage calculator”. But there are some things to keep in mind about using a mortgage calculator–you want to use one that includes more than just the principal and interest for your loan. If you use one that limits the input to just those two things, you won’t really get an estimate of your monthly mortgage payment. Why? Because you will need to factor in | more...

 
FHA Home Loan Resources

FHA Loan Down Payment Facts

Some borrowers get nervous about having to come up with a down payment. It is more than some have spent on one thing in their adult lives all at once, who can blame them for worrying? FHA home loans permit down payment gifts and grants and that can be a huge help for the first-time homebuyer. The rules for these programs must clearly explain the conditions of the grant or gift, under what conditions it might be required to be paid back–those payback terms of often triggered by violating the terms of the agreement. It can also happen when the home is sold, paid off, or no longer used as the primary residence.  Such gifts may come from state or local housing development agencies or other local entities–remember that the | more...

 
FHA loans

Down Payment Help For Your Home Loan

If you need a home loan but worry about the down payment, you may be able to take advantage of state-run or locally operated down payment assistance programs in your area. The FHA home loan program itself does not offer down payment assistance so you will need to find a local program that can help. What should you know about down payment assistance programs? For a start, these programs can be used with an FHA mortgage to purchase an owner-occupied single-family residence. In some cases you may be able to purchase a home with more than one living unit, but occupancy is a requirement both for the FHA loan program for single families as well as many down payment assistance options. For FHA loans, the minimum required 3.5% (of the | more...

 
Is your credit ready for an FHA loan?

5 Things To Know About Home Loans

What do you need to know about home loans? There are certainly more than five things you’ll want to remember, but this is a great way to begin the planning stages of your new home loan. Home Loan Tip #5: One Application At A Time When you are in the planning stages of a new home loan, it might not occur to you (at first) to think of all your finances as a single entity. This is important because your lender will certainly do so, and if you have applied for any other credit in the meantime it can make it harder for your loan officer to justify approving your home loan. Plan on applying for ONE line of credit in the year you commit to the loan–your mortgage. Home | more...

 
Buying A Home With A Lower Credit Score

Issues That Can Affect Your Home Loan

There are certain problems that crop up with home loan applications that can make it difficult for a mortgage lender to approve a loan application. We have written many articles about credit scores, debt payment history, and the amount of debt you carry, and how these issues affect your ability to get home loan approval. But what about the lesser-known issues? The Nature Of The Property Counts Some property types have restrictions from either the lender or under FHA loan rules. Those rules are found in HUD 4000.1. Did you know that no mobile home built before  June 15th, 1976 can be approved for an FHA mortgage? No home may be sold under the FHA loan program for commercial purposes. That means the home purchased with an FHA loan can’t | more...

 
FHA Home Loan

Planning Your First Home

Your first home loan might seem intimidating, but there are some things you can do to help reduce those feelings of being overwhelmed by unfamiliar details. The key is to start early and plan ahead; before you fill out loan application paperwork, consider making your planning phase for the loan last year or more. This takes some immediate pressure off borrowers to save up for the down payment and closing costs. It also provides more adequate time to work on your credit, and cut the amount of monthly debt you carry. What other things can first time home buyers do to help themselves in the months leading up to the home loan application? Home Loan Planning Means Knowing Your Housing Market Some borrowers start their home ownership journey without a | more...

 
Why did my mortgage payment increase

HUD Updates Coronavirus Home Loan Guidelines For Loan Closing

The FHA and HUD have issued guidelines for mortgage loan closing procedures that may be affected by coronavirus lockdown measures, quarantine, and other issues related to the COVID-19 pandemic. Many home buyers were caught by surprise by coronavirus issues and there are many home loans that are affected. The Department of Housing and Urban Development issued initial policies in March, 2020, but updated them in mid-April to include provisions in several areas designed to help facilitate FHA home loans during the outbreak. FHA Loan Rules On Title insurance The FHA and HUD issued guidance on loan servicing issues designed to address situations in counties where recording offices are not operational during the national emergency. The FHA/HUD official site answers the following question related to such scenarios: “Will FHA accept title | more...

 
Buying a House In The Era of Corona

FHA Loan Rules And Mortgage Closing Costs

FHA home loan rules for mortgage closing costs include a requirement that down payment funds come from approved sources, but there are plenty of other guidelines for the money you’ll need to pay at closing time. There are three basic categories when it comes to your home loan closing costs, some of which are subject to change. Some costs are fixed, and some can be increased by the lender depending on whether or there is a change in circumstances that affects the borrower’s credit rating, if there is a change in the down payment, or even the type of home loan (see below). When And How Closing Costs May Change There are certain rules that allow your lender to alter your closing costs. Under the right circumstances, those costs may | more...