November 14, 2019

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Articles Tagged With: Prequalification

FHA Loan Credit Advice

Mistakes To Avoid When Buying A Home With Your FHA Loan

There are common problems associated with home loans that can be easily avoided no matter if you are using an FHA mortgage, FHA refinance, or any other kind of home loan. Do you know how to make your home loan experience as efficient and hassle-free as possible? FHA Loan Pre-Approval: Don’t Search For A Home Without It When you are serious about the house hunt, and are ready to commit financially to the home you find that seems to be “the one”, the seller will take you far more seriously as a buyer if you approach with pre-approval in hand. Sure, you can make an offer without being preapproved for a home loan, but rest assured that other potential buyers WILL talk to the seller having taken the time to | more...

 
Real Estate, Millennials, And Down Payments

FHA Home Loan Approval Questions Part Two

There are many questions borrowers have about home loan approval and how the lender decides which loans to approve. Knowing more about this process can help you better prepare for it; here are some of the most commonly asked questions about FHA home loan approval. Why Does My FHA Loan Application Get Denied With One Lender But Approved By Another? FHA home loan rules include minimum standards for FICO scores, credit history, and other factors. But these minimums are not the only guidelines that affect home loan approval. Your FHA mortgage loan is also subject to lender standards which will vary from lender to lender but also may be different than FHA loan minimums. FICO scores, employment history, and other factors may vary from the FHA minimums, which is permitted | more...

 
What You Should Know About FHA Home Loan Amounts

Five Steps To An FHA Home Loan

Buying a new home is a process. Do you need an FHA mortgage to purchase the home you’ve been looking for? There are five things you can start doing now without financially obligating yourself to purchase; these steps will definitely help you get ready for your new home. #5: Determine How Much Loan You Can Afford Before You Apply For Your FHA Mortgage Figuring out how much home loan you can afford isn’t just about how much you can afford NOW, but also down the road in light of future pay raises, upward mobility at work, changes in salary or bonuses, etc. The debt to income ratio you have at the moment may be lower six months into the future-it’s a very good idea to look ahead when planning for | more...

 
First-Time Home Buyer Tips

Why Get Pre-Approved For An FHA Home Loan?

Why get pre-approved for an FHA mortgage? This is a question some first-time home buyers ask, and the answers can make a big difference in how you approach your home loan. FHA Home Loan Pre-Approval Does Not Commit You To A Mortgage When you fill out the forms to be pre-approved for a home loan, you are not committing to the transaction in the sense that you would be financially obligated to buy. The borrower is not legally committed to a purchase when getting pre-approved. Home loan pre-approval actually works to help you be taken seriously as a buyer when you do find a home you’re ready to commit to. The buyer takes a pre-approved borrower more seriously and you may find that a pre-approval letter (depending on the housing | more...

 
Who can apply for FHA Reverse Mortgages?

Where Can I Apply For An FHA Loan? Part Two

In our previous blog post about getting FHA loans, we discussed what a participating FHA lender is, and why you might not find the same types of FHA loans from lender to lender. Where can you apply for an FHA loan? Through a participating FHA lender who offers the type of home loan you need. But there’s more to this than just seeking and finding the right financial institution. Get Pre-Approved For An FHA Loan When you find an FHA lender who offers the type of loan you need (new purchase, construction loan, condo loan, etc.) be sure to ask about the pre-approval process and what it takes to get pre-approved. Doing so can help you a great deal-you’ll have a better idea about the rough amount of loan you | more...

 

How Do You Apply For An FHA Loan? What You Need To Get Started

How Do You Apply For An FHA Loan? In our last blog post we covered some basics about preparing to apply. You can’t get to the application process without saving up for closing costs, examining your credit, and making sure you come to the application with at least 12 months of on-time payments on your credit history for all financial obligations. Once you are ready to start looking for a home, one of the best things a borrower can do is to get pre-approved for an FHA mortgage. Pre-approval means starting a business relationship with your chosen participating FHA lender. The lender asks for credit information from you, does a preliminary check of the data you’ve provided (as well as looking at your FICO scores, income, etc.) and makes a | more...

 
FHA Loans And Bankruptcy: Chapter 7

How Do You Apply For An FHA Loan?

How do you apply for an FHA loan? There are several things you can do to get the process started on an FHA home loan, but the first step is to determine if you are ready to fill out the application paperwork. Some aren’t as ready as they think, while others are definitely able to get started right away. Let’s examine what’s needed to come to the application process. Preparation And Savings Preparing for an FHA loan means the doing following things: checking your credit reports so that you see what the lender will see when you fill out your application data, correcting any erroneous entries in your credit report, making sure you have 12 months of on-time payments on all financial obligations before applying, and saving up for your | more...

 
Build Your Dream Home: FHA One-Time Close Construction Mortgages

How Is An FHA Loan Better Than A Conventional Loan?

What are the major differences between FHA loans and conventional loans? Do you know why people choose FHA over conventional mortgages? There are many reasons, depending on the borrower, but let’s examine how FHA loans differ to see what advantages you may find with a participating FHA lender. FHA Loans Versus Conventional Loans: Interest Rates Depending on your FICO scores and other financial qualifications, you may be required to put as much as 20% down on a conventional mortgage loan. Compare that to the FHA-required minimum down payment of 3.5% of the adjusted value of the property. Down payment requirements can and often do depend on your credit score, and for FHA mortgages, HUD 4000.1 (the FHA Single Family Loan Handbook) states that borrowers with FICO scores 580 or higher technically | more...

 
How much can I borrow with an FHA refinance loan?

How To Apply For An FHA Loan: The Paperwork You Need

In our last blog post we discussed how to apply for an FHA loan including issues related to credit and getting pre-approved for the loan. Getting ready for your mortgage loan application takes time-you need to have 12 months of on-time payments for your financial obligations leading up to the application, and you need to check your credit report to make sure you know what the lender will see at application time. But what is required when you actually start to fill out the paperwork for the mortgage? Credit, Employment, and Tax Data The lender needs a variety of information to approve your mortgage loan. That includes tax paperwork-anticipate the lender asking for at least two years of tax documents and have them ready at application time. Your lender will | more...

 
apply for an FHA loan

How To Apply For An FHA Loan

Do you know how to apply for an FHA loan? Getting an FHA mortgage is much like any other type of home loan when it comes to taking the same amount of time to prepare, examine and improve your credit rating, reduce your debt-to-income ratio, and other issues that can help with loan approval. Good preparation is the key to any home loan, even those that have more forgiving credit requirements such as FHA mortgages. Your lender will need to see proof that you are a good credit risk, have a stable and reliable form of income, and have an acceptable amount of debt compared to the amount of income you get each month. So how do you apply for an FHA loan? It is strongly advise that borrowers give | more...