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Articles Tagged With: FHA Loan Calculators

June 9, 2016

More FHA Mortgage Loan Questions and Answers

By Joe Wallace

Do you have questions about FHA home loans? We get many requests for information in the comments section of this blog, and a good number of those questions are frequently asked, indicating the need to have more discussions on such topics. Buying a home may seem intimidating at first, but there is a process involved that follows certain basic steps towards completion. Let’s examine some of them: How do I start planning for an FHA home loan? The key to getting ready for an FHA loan application is to give yourself time. It’s recommended that potential home loan applicants start getting ready at least 12 months before actually filling out an application, and there are several good reasons for that. One is that it takes time to check and verify | more...

 

May 18, 2016

Preparing For Your FHA Loan: Important Questions To Ask

By Joe Wallace

Are you in the planning stages for an FHA loan? Considering your refinance loan options? Regardless of which choice you’re making (new purchase or refinance) there are some important questions to ask yourself when preparing to apply. The first of those is one of the most important. “Am I giving myself enough time to prepare?” Some borrowers need more preparation time than others. If you don’t have 12 months of on-time payments on all financial obligations, for example, you should definitely take the time to make sure you bring that to the bargaining table. Lenders will be looking for that 12 months-or-better reliability to establish your creditworthiness. Some borrowers need more time to save up for certain closing costs and, in the case of new purchase FHA loans, the required | more...

 

May 6, 2016

FHA Loan Tools

By Joe Wallace

If you are in the planning stages of a new home loan, there are plenty of FHA loan tools you can use to help you prepare. The planning stage of your new home loan is just as important as the house hunting, home inspection, and negotiation stages. Do you have the right tools to get started? FHA Loan Limits Knowing how much loan the FHA guarantees in your area is an important part of the process. FHA loan limits are not the absolute maximum you can borrow, but getting a bigger home loan above and beyond those limits may require you to work with a loan officer to determine what you need to do to apply for a “Jumbo Loan”. Learn what the FHA loan guaranty limit for your area | more...

 

March 22, 2016

How Much Can I Borrow With An FHA Mortgage Loan?

By Joe Wallace

One of the most common questions about FHA loans is, “How much can I borrow?” The answer to that question is a lot easier to get by using an online mortgage calculator to factor in the length or term of the loan, interest rate (estimated), estimated property taxes and other details. Some of the information you need to calculate how much you can borrow depends on circumstances. The interest rate, for example, is determined in part by what rates are on offer currently based on market conditions and other factors but also by your credit history and FICO scores. The better your FICO scores are, the better the interest rates. The borrower and the lender negotiate interest rates on FHA mortgages, they are not set or regulated by the FHA | more...

 

February 8, 2016

FHA Loan Mortgage Calculators: Three Types

By Joe Wallace

If you are in the planning stages of an FHA mortgage loan, one of the most important things you can do once you’ve checked your credit report and FICO scores is to examine your budget now and begin making plans to budget for the monthly mortgage payment you’ll be making once the loan is closed. There are mortgage calculators online that can help you do this–some help you calculate your mortgage with taxes and insurance, others help you to determine how much loan you can afford, and still others help you figure out how much you can borrow with your FHA mortgage. How Much Can You Afford To Borrow? One very helpful FHA loan calculator helps you determine the reasonable loan amount you can borrow. You’ll need to come to | more...

 

February 5, 2016

Why Use An FHA Loan Mortgage Calculator?

By Joe Wallace

When you are planning your home loan, there are many aspects to consider. The selling price of the home is only one of those aspect; borrowers will need to save money for closing costs, a home inspection, and make a monthly budget for the mortgage amount, plus taxes and insurance. Some of the planning phase of your FHA mortgage involve things like requesting copies of your credit reports–things with concrete numbers such as FICO scores and payment amounts. But when it comes to figuring out your mortgage payment, arriving at the actual number can be a bit tricky. That’s one reason why it’s a good idea to use an FHA mortgage calculator to help you arrive at a more accurate dollar amount for your monthly mortgage payment (projected, of course). | more...

 
Can I buy a manufactured home with an FHA loan?

November 24, 2015

Get Ready For Your FHA Cash Out Refinance Loan

By Joe Wallace

When you buy a home with a conventional, FHA, or other type of home loan product, one day you may wish to refinance to take advantage of the equity you’ve built up in the home. An FHA cash-out refinance loan can help you do that. With a little planning you can make the most of your refinance experience. The first step is to figure out how much time you need to prepare for the loan. There are closing costs, and a new credit application and appraisal will be required. Saving money for the appraisal is a good idea, and if you wish to purchase discount points on your cash out loan you can pay for them up front with reduced stress on your monthly budget if you take enough time | more...

 

June 8, 2015

Things To Do Before Applying For Your FHA Home Loan

By Joe Wallace

If you are in the planning stages of your home buying journey, there are some important milestones you should plan for–things that are crucial to think about before you start filling out your home loan application. One milestone is deciding how much home you can afford to buy. This seems like an obvious move for many reasons, but the amount of your down payment is one factor you shouldn’t overlook when using a home loan calculator or other tools to figure out how much you can spend. When you add up the numbers and arrive at a target home loan amount that’s appropriate to your income level and ability to afford (based on both the amount of the projected mortgage payments AND that amount added in with your current financial | more...

 
Mortgage Loan Rate Trends

May 5, 2015

Are You Ready For An FHA Home Loan?

By Joe Wallace

If you are considering an FHA home loan, are you ready to fill out the paperwork? Here are some important questions to ask if you are considering applying in the near future: What’s My Credit Score? If you don’t know your current credit score, chances are good that you are not prepared to begin filling out FHA loan paperwork. Before you commit to applying for a new home loan, it’s strongly recommended that you pull your most recent credit report, check your FICO scores and see what your lender will see when he or she requests the same information. If you don’t know what the lender will see, find out before the bank does. What Does My Payment Record Look Like? Have you missed ANY payments in the 12 months | more...

 

September 8, 2014

FHA Home Loan Advice: “Shop Before You Buy”

By Joe Wallace

The FHA official site, www.FHA.gov, has links to helpful videos that can instruct those new to the FHA mortgage loan program. One of those videos produced by the FHA/HUD is titled, “Shopping For Your Home” and offers some expert insights into how to make the best choices in the FHA loan process. One bit of advice the FHA offers is that borrowers can benefit by taking advantage of the option to get a referral to an FHA/HUD approved housing counselor. Borrowers who do this early in the loan planning process can save themselves time and even money thanks to the advice of the housing counselor. Borrowers will learn through the video what it takes to determine how much home you can afford by using a mortgage loan calculator. The video | more...