Articles Tagged With: FHA

January 29, 2019

Should I Buy A Condo With An FHA Home Loan?

Should a first-time home buyer consider purchasing a condo unit? Depending on your wants and needs, the answer may vary. Condos are unique compared to suburban homes because they are a communal property with shared responsibilities (which may be mostly financial) for upkeep of the common areas, the roof, balconies, etc. You may have special features on the property such as a gym, sauna, whirlpool, etc. depending on the property. FHA Condo loans require the condo project to be on or added to the FHA approved list-that’s unlike other types of property which must simply pass the FHA appraisal process. Condos will be appraised, too, but they must first be on the FHA roster. You can work with your FHA loan officer to add a condo project to that list | more...

January 23, 2019

How To Qualify For An FHA Mortgage Loan With Low Credit

By Joe Wallace

Do you know how to get approved for an FHA mortgage even if you don’t have much credit history or a very high credit score? First time buyers looking for real estate in Texas, California, And Colorado may wonder how to get a foot in the door in the real estate market without a long credit history or some past financial problems on a credit record. And while these housing markets aren’t the only ones, they can be competitive; that said, you can use this advice in ANY housing market How To Prepare For A Home Loan Application To get approved for an FHA mortgage with thin credit, low credit, or bad credit, it is important to give yourself plenty of time to establish a reliable payment record. In general, | more...

January 21, 2019

Happy Martin Luther King, Jr. Day!

By Bruce Reichstein

Happy Martin Luther King, Jr. Day! Banks and markets are closed today to observe the holiday and we too feel it’s very important to remember this important day. America owes a great deal to Dr. Martin Luther King, Jr. and we are proud to observe this day dedicated to him. We pause are regular coverage of FHA news and FHA loan topics to observe the holiday. We resume our usual schedule of posts tomorrow. Thanks for reading!

January 18, 2019

FHA Home Loan Credit Requirements For First Time Home Buyers

By Joe Wallace

First time home buyers and house hunters should know what the FHA loan requirements are for FICO scores, credit history, and factors that affect home loan approval for first time home loan applicants. Are you buying your first home? Are you looking for down payment assistance help and local first-time home buyer programs? FHA mortgage loan rules are designed to make your first home more affordable. Knowing the requirements before you begin your home loan planning process can save you time and money in the long run. FHA Loan FICO Score Requirements For First Time Home Buyers FHA FICO score requirements for all home loan applicants are identical whether you are purchasing your first home or buying another property after having already owned a home. FHA loan FICO score minimums: | more...

January 16, 2019

Government First-Time Home Buyer Programs

By Joe Wallace

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 9, 2019

FHA Home Loans In 2019: Are Home Price Increases Slowing Down?

By Bruce Reichstein

A CoreLogic Home Price Insights report indicates that home prices increased by more than five percent between November 2017 to November 2018, but the same agency indicates that home prices may slow down in 2019. Could that be beneficial to a house hunter looking to purchase a new home with a mortgage loan? FHA home loan limits have increased in 2019 for the second year in a row, making for an interesting borrowing environment for the first-time home buyer or any other financially qualified loan applicant who seeks an FHA mortgage. The higher home loan limits combined with slowing home prices, with predictions of more houses available in 2019 could offer house hunters more to work with in the new year. FHA home loans are not just available for typical | more...

January 3, 2019

FHA Loan Down Payment Rules For 2019

By Bruce Reichstein

FHA home loan down payment requirements are lower than other mortgages, and depending on circumstances your down payment commitment on an FHA mortgage could be even less thanks to down payment assistance programs and seller contributions to closing costs. FHA Home Loan Small Down Payments Elsewhere on the internet you will find writing about down payment requirements for purchasing a new home, discussing why borrowers are choosing one approach or another regarding the money they put down on the home. Conventional mortgages require private mortgage insurance (PMI) unless the borrower makes a higher down payment. A 20% down home loan transaction is not uncommon in cases where the borrower wants to avoid paying PMI. FHA home loan rules in HUD 4000.1 require mortgage insurance premiums, too, but borrowers looking to | 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 30, 2018

5 Things To Remember About FHA Loans In 2019

By Joe Wallace

What do you need to know about FHA home loans in 2019? There are several issues to keep in mind whether you are refinancing your existing FHA or non-FHA mortgage or buying a new home. Be fully prepared to explore your FHA home loan options in the new year! 5. FHA Loan Limits Are Higher For The Second Year In A Row FHA loan limits go up again for the majority of housing markets in the USA in 2019-more than 3000 counties will experience higher loan limits. A smaller number, approximately 180 counties, will see no change at all but in no case will the FHA loan limit decrease. Keep these higher loan limits in mind when you are deciding what to do about your FHA loan options in 2019. | more...

December 28, 2018

How To Prepare For A New FHA Mortgage In 2019

By Bruce Reichstein

Want to prepare for an FHA home loan in 2019? There are some important steps to take to get ready for your journey to home ownership. Some are financial, some are credit-related, and some pertain to the rates and terms you will be offered when you are ready to find a lender. Decide On Type Of Property You Want To Buy With An FHA Mortgage Condo loans are different than existing construction mortgage loans for typical suburban homes. This is also true of mobile home loans versus typical suburban homes. For example, a mobile home cannot be manufactured before June 15, 1976 or it cannot be considered for an FHA mortgage. There is no such age restriction on typical suburban houses or similar properties. And those who wish to have | more...