fha: FHA Closing Costs: What They Are and How Much They Cost - 04/19/22 09:49 PM
When applying for an FHA loan to buy a home, you’ll need more than just 3.5 percent of the purchase price as a down payment. As you budget, it’s important to make sure you factor in FHA closing costs, too.
 
What are FHA closing costs?
The closing costs on FHA loans are the fees charged by the mortgage lender and the various other players involved in the loan process, and typically total between 2 percent and 6 percent of the home’s sale price. These fees also include an upfront mortgage insurance premium and prepaid items.
Closing costs vary by state, however, and can be much higher in states with higher tax rates. … (2 comments)

fha: What's an FHA Streamline Refinance and can you get one? - 03/05/22 01:58 PM
If you have an FHA home loan and are considering refinancing it, you might be interested in the FHA Streamline Refinance loan. An FHA Streamline Refinance is a reduced-paperwork loan that’s generally easier to get than a conventional refinance. And you may not need to get your home appraised in order to qualify for one.  
Read on to learn about the FHA Streamline Refinance, whether you may be eligible for one, and when you might benefit from this financial product. And if you want to get an idea of current refinance rates for a conventional refinance loan, ChangeMyRate.com makes it easy to see … (1 comments)

fha: Can You Get a Mortgage with Bad Credit? - 12/27/21 07:48 PM
The real estate market remains hot right now, despite economic headwinds. Many people want to jump in and buy a home or upgrade their current home to a new one for good reason. Interest rates are incredibly low, so now could still be a buying opportunity, despite limited inventory and high prices in some locations.
If your credit isn’t perfect, you may wonder if anyone will approve you for a mortgage. The short answer is maybe.
You aren’t alone if you don’t have great credit. Around 15% of Americans have a credit score from 500 to 599, which is considered poor. Around 10% of … (2 comments)

fha: How Homebuyers Can Battle Bias Against FHA, VA loans - 11/29/21 12:42 PM
With its record-breaking prices and sharp-elbowed bidding wars, this housing boom poses challenges even for deep-pocketed homebuyers. But for borrowers financing their purchases with mortgages backed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, the hurdles are especially high.
Bidders using FHA loans and VA loans often find their offers rejected by sellers and listing agents weighing multiple offers. No official statistic tracks denials for buyers financing with FHA loans and VA loans, but real estate professionals say the reality is clear: Sellers place the highest value on cash offers, followed by bids financed with 20 percent down payments and loans that … (0 comments)

fha: Who Qualifies for an FHA Home Loan? - 10/19/21 02:32 PM
A mortgage the Federal Housing Administration backs is known as an FHA loan. FHA loans are unique from other mortgages and home loans. They’re often helpful for first-time homeowners because they offer a combination of a lower down payment requirement and lower credit score standards.
The following are some of the critical factors when it comes to qualifying for an FHA loan.
Credit Score Requirements
The minimum credit score for an FHA loan approval is 500. That’s lower and often significantly lower than lender requirements for traditional mortgages. The lower credit score requirements are a big reason this is an appealing program for first-time … (2 comments)

fha: FHA Extends Mortgage Forbearance Options - Here's What to Know if You're Struggling to Pay - 10/02/21 10:27 PM
How new legislation, CARES Act will affect mortgages on your home during COVID-19 pandemic.
Borrowers struggling to make their FHA mortgage payments now have more time to file for forbearance.
According to the U.S. Department of Housing and Urban Development, you can now file for forbearance – essentially a temporary pause of mortgage payments – on FHA loans from now until the end of the COVID-19 National Emergency. Previously, the option (well, at least filing for it) was set to expire Sept. 30.
"Our top priority is to help as many individuals and families as possible to recover from the COVID-19 pandemic and keep their homes," said Lopa Kolluri, principal deputy … (1 comments)

fha: Biden's Latest Mortgage Assistance Can Cut Your Monthly Payment By Up To 25% - 08/15/21 11:08 AM
 
Biden's latest mortgage assistance can cut your monthly payment by up to 25%.
While most U.S. homeowners have come through the pandemic unscathed, or even further ahead thanks to money-saving refinances at cheap mortgage rates, millions of others have had to opt for forbearance to put their loan payments on hold. A federal foreclosure ban provided them further protection.
Now, those safeguards are falling away.
Though more than 1.74 million mortgages were still in forbearance as of Aug. 10, according to mortgage data and technology provider Black Knight, the foreclosure moratorium expired on July 31, after multiple extensions.
Some homeowners may find themselves unable to resume their … (0 comments)

fha: New Mortgage Forbearance Relief Plan Announced by President Biden - 07/24/21 09:11 PM
A moratorium on foreclosures ends July 31, and mortgage forbearance programs phase out Sept. 30, but the economy has yet to fully recover from last year’s coronavirus recession. With that reality in mind, President Joe Biden today announced a new round of relief for mortgage borrowers who are struggling to get back on track.
The program lets borrowers negotiate reductions to their monthly payments of up to 25 percent. The newly unveiled mortgage modifications apply to loans backed by the Federal Housing Administration, the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture. Borrowers with loans backed by Fannie Mae and Freddie Mac already … (1 comments)

fha: FHA, VA or USDA: Which One Is Better? - 05/09/21 09:57 AM
There are two basic types of mortgage loan programs, conventional and government backed. A conventional loan is one where the issuing lender assumes the risk of making the mortgage. Should the loan ever go into default and the lender is forced to foreclose, the lender is on the hook for the entire loss. There is in fact private mortgage insurance used for low down payment conventional loans, but the insurance policy only covers the difference between 80% of the value of the property and the actual down payment. With a 5% down payment, 15% of the loan amount will be covered.
Not … (0 comments)