Articles Tagged With: FHA Loan Calculators

April 30, 2012

FHA Loans: How Can I Estimate My Monthly Mortgage Payment?

One commonly asked question about FHA home loans involves the process of determining how much a borrower could pay on a monthly basis on the FHA guaranteed loan. For this purpose, the FHA official site refers potential borrowers to a loan calculator provided by GinnieMae.gov, which is designed to help borrowers get a general idea of what the costs might be per month based on user-provided details including the sale price of the home, the housing market that home is in, etc. Specifically, the loan calculator asks for the sale price of the property, the state and county where that property is, the term of the loan plus interest rate, and the amount of down payment. Once these fields are filled in, the GinnieMae.gov calculator returns the results with plenty | more...

April 25, 2012

FHA Loans: Shopping For Your Home

By Joe Wallace

The FHA and Department of Housing and Urban Development offer plenty of programs to help potential FHA borrowers learn about the process of finding a suitable property, understand the FHA loan application process, and much more. The FHA offers housing counseling referrals, links to FHA loan calculators, and provides a list of home buying programs offered in each state. But what about resources for those who haven’t gotten to the planning stages for an actual FHA home loan? What does the FHA offer to people who simply want to do research about FHA mortgage loans, buying a home, and becoming a home owner? There are a wide variety of resources available, but the FHA and HUD have offered some newer ones designed for people on the go, who want to | more...

March 28, 2012

Getting Started With An FHA Home Loan

By Joe Wallace

Potential home buyers at the very start of their FHA home loan journey should take advantage of three free online resources that can help prepare the borrower. The first of these resources is the online mortgage calculator. These are offered by private agencies such as FHA.com, and by official government websites such as Ginnie Mae. The online mortgage calculator can help you plan and budget for an FHA home loan by showing you whether your current income is enough to qualify based on your monthly debts and other factors. Another important resource is the Department of Housing and Urban Development’s online Homebuyer’s Kit, which offers everything from a cost analysis of buying versus renting to learning about home buyer’s assistance programs in your state. This kit is fairly comprehensive and | more...

October 21, 2011

Getting Ready For An FHA Home Loan

By Joe Wallace

Buying a home is a big decision. There are many factors to consider when trying to prepare for the commitment of home ownership, and an FHA loan applicant can learn a great deal by examining an FHA loan application and using an FHA mortgage calculator to learn what kind of financial details come into play. FHA loan pre-qualifying questions at sites like FHA.com (a private company, not a government website) ask some very important starter questions you can use to begin your research. For example, do you know how much you’re willing to spend on the home? Many borrowers at the beginning of the research process have a hard time judging what prices are fair for homes in their area and which ones might need some negotiation. Anyone who feels | more...

August 8, 2011

Am I Ready For An FHA Home Loan?

By Joe Wallace

Buying a home with an FHA insured mortgage is an important investment, and many borrowers at the start of their journey not knowing whether they are ready for their entry into home ownership. We’ve said time and again that the best course of action is to take the advice of financial experts who recommend preparing at least a year before making a full commitment to buy a home. But why is that recommended? Some first time home buyers don’t understand the expenses connected to purchasing a home. The down payment required on FHA loans–3.5%– is the lowest you’re likely to find compared to conventional loans which often require 10% down or more. That down payment is only one of the expenses. There are closing costs, appraisal fees, and optional money-saving | more...

February 2, 2011

FHA Loans: Using Online Calculators to Choose the Loan For You

By Bruce Reichstein

When you want to get an FHA loan--especially for that first home purchase--there are a lot of options to choose from. How does a buyer know which FHA loan product to choose? There are many ways to answer that question, but it all depends on the buyer, what his or her goals are, and how important certain kinds of savings are to the future home owner.

January 28, 2011

How Can I Tell If I Can Afford an FHA Home Loan?

By Bruce Reichstein

Many people dream of home ownership, but the prospect of committing to a monthly mortgage payment is daunting for some. How can you tell if an FHA mortgage is right for you? Fortunately there are many tools online that can help a potential borrower determine whether they're ready to take the plunge...or if their finances need a bit of work first. One of the criteria for a successful FHA loan application is having the right debt-to-income ratio. An FHA borrower must have a debt-to-income ratio that totals no more than 41% in most cases.

December 7, 2010

Can I Afford to Apply for an FHA Home Loan?

By Joe Wallace

Sometimes the most difficult part of becoming a homeowner with an FHA mortgage is taking the first step. Many people feel intimidated by the prospect of finding a new home, applying for the FHA loan and entering the commitment. But sometimes a little information is all that is needed to show a prospective house hunter that the dream may be within reach--and closer than expected. The FHA provides a simple tool to help potential house hunters figure out how much home they can afford to buy. The FHA Buy a Home page has a link to a Ginnie Mae online calculator that asks for four simple figures to help figure out what your monthly mortgage budget could look like.