Articles Tagged With: FHA and HUD

January 16, 2019

Government First-Time Home Buyer Programs

Many first-time home buyers want to know if there are government programs for those who have never purchased a home before. FHA home loans often get included into this category and it’s true; FHA mortgages are good for those buying a first home. FHA loan limits have increased for two years in a row at the time of this writing, there are lower FHA FICO score requirements and lower down payment requirements for FHA loans that make them a good option to explore when shopping for your first home and your first real estate loan. But FHA mortgages are not specifically intended for first-time buyers. You do not have to be a new house hunter to apply. That said, FHA mortgages for a starter home, first home, or for a | more...

January 7, 2019

FHA Loans And The 2019 Government Shutdown

By Bruce Reichstein

At the time of this writing, the partial government shutdown continues and we are seeing more headlines about the services affected, including certain kinds of home loans. Specifically, home loan applicants seeking USDA mortgages are locked out of the process for the duration of the shutdown according to a variety of sources. Some potential USDA borrowers were caught in the middle of their transactions when the government shut down, and the media reports stories of those left more or less in limbo until the current situation is resolved. So what does this mean for FHA mortgage loans? FHA Mortgage Loans Are Still Available During The Government Shutdown Forward mortgages will continue to be serviced during the shutdown as previously reported here and elsewhere. But there are some important things you | more...

January 1, 2019

Happy New Year 2019!

By Bruce Reichstein

Happy New Year 2019! 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 2019, and our regular posting schedule resumes on Wednesday. Thanks for reading and have a great holiday.

December 27, 2018

FHA Loans For Single Homeowners

By Joe Wallace

Data from the 2017 American Community Survey, conducted by the U.S. Census Bureau, suggests that single women homeowners own 22 percent of American homes compared to single men’s 13 percent. These stats may not mean much to the typical first-time home buyer, but it’s an interesting bit of data that could indicate a growing trend in home ownership. Single home owners in general-men or women-can benefit greatly from an FHA loan with the lower down payment requirement and more forgiving credit score minimums. It’s easy to assume you might not qualify for a home loan as a single person, but is that the reality? Single men and single women, as demographics, are not as simple as the labels imply. Some may be single parents, some may have roommates or cost-sharing | more...

December 26, 2018

Millennial First-Time Home Buyers, 20 Percent Down Payments, And FHA Mortgages

By Joe Wallace

If you make a 20 percent down payment, you save money over the lifetime of your mortgage loan, avoid private mortgage insurance (for conventional mortgages), and reap the benefits of doing these things over the long term. But millennial home buyers, especially first-time home buyers, may be unable to find the resources to make such a large down payment. If you make a 20 percent down payment, you save money over the lifetime of your mortgage loan, avoid private mortgage insurance (for conventional mortgages), and reap the benefits of doing these things over the long term. But millennial home buyers, especially first-time home buyers, may be unable to find the resources to make such a large down payment. You’ll find many internet articles and home finance blogs discussing the idea | more...

December 25, 2018

Happy Holidays 2018!

By Bruce Reichstein

Happy Holidays! We’re pausing from our usual schedule of writing about home loans, mortgage trends, FHA and HUD news, and related topics in order to celebrate the holiday season with friends and family. From all of us here, have a fun and safe holiday season! Our normal schedule resumes on Wednesday, December 26. Thank you for reading!

December 24, 2018

HUD Announces Settlement In Housing Discrimination Case

By Bruce Reichstein

The Department of Housing and Urban Development (HUD) has announced a settlement in a New Jersey housing discrimination case. According to the HUD official site, Tamaron Association, which represents a condominium development in Waldwick, New Jersey must pay $9,000 under an Initial Decision and Consent Order. The order addresses allegations that the association refused to sell a condo to a man with disabilities and his wife, “because the couple planned to have their adult, disabled daughter live with them” according to a HUD press release. Fair Housing Act laws forbid denying or limiting housing to those with disabilities, and it is a violation of federal law to refuse reasonable accommodation for those with disabilities. “No family whose members have disabilities should be denied the reasonable accommodations they need to make | more...

FHA One-Time Close Construction Mortgage Basics

December 21, 2018

Higher FHA Loan Limits For One-Time Close Construction Loans In 2019

By Joe Wallace

The FHA and HUD have announced higher FHA loan limits in most counties for 2019. A small handful (under 200) counties in the entire country will not see higher loan limits, but the rest of the nation will see a higher FHA loan guaranty limit for single family, owner-occupied homes with between one and four units. What does this mean for borrowers interested in an FHA One-Time Close Construction loan in 2019? If you need a home built for you from the ground up instead of buying an existing construction home, the FHA One-One Time Close program is for you. FHA One-Time Close Mortgages Are Different Than Other FHA Mortgages Lender requirements for FHA One-Time Close loans can be more strict than for existing construction loans. Higher FICO scores may | more...

December 20, 2018

FHA and HUD Announce Higher FHA Loan Limits For 2019

By Bruce Reichstein

The FHA and HUD have announced higher FHA home loan limits for 2019. The higher loan limits come in part thanks to “robust increases in median housing prices” according to the FHA/HUD official site. Nationwide, the limit for “average” housing markets is set in 2019 at $314,827, an increase from 2018’s limit of $294,515. The FHA is required by the National Housing Act (and amendments to that act passed in 2008) to establish FHA forward loan limits “at 115 percent of median house prices”, which include both a “floor” and a “ceiling” on those yearly limits. No FHA loan limits have gone down for 2019. For 2019, most areas of the country will see an increase. The FHA/HUD press release states maximum loan limits for FHA forward mortgages will rise | more...

December 13, 2018

FHA Mortgage Or Conventional Loan? Which Is Best For You?

By Bruce Reichstein

What is the advantage of the FHA mortgage loan over conventional mortgages? There are many areas to be aware of when choosing the right mortgage loan to buy your new home with, but your financial priorities will determine a great deal. If you are looking at buying a new home or refinancing your existing mortgage, FHA and conventional loans have features you should compare. Especially if you need to save money up front on the mortgage. Conventional home loans, which you may also hear referred to as agency loans, are mortgages you will get via Fannie Mae or Freddie Mac. Fannie and Freddie are the government-sponsored enterprises that your lender relies on to provide liquidity and stability to the lending market. Why don’t FHA borrowers choose these loans instead? Higher | more...