Timely news, information and advice concentrating on FHA, VA and USDA residential mortgage lending.

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Articles Published in: February 2011

February 9, 2011

FHA Home Loans: The HUD-1 Settlement Statement

By Joe Wallace

Buying a home with an FHA loan involves a process with a set of milestones along the way. The first of set of milestones includes finding a suitable home, negotiating a price, applying and being approved for a home loan and agreeing to the terms and conditions. When it's finally time to close the deal, sign on the dotted line and get ready to take possession of the property, there's another important part of the process--getting a HUD-1 Settlement Statement.

 

February 9, 2011

Using the FHA Lender List

By Joe Wallace

For first-time home buyers, the FHA loan process seems complicated. The loan application itself requires a great deal of information including credit and employment history, a record of your previous residences, and a list of your verifiable income. Any home loan application requires this level of detail in order to process the loan correctly, but for some borrowers just getting to that point can be challenge. What does a buyer do when they don't know who to submit a loan application to?

 

February 8, 2011

FHA Loans: Factors that Affect House Prices

By Joe Wallace

When it's time to start thinking about buying a home with an FHA mortgage, first-time home buyers often need to learn a few things about the nature of the housing market. One of the most important lessons a new house hunter learns is that not all properties are created equal, and even those that do seem similar have unique issues that may affect the price and availability of the property. The housing market is an ever-changing thing. Whether you apply for a conventional or FHA insured mortgage loan, much depends on the place where you're conducting the search for a suitable home.

 

February 4, 2011

FHA Loans and Compensating Factors

By Joe Wallace

FHA loans are based on a range of qualifying criteria for borrowers. The borrower must have satisfactory credit, show a history of on-time payments, reliable income and a debt-to-income ratio that qualifies. But the FHA also prides itself on flexibility with its loans and sometimes a debt-to-income ratio or other factor that doesn't quite make the grade can be offset by what the FHA calls "compensating factors".

 

February 3, 2011

FHA Loans: What’s In My Contract?

By Bruce Reichstein

When the buyer wants to buy a property for sale using an FHA home loan, they find the property they want and make an offer to the seller. The buyer will naturally discuss the potential sale with the seller, then make a written offer for the property. The written offer is serious business--if the seller accepts, the written offer becomes a contract.

 

February 3, 2011

FHA Loans and Missed Payments

By Joe Wallace

We've discussed a great deal of information here about FHA loans and foreclosure avoidance, including time lines of foreclosure proceedings and other details. Some borrowers make the wrong assumptions about foreclosure and their FHA mortgage, and it's very important to have all the facts before a payment is missed. What are the consequences of missed payments and how long does it take before the bank starts foreclosure proceedings?

 

February 2, 2011

FHA Loans: Using Online Calculators to Choose the Loan For You

By Bruce Reichstein

When you want to get an FHA loan--especially for that first home purchase--there are a lot of options to choose from. How does a buyer know which FHA loan product to choose? There are many ways to answer that question, but it all depends on the buyer, what his or her goals are, and how important certain kinds of savings are to the future home owner.

 

February 1, 2011

FHA Loans, RESPA and Escrow

By Joe Wallace

The Real Estate Settlement Procedures Act or RESPA was created to protect FHA loan applicants and other borrowers. RESPA requires, among many other things, full disclosure to the buyer with regard to actual costs, obligations and other details of a home loan. RESPA prevents "gotcha" sales tactics in the real estate industry and makes the borrower and home purchasing experience more fair for everyone involved.

 

February 1, 2011

FHA Extends Anti-Flipping Waiver

By Joe Wallace

In a move designed to help stabilize the U.S. housing market, the FHA has announced an extension of it's anti-flipping waiver, which temporarily allows the FHA to insure loans for properties owned by the seller for 90 days or less, through the end of 2011.