mortgage fha: Home Inspections
- 12/01/20 01:42 PM
A home inspector is another key professional involved in a real estate transaction. Many times, the sales contract will have a provision that allows the purchaser to have inspections made to discover issues that are not readily apparent or have not been disclosed by the seller. It is important to have a qualified individual perform the inspection. Regardless of whether a license is required, buyers should ask about the inspector's experience, training, years in business and if they are familiar with the area and type of property involved. Membership in professional associations can indicate an inspector's commitment to education and training. References from … (0 comments)
mortgage fha: What Kind of Properties are These?
- 02/25/20 05:06 PM
It is the way the property is used that determines the type of property it is, not what it looks like. Based on the intent of the owner, the property could be a principal residence, income property, investment property or dealer property. A principal residence is a home that a person lives in. There can be only one declared principal residence. It is afforded certain benefits like deducting the interest and property taxes on a taxpayers' itemized deductions, up to limits. Up to $250,000 of gain for a single taxpayer and up to $500,000 for a married couple filing jointly … (0 comments)
mortgage fha: Your Rate Depends on your Score
- 01/21/20 02:37 PM
Most homebuyers probably know that their FICO mortgage score can determine whether they qualify for a loan, but they may not be aware that it can determine what interest rate they'll pay. The same $300,000, 30-year, fixed-rate mortgage can have a principal and interest payment that ranges from as low as $1,340 or as high as $1,619 based on this recent picture in time. The variable is the FICO score of the borrower. Use this calculator to see current rates and your loan amount.
While you can get a conventional mortgage with as low as a 620 FICO score assuming the rest of … (4 comments)
mortgage fha: Take the Standard Deduction & the Home
- 01/21/20 02:27 PM
Now that the standard deduction is increased to $12,200 for single taxpayers and $24,400 for married ones, many homeowners are better off with the standard deduction than itemizing their deductions to write off their mortgage interest and property taxes. There was some speculation that without the tax advantages, homeownership is not the investment it once was. By looking at the other benefits, you can see that homeownership is still one of the best investments people can make. A $275,000 home financed with a 4.5%, 30-year FHA loan would have an approximate total payment of $2,075. The difference in the value … (0 comments)
mortgage fha: Would - be to Should - be
- 04/27/17 07:23 PM
Some would-be buyers have emotional reasons to own a home like having a place of their own where they can raise a family, feel safe and secure and enjoy their friends’ company. Other buyers’ dominant reasons might be financial in nature such as building equity or lowering their cost of housing. Regardless of what might be motivating people to want their own home, it is easy to justify that now is a good time to purchase. Let’s look at a $250,000 example using a FHA loan. The total payment will be about $1,835 dollars a month. If the payment is lower than the … (1 comments)
mortgage fha: Facts or Myths
- 01/04/17 10:22 AM
Facts or Myths “It’s impossible to get low down payment loans.” – FACT! FHA down payments are 3.5% and VA is 0%. In some areas, there may be some 0% down payment USDA loans available. FNMA and Freddie Mac have 3% down payment programs. “It takes perfect credit to get a loan.” - FACT! There is a relationship of better rates to better credit but many issues on a credit report can be explained or corrected. The way to know for sure is to speak to a reliable lender. “If I’ve had a bankruptcy or foreclosure, I can’t qualify.” - FACT! Credit history following a bankruptcy or … (0 comments)
A home inspector is another key professional involved in a real estate transaction. Many times, the sales contract will have a provision that allows the purchaser to have inspections made to discover issues that are not readily apparent or have not been disclosed by the seller.
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