Your eligibility for an FHA loan depends on your qualifying ratios. Just what are they and how do you check them? We’ll discuss them in detail below. One thing you should know upfront, though, is the FHA has lenient guidelines. They have higher maximum ratios and allow for certain compensating … [Read more...]
Are FHA Interest Rates Higher Than Conventional Rates?
Many borrowers concern themselves with the interest rate on a loan. They consider it the more important factor without looking at the big picture. The good news is FHA interest rates tend to be lower than conventional interest rates. But what does it mean for you? Let’s look at the details. The … [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...]
How to Maintain a Healthy Credit Score
A good credit score can help you in many ways. You can secure lower interest rates and terms on your loans. It may even help you get better rates on insurance. Your credit score changes quite often, though. Opening new credit, making payments, or racking up your credit card all affect your credit … [Read more...]
What are the Maximum Seller Concessions for FHA Loans?
FHA loans are among the few programs that allow seller concessions. The seller can contribute this money towards your closing costs. Right now, the seller can contribute up to 6% of the sales price of the home. The seller can’t contribute more than the cost of the closing costs, though. Below we … [Read more...]
Is it a Disadvantage to Purchase a Home with an FHA Loan?
Borrowers without a large down payment often benefit from the FHA loan. You can purchase a home with as little as 3.5% down. What’s not to love? The FHA loan is great for many buyers. But, it does have its downsides. Here we help you see those disadvantages so you can make an informed … [Read more...]
The Minimum Down Payment Required for an FHA Loan
Buying a home with an FHA loan means a low down payment. You don’t need the typical 20% down. In fact, you need a lot less than that. FHA loans require just 3.5% of the purchase price down. Here we discuss how this works and how the low down payment affects you down the road. How the Down Payment … [Read more...]
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