March 26, 2019

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Articles Tagged With: Mortgage Closing

Setting The Home Loan Closing Date For First-Time Home Buyers

Setting The Home Loan Closing Date For First-Time Home Buyers

When should a first-time home buyer expect to be able to move into the new home they have purchased with an FHA mortgage? Can you realistically expect to move into your new home on the day scheduled for closing? Believe it or not, the answer might be no. It is in the borrower’s best interest NOT to schedule move-in day at the same time your home loan closes. FHA Loans, Closing Day, And Anticipating Change Do you know what the day of funding is? For home loans, whether for first-time home buyers or experienced borrowers, the day of funding is when the loan funds transfer to the seller from the lender. This should happen before you take your keys the the property. Know the exact date of funding and you | more...

 
FHA Home Loans and Help With Down Payments

How Much Should I Put Down On A House?

Thinking about getting pre-qualified or pre-approved for a mortgage loan? FHA mortgages generally require a lower down payment and have more forgiving terms for loan approval, but the amount of money you put down isn’t just guided by your financial qualifications (see below), it also depends on your financial goals. A National Association of Realtors report from 2017 indicates that a large number of people put down less money than you might think to purchase their dream home. Some of the zero-money-down transactions are likely either VA loans (available for qualified veterans and dependent on serving a minimum amount of time in uniform) or USDA loans which also have a zero down payment option. But in some cases you may actually wish to make a larger down payment. Why? In | more...

 
Winter Vacation Homes And FHA Loans: What You Need To Know

What Do FHA Loan Closing Costs Include?

What do FHA loan closing costs include? There are a group of fees and expenses you will need to save up for during the planning stages of your FHA home loan. Remember that the less you have included in the loan amount (certain permitted closing costs may be added to the loan) the lower your mortgage payments potentially are. Closing costs are not standardized; your FHA loan may cost more in some housing markets than other depending on what is reasonable and customary in that market. It is important to know that in most cases the fees and expenses of your loan will be priced in a similar fashion. If you aren’t sure about a certain cost or fee, ask your lender to explain it and how it works. It | more...

 
Credit Advice For First Time Home Buyers

FHA Home Loan Advice: Wait Until After Your Closing Date For New Credit

Why should borrowers wait until after the closing date to apply for new credit? This is a very important issue that FHA borrowers need to be aware of before applying for a new purchase loan, FHA construction loan, or even a refinance loan. What makes the credit issue so important once you have been pre-approved for a home loan and start house hunting? Why should you never apply for new credit once the loan application has been submitted and you await final loan approval and the closing date? Home loans require the lender to check more than once to make sure the borrower is credit-worthy and can afford the mortgage loan. These checks may be automated or may be done manually by the lender depending on circumstances. Just because your | more...

 
Rent Or Buy? FHA Loans Can Help You Own Your Home

What You Need To Know About Closing Your FHA Mortgage

What does an FHA borrower need to know about the closing date for an FHA mortgage? There are several issues to consider, especially when it comes to whether or not your transaction is occurring in a wet funding or dry funding state. Home Loan Closing Dates: The Difference Between Wet Funding And Dry Funding The terms “wet funding” and “dry funding” refer to states where requirements to close may require the loan to actually close and funds be disbursed on the closing date, and states where that does not specifically happen on the closing date. A wet funding state requires completion of the loan on the closing date or in a specified period of time after the closing date procedure. Dry funding means the paperwork for the mortgage is not | more...

 
Home Buying Facts You Should Know

FHA Mortgage Loan Closing Day Tips

Need some tips to help you navigate your closing date for your FHA home loan? There are some important things to do and things NOT to do on closing day. When your sale is final the seller or the real estate agent will give you the keys to your new home, but before you can get your hands on those keys, some important things must happen. Read All Home Loan Closing Documents Carefully FHA mortgage loans, like all other home loans, feature initial estimates of expenses and payments; the final numbers should be represented accurately at closing time and should not be estimates. If the numbers you were expecting don’t line up with what is in the closing documents, don’t let it go-ask for clarification. Don’t sign incomplete mortgage closing | more...

 
FHA Home Loans For Homes Built Before 1978

Cash To Close An FHA Home Loan: What You Need To Know

What kind of cash to close do borrowers need with an FHA mortgage loan? The amount and nature of the cash to close the FHA loan will vary depending on several factors including the amount of your down payment, whether you have financed the Up Front Mortgage Insurance Premium or not, etc. FHA Loans Cash To Close: Your Down Payment For new purchase home loans, FHA loans cash requirements to close the deal will include the minimum 3.5% down payment for borrowers who qualify for that lowest down payment with FICO scores that meet both FHA minimums and lender requirements. 10% down is required for borrowers with FICO scores that don’t fall into the ranges specified by FHA loan rules and lender standards. But the exact amount of cash needed | more...

 
FHA Home Loan Mistakes To Avoid Before You Close The Deal

FHA Home Loan Mistakes To Avoid Before You Close The Deal

If you’ve found the home you want to buy with an FHA mortgage and it looks like you are going to definitely close the deal, don’t be fooled; there are still mistakes to avoid before you sign the papers and accept the keys. One important blunder that should be avoided at all costs? Changing your financial status before loan closing-as in applying for new lines of credit, missing payments, or other issues that can have your loan officer thinking twice about approving the loan and allowing it to close. If your debt-to-income ratio isn’t ideal to start with, the addition of new credit will definitely affect your potential to close. FHA loan rules, lender standards, and other requirements all may factor into the decision on how to handles such contingencies. | more...

 
Home Repairs With An FHA Loan

VA One-Time Close Construction Loan Tips

There are plenty of VA One-Time Close (VA OTC) / Single-Close construction loan tips you should know about-probably as many as for FHA One-Time Close loan or the USDA One-Time Close equivalent. Did you know that the size of your project could affect your ability to get a no-money-down VA home loan? Or that you should discuss the amount of time your VA OTC loan might take with the seller of the land if you are purchasing land and building the home? Know these issues before you apply for best results when you are ready to commit to your VA construction loan. VA One-Time Close Construction Loans / Single-Close Construction Loans Require A Contractor VA loan rules for construction loans require the borrower to hire an outside contractor rather than | more...

 
Home Loan Credit Problems: Unresolved Borrower Debt

Can I Get Cash Back On An FHA Mortgage?

Can I get cash back on an FHA mortgage? That’s what some borrowers want to know, and the answer varies depending on the type of home loan you seek. FHA Cash-Out Refinancing Loans The FHA cash-out refinance loan is an FHA refi transaction designed to permit the borrower to take cash back at closing time. The amount of cash you get back on this type of loan depends on how long you have been paying on your home loan, and the amount of any add-ons to your mortgage such as financed closing costs, etc. You aren’t allowed to borrower more than the property is worth based on FHA appraisal guidelines and LTV limits. That means you can’t use a home worth $250,000 to secure am FHA cash-out refinance loan for | more...