Articles Tagged With: FHA and HUD

October 19, 2018

Finding A Lender For An FHA Mortgage

How do you find the right lender for your home loan needs? If you seek an FHA mortgage, the first step is to find a participating lender who is willing to write an FHA loan. After that, the process of weeding out has a lot to do with finding the services you need, the most competitive interest rate, and a lender that has the kind of loan you need. FHA Lenders: They Are Not All Alike The reason it’s important to shop around for an FHA lender includes finding one that is willing to do the kind of mortgage for the property you want to purchase. Not all participating lenders offer all FHA loan products. Depending on your housing market, certain kinds of mortgages may not be popular and may | more...

October 17, 2018

Am I Ready To Apply For An FHA Mortgage?

By Joe Wallace

Are you ready to apply for an FHA home loan? There are some steps you can take in the planning stages to make sure that when you fill out those forms, you are absolutely ready. FHA Home Loans: Is Now The Right Time To Buy A Home? There are many things that come together to make a home loan transaction successful; one of them is the timing of your loan application. Is now the right time to buy? If you have a down payment saved or budgeted for, if you have checked your credit, if you have done the math on your finances, you have a very good idea of your financial status at the moment. If there are things left undone, you can pick some of the most simple | more...

September 24, 2018

Types of FHA Mortgages: New Purchase Loans

By Joe Wallace

Looking for the right FHA mortgage loan for you? There are many different options available if you need to buy a home with an FHA loan including mortgages that allow you to buy and repair a home at the same time, and loans that allow you to build a home from the ground up. FHA Loans: What Is A Forward Mortgage? Once you start shopping around for a home loan, you will encounter terminology related to your home purchase. Some of the most common are “forward mortgage” and “purchase loans”. These two terms basically indicate that the loan is meant to buy a home rather than refinance it or apply for an FHA Reverse Mortgage which gives cash to the borrower secured by a home that is nearly paid off | more...

September 17, 2018

HUD Announces Settlement In Nevada Fair Housing Act Harassment Case

By Joe Wallace

The Department of Housing and Urban Development has announced a settlement in a Fair Housing Act case in Reno, Nevada. According to the HUD official site, the settlement involves a “…Conciliation Agreement between Reno, Nevada-based CMS Property Services, LLC, and its property manager and a female tenant, resolving allegations that the manager sexually harassed the woman.” Some are not aware that Fair Housing Act regulations include a prohibition of sexual harassment, but federal law makes it illegal for a housing provider to sexually harass tenants. The HUD official site says this rule includes, “creating a severe or pervasive hostile housing environment, or conditioning housing or housing-related services on the tenant’s acquiescence to sexual demands. The Act also prohibits retaliating against persons who complain about housing discrimination.” Often the only line | more...

September 13, 2018

FHA Home Loans With Less Than Two Years Of Employment

By Joe Wallace

Are you looking for a home but don’t have an extensive employment history? The general rule for home loan approval is that the lender wants to see two years of work history. Depending on the nature of the loan and other factors, the two-year rule may have certain additional requirements that apply, and the lender may not be required to personally verify previous employment if tax records or pay stubs can reflect a two year employment record. In general, conventional loans require two years of work or education related to income, VA mortgage loans have a similar two year requirement. USDA loans also require the borrower to prove two years of work history. What are the specific requirements for FHA mortgages? According to HUD 4000.1, “For all Employment related Income, | more...

September 5, 2018

Rent Or Buy? Arguments For Purchasing A Home With An FHA Mortgage

By Joe Wallace

Does it make more sense to rent a home or to purchase one and make a mortgage payment rather than a rent payment? A lot depends on the property values in your chosen housing market, the cost of renting in that area versus the cost of purchasing, and the borrower’s financial goals. Are you thinking of making the switch from being a renter to becoming a home owner? Some reports claim that rents have increased as much as 88% in certain markets over time, and some renters choose to put that money into a property they own rather than dealing with the issues of being a long-term renter. Is Buying A Home With An FHA Mortgage Instead Of Renting A Good Idea? The first thing needed to answer this question | more...

September 3, 2018

Happy Labor Day 2018!

By Bruce Reichstein

Happy Labor Day 2018! Today we pause from our usual schedule of posting about FHA home loans, FHA/HUD news, and refinance loan advice to observe the holiday. We’ll be back with our regularly scheduled posts tomorrow. Thank you for reading, and have a safe holiday! We look forward to resuming our regular schedule tomorrow.

August 29, 2018

HUD Announces Updated Disaster Policy For Puerto Rico And Virgin Islands Home Owners

By Joe Wallace

In 2017, Hurricanes Irma and Maria devastated many U.S. territories; in the aftermath home owners in Puerto Rico and the Virgin Islands many people are still recovering from the disaster. In August 2018 the Federal Housing Administration (FHA) has announced updates to FHA foreclosure prevention options to allow borrowers with delinquent FHA home loans “easier access to bring their mortgages current without increasing their interest rates or monthly payments” according to HUD.gov. The Federal Housing Administration is also offering a final 30-day extension of its foreclosure moratorium for FHA-insured homeowners in Puerto Rico and the U.S. Virgin Islands. In February 2018, FHA introduced the Disaster Standalone Partial Claim option, intended to help borrowers in the affected disaster areas a way to catch up on pre-disaster mortgage payments without experiencing “payment | more...

July 4, 2018

Happy 4th of July 2018!

By Bruce Reichstein

Today we pause from our regular posts on FHA home loans, FHA refinance loans, and FHA Reverse Mortgages to observe the 4th of July Independence Day holiday. Thank you very much for reading, have a safe holiday and we will resume our regular posting schedule on Thursday July 5th. Thank you for reading!

June 15, 2018

HUD Settles Housing Discrimination Complaint Against San Francisco Real Estate Companies

By Bruce Reichstein

There are many types of housing discrimination; some occurs when a house hunter is searching for a home, trying to rent in the local area and encountering violations of the Fair Housing Act while trying to do so. Other types of housing discrimination can occur in the house hunting process itself. Housing discrimination may come from a variety of sources; including, in the case of a recent HUD Fair Housing settlement, real estate firms. The HUD official site announced a settlement in June in the case of two San Francisco-based real estate companies accused of Fair Housing Act violations. HUD approved “a Voluntary Compliance/Conciliation Agreement settling a complaint filed by a family whose infant has a disability against San Francisco, California-based John Stewart Company and Hunters Point East West, LP.” | more...