The entire home buying process can be a little stressful and lengthy. It’s typical to have questions, see a few road blocks here and there and deal with the stress of mortgage applications. But before all that, it's a good idea to check if you are ready to go through the process of owning a home … [Read more...]
Let’s Get To Know These FHA Eligible Properties
Thanks to the Federal Housing Administration, aspiring home buyers have the chance to secure mortgages through FHA loans. There are specific guidelines that need to be met for a borrower to qualify for an FHA-approved loan. Alongside its borrower eligibility, the properties chosen should also meet … [Read more...]
Can We Consolidate Debts With FHA Cash-Out Refinance?
Your home builds up equity over time. Chances are, the property you're living in ends up being more valuable than before. So if ever you think about refinancing your mortgage through a cash-out, you can tap the extra equity and use it to pay off your other debts. FHA Cash-Out Refinance is … [Read more...]
Yes! Part-time income earners can qualify for an FHA loan, too
Many Americans today are either part-time employees, freelancers and multi-income earners. It's nothing new. In fact with new opportunities for freelance and gigs, their numbers are growing. In terms of qualifying for home loans, many would think that their chances of getting approved are slim to … [Read more...]
First-time Home Buyer’s Guide to FHA Loans for 2017
Perhaps an FHA loan could be the lifesaver for a first-time home buyer. With a home loan that presents low down payment and attainable credit qualifications, it's all worth looking into. According to the National Association of Realtors, 35% of all home buyers are first-timers in 2016. And as … [Read more...]
What are the FHA Home Inspection Requirements?
In order to obtain FHA financing, you have to have an inspection completed. This inspection is not something you can order on your own, either. You must have a licensed inspector administer the inspection in order to meet the FHA home inspection requirements. The Reason for the Inspection Not … [Read more...]
How Soon can you Sell a HUD Home after Buying?
If you wish to purchase affordable housing, HUD homes are a great place to start. These homes, which were once financed with FHA loans, went through the foreclosure process and HUD now owns them. Because HUD wants to get the homes off of their hands, they sell the homes for a much lower price than … [Read more...]
What is the Longest Mortgage Term Available on an FHA Loan?
The FHA Loan is available to a large number of borrowers, including first-time and subsequent homebuyers. Because it is often the loan type that first-time homebuyers take, the longest mortgage term is often sought after. According to the FHA, the longest term an FHA loan can have is 30 years, which … [Read more...]
When is an Appraisal not Mandatory for an FHA Mortgage?
The appraisal is typically the leverage the lender has when they decide whether or not to approve your mortgage application. For example, if you signed a purchase contract for $200,000, but the value of the home came back at only $180,000, the bank would be in the hole right from the start if they … [Read more...]
Under 620 Credit Score – Eligible for an FHA Loan?
The FHA loan is known as one of the most flexible programs on the market and for good reason – you can even qualify with a score as low as 500. Of course, you will have different requirements if your score is that low, but that being said, an under 620 credit score is definitely eligible, the … [Read more...]
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