Articles Published in: January 2020

January 10, 2020

FHA Loans And Your Credit Report

Do you need to fix your credit? Do you need to fix your credit REPORT? Some of our most popular articles here involve what to do about bad credit issues ahead of a home loan application. The usual advice about paying on time and making sure you cut your outgoing debt as much as possible always apply, but there is an equally important step in getting your credit ready for a new loan; checking your credit report for accuracy. How To Get Your Free Credit Report From A Government-Approved Source To order the free credit report you are entitled to by law, visit annualcreditreport.com. You can also call 1-877-322-8228 or download and complete the Annual Credit Report Request Form and mail it in: Annual Credit Report Request Service P.O. Box 105281 Atlanta, GA | more...

January 9, 2020

FHA Home Loan Options For 2020

By Bruce Reichstein

What kind of home loan do you need in 2020? You can build on your own lot with an FHA One-Time Close construction loan, you can apply for an FHA mortgage to purchase a mobile home or manufactured house, and you can even find an FHA mortgage for a fixer-upper property. These loans are not need-based, have no income caps, and feature a low down payment requirement. What kind of home loan do you need? Houses You Can Buy And Occupy Right Away Referred to in the real estate industry as an existing construction home, these properties are sold assuming they meet current appraisal and building code regulations or can be brought into compliance without a great deal of difficulty. Existing construction homes have been built for at least one | more...

January 6, 2020

FHA Rate And Term Refinance Loans

By Joe Wallace

There are different refinance loans for different needs, and the FHA rate and term refinance option is available to help borrowers who aren’t looking for cash out at closing time. The financial website Investopedia defines a rate-and-term refi loan as follows: “The potential benefits of rate-and-term refinancing include securing a lower interest rate and a more favorable term on the mortgage, but the same principal balance will remain. Such refinancing could lower the homeowner’s monthly payments, or potentially set a new schedule to pay off the mortgage more quickly.” The FHA Rate and Term refinance loan has different features and requirements than FHA cash-out refinancing or reverse mortgages. The rules that cover FHA rate and term refinancing are found in the FHA loan handbook, HUD 4000.1, and explains how this | more...

January 3, 2020

FHA Cash-Out Refinance Loans: Common Questions

By Bruce Reichstein

Do you know what to expect when you want to refinance your mortgage in order to convert part of your home’s value into cash? Is there a difference between cash-out refinance loans in Illinois and California? How much money will you get in cash? These and other questions are important to answer in advance. Are FHA Cash-Out Refinance Loans The Same In All Housing Markets? No. All housing markets differ. And that’s a theme you’ll see repeated in this article; if you are applying for an FHA cash-out refi loan in an area with rapidly increasing property values, you may discover your home is worth far more than in a housing market that has experienced a plateau in those rising values. Why Does My Lender Require An Appraisal? Property values | more...

January 2, 2020

How To Buy A Home In 2020

By Joe Wallace

Need to know how to buy a home in 2020? Making a plan to become a home owner includes budgeting, research, and even sharpening your negotiating skills. Are you ready to start your home loan journey? Shopping Around For A Home AND A Home Loan FHA mortgages allow first-time borrowers and experienced home owners alike to apply for a loan to buy or build a property. But you don’t have to limit your search to one kind of home OR one kind of FHA mortgage. For example, you could apply for an FHA Condo loan to purchase a condominium unit, or you could buy a mobile home or townhouse. FHA mortgage loans allow you to buy properties with as many as four living units, and that could be any number | more...

January 1, 2020

Happy New Year 2020

By Bruce Reichstein

Happy New Year 2020! We hope your holiday season has been safe and fun. We pause from our usual posts about FHA home loans to enjoy New Year’s Day 2020, and our regular posting schedule resumes on Thursday. Thanks for reading and have a great holiday.