February 25, 2011
In our last blog post we discussed some changes to FHA refinancing loan rules. Effective immediately, the FHA requires all borrowers seeking streamline refinancing to make at least six mortgage payments on the property. There must also be a minimum of
February 24, 2011
There have been many changes recently to FHA Refinancing regulations--too many to cover in a single blog post, but we'll discuss them over the next several days. One important set of changes is to the Streamline Refinance program--a "non credit-qualifying" refinancing loan offered by the FHA. When a borrower applies for an FHA insured mortgage, they may do so fully intending to refinance it later on using an FHA Streamline Refinancing mortgage.
February 23, 2011
In our last blog post, we discussed FHA loan down payment amounts. The FHA has strict rules about not only the amount of the down payment, but also the source of that money. According to the FHA rulebook, down payments must be made by the buyer. The seller is allowed to offer concessions such as paying closing costs or other expenses related to selling the home, but the seller is prohibited from contributing a down payment.
February 22, 2011
There are many steps in the process of getting an FHA home loan. Borrowers who search for a home, make an offer and set a closing date have a variety of milestones along the way that don't surprise second-time borrowers, but newcomers to the process often have many questions. Those who seek pre-approval for home loans should know that a pre-approved loan amount or pre-qualification is not a guarantee that a borrower will get the loan they seek. Much depends on your actual circumstances when it comes time to apply for the loan itself.
February 21, 2011
Applying for an FHA loan is, in the minds of some borrowers, the beginning of the process. But when you fill out an application for an FHA insured mortgage, you should actually be ending one process and starting another. One of the most important aspects of getting an FHA loan is finding the right lender and the most favorable terms. But how should an FHA borrower do that? Some go into their FHA loan research thinking the only real data needed is a list of interest rates on offer and calculating the monthly payment amounts is enough.
February 18, 2011
When a first-time home buyer is searching for a home to buy with an FHA guaranteed loan, the buyer isn't just shopping for a home--they're also shopping for a home loan. There are many options to choose from, one of which is the adjustable rate mortgage or ARM loan for short. Another is the interest-only mortgage loan, also known as an I-O mortgage. We
February 17, 2011
In our last post we discussed FHA loans and the list of RESPA Borrower's Rights--a collection of rights FHA loan applicants need to know before applying for an FHA mortgage loan. The ten areas covered under RESPA Borrower's Rights include informed borrower requirements such as full disclosure of all non-refundable loan fees and other charges, disclosure as to the final cost of the loan and other important details.
February 17, 2011
The FHA official site has a section called RESPA Borrower's Rights which informs borrowers of a list of things they should be aware of when shopping for an FHA mortgage loan. There are ten areas addressed by the Borrower's Rights section--some are common knowledge, while others imply obligations the lender has to the borrower to fulfill parts of RESPA law that pertain to full disclosure requirements.
February 16, 2011
The FHA official site has much to say about fair lending laws. Over the years the FHA loan program has seen its share of regulatory changes designed to give fair and equal access to all qualified borrowers regardless of race, color, national origin, religion, sex, family status or disability.
February 15, 2011
We've warned readers in previous blog posts about mortgage scams and third-party companies that try to charge consumers for services they can get for free. The FHA official site has plenty of warnings in its pages about being an informed borrower, advising FHA loan applicants to contact the FHA directly if they have questions about fees they should or shouldn't be paying.