fha: Smart alternatives to putting 20 percent down
- 02/25/14 09:29 PM
When you started researching what it takes to buy a home, you probably came face-to-face with one number over and over again: 20 percent. Traditionally, that's how much was needed to buy a home.
These days, there are a number of alternatives to the 20 percent down payment, with some options requiring down payments of 3 to 5 percent, while others offer loans with 0 percent down. Keep reading to learn more about these alternatives... Alternative #1 - FHA Loan If you're a first-time homebuyer, consider a Federal Housing Administration (FHA) loan. It's a type of federal assistance loan that … (0 comments)
fha: Ways to buy a home without cash
- 10/28/13 08:19 PM
Rachel Wolfinbarger knows it's just a myth that you need a 20% down payment to buy a home today. How does she know? Because the California blogger bought a $255,000 Rancho Cucamonga home last year, and she put down just 3.5% to get a mortgage backed by the Federal Housing Administration. Even sweeter, her house has substantially appreciated in the hot Southern California housing market. Said Wolfinbarger: "I couldn't think of a better scenario--having over 20% worth of equity within about a year when we only put down about 3%." She's not alone. Buyers in the tens of thousands are discovering … (3 comments)
fha: Understanding the FHA Pre-Foreclosure Short Sale Process
- 12/10/12 07:44 PM
All short sales are not alike—especially when an FHA-insured mortgage is involved. FHA short sales must advance through a very exact and systemized process. Here’s what you need to know: Before a Short Sale Can Be Initiated The U.S. Department of Housing and Urban Development (HUD) requires that the homeowner be reviewed for all home retention options (modification) before a short sale is pursued. This 30- to 90-day process seeks to determine whether a legitimate hardship exists and if a short sale is appropriate. The review also will certify that the home has not been rented for more than 18 months … (0 comments)
fha: FHA will keep funding flips - Waiver for 90-day resales extended through 2012
- 12/30/11 11:09 PM
For the second year in a row, the Federal Housing Administration is extending a temporary waiver of its "anti-flipping" rule, meaning homebuyers relying on FHA-insured financing will continue to be able to buy homes that have changed hands in the last 90 days. The waiver is a boon for investors seeking to rehab and flip properties, because it expands the pool of eligible borrowers to include those relying on FHA-backed loans, popular with first-time homebuyers and others who lack the cash to make large down payments. In extending the waiver through 2012, FHA said all transactions must continue to be … (3 comments)
fha: Stevens: Banks Hurting Creditworthy Buyers
- 11/10/10 10:30 PM
When you look at the success of FHA over the last few years since the downturn you have to wonder what’s up with the banks. Although the agency has had its credit challenges it never lost sight of the tough times borrowers face in the market today. Click Here for Free Webinar
A case in point is its credit score policy. Even for struggling households whose credit score is as low as 580, the agency will back their mortgage as long as they’re buying their primary residence and they can show they’re prepared to be responsible home owners—and they can … (2 comments)
fha: Looking Toward the Future – What’s Next for Housing Finance, Fannie Mae and Freddie Mac?
- 09/03/10 10:00 AM
With the overhaul of financial regulation in the bag, the Obama administration will focus next on housing finance with an eye to deciding the fate of mortgage finance titans Fannie Mae and Freddie Mac. The administration said in a statement that it would hold a Conference on the Future of Housing Finance at the Treasury Department on Aug. 17. It will seek input for legislation to reform the rules governing mortgage finance and the markets for bonds backed by U.S. mortgages. The Bush administration placed Fannie Mae and Freddie Mac in government conservatorship in September 2008. Uncertainty about what to do … (0 comments)
When you started researching what it takes to buy a home, you probably came face-to-face with one number over and over again: 20 percent. Traditionally, that's how much was needed to buy a home.
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