Articles Published in: June 2019

June 5, 2019

5 FHA Loan Rules You Should Know

There are many rules and regulations that govern FHA home loans and knowing how the system works can save you time and money when you are ready to start the journey toward home ownership. Some borrowers may ask themselves if they are ready to buy a home; if you know some or all of the areas below you may be closer than you think. FHA Home Loans Require Occupancy You cannot buy a home with an FHA single-family home loan unless at least one person obligated on the loan will use the property as their primary residence. This occupancy requirement is non-negotiable and the borrower must take possession of the home within a reasonable time after closing, usually 60 days for existing construction home. Properties that require repairs (such as | more...

June 4, 2019

FHA Home Loan Approval Myths

By Joe Wallace

There are plenty of myths about home loan approval, but for first-time home buyers looking for an FHA mortgage, some of those myths are more prevalent than others. What you don’t know about FHA home loans can hurt you-it’s best to know as much as possible going into the home loan process, which is another reason why it’s best to take your time preparing for a home loan. Rushing into the process can cost more money than taking your time. FHA Home Loan Myths: The FHA Has Separate Requirements For First-Time Home Buyers FHA home loans are open to all qualified borrowers with FICO scores in a certain range for the lowest down payment. FHA loan rules do not make any distinction between a first-time buyer and an experienced home | more...

Time Is Running Out On Exterior-Only FHA Appraisals

June 1, 2019

FHA Home Loan Tips

By Joe Wallace

FHA Mortgages: Lower Down Payment Requirements And Not Just For First-Time Home Buyers FHA loans require 3.5% of the adjusted value of the home as a down payment unless your credit does not meet the loan program requirements or lender standards. Borrowers with FICO scores of 580 or higher technically qualify for the lowest possible down payment but you will need to check lender requirements since they are not the same from one financial institution to another. FHA Mortgages: Down Payment Assistance IS Permitted You can get help from family, friends, employers, or other third parties-they can provide gift funds for the down payment. FHA loan rules say you can only get down payment help from those with no financial stake in the outcome of the transaction. ALL down payment | more...

June 1, 2019

FHA Rehab Refinance Loan Basics

By Joe Wallace

Recent headlines about mortgage loan interest rates have descriptions similar to “rates edging toward long-term lows”, which is motivating many to explore their refinance loan options. Are you a first-time home owner interested in getting a lower mortgage rate? Or are you interested in repairing or remodeling the home? Keep reading. FHA Rehab Refinance Mortgage Loans The FHA 203(k) Rehabilitation Mortgage, also known as an FHA Rehab loan, is offered as a new purchase loan AND a refinance loan. When you refinance with an FHA Rehab loan you are given funds to be used specifically for approved projects in the home. These refinance mortgages will feature interest rates that are offered based on your FICO scores, so the same lower interest rate may not be available to all applicants; those | more...