fha: Solutions For Those Who Don’t Have Enough Cash To Purchase a Home
- 03/27/14 05:04 AM
So many in America desire to become home owners. They know that home ownership is the most likely path towards financial security for their family as well as freedom from the tyranny of landlords. Indeed, Federal Reserve Board studies have shown that owners have a net worth many time that of renters. The goal of owning not only promotes financing security, but also promotes stability and the freedom of choice. The next question is — why don’t more Americans purchase a home? There are many obstacles on the road to achieving home ownership but studies by mortgage giant Fannie Mae … (0 comments)
fha: FHA Limit Change May Affect Homebuyers
- 11/25/13 03:48 AM
In November of 2011 President Obama signed HR 2112, the Consolidated and Further Continuing Appropriations Act of 2012 into law renewing the expired higher loan limits for Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) loans for an additional two years, through Dec. 31, 2013.
This means that the higher loan limits are set to expire at the end of 2013, which is less than two months from now. What does this mean to the average homebuyer? With regard to FHA loans, areas that allow “high cost” limits will be lowered from $729,750 to $625,500 without further … (0 comments)
fha: Parents: Do You Want To Help Your Children?
- 10/21/13 03:45 AM
Owning a home is a dream that is shared by millions and millions of Americans. Earlier in the decade the national home ownership rate reached a record high as almost 70% of all families owned their own home. This number has fallen during the recession and subsequent rebound, however the dream of obtaining home ownership has remained a goal for many who are presently renting. Now many Americans will be able to reach their goal of home ownership because of record low interest rates and lower home prices that have made owning more affordable than ever. Unfortunately, many lending programs now … (1 comments)
fha: An Important Mortgage Insurance Option
- 10/04/13 03:40 AM
Many consumers do not understand the term “mortgage insurance” — both what mortgage insurance represents and what mortgage insurance options are available to them to help finance their homes. First, mortgage insurance exists to help lessen the risk to a lender when a consumer puts less than twenty percent down on a conventional mortgage. Basically, the lender is able to lend with a lower down payment because the consumer purchases mortgage insurance which covers the lender for part of the risk if the consumer defaults. It should be noted that Federal Housing Administration (FHA) mortgages, a type of government loan, also requires mortgage insurance. … (0 comments)
fha: FHA Makes It Easier to Rebound
- 08/28/13 06:07 AM
The Federal Housing Administration is making it easier for once-struggling homeowners to qualify for a home loan backed by the agency. For borrowers who meet certain requirements, the FHA is trimming to one year the amount of time that homebuyers must wait after a bankruptcy, foreclosure or short sale before they may qualify for a FHA-backed mortgage. The waiting period had been two years after the completion of a bankruptcy and three years after a foreclosure or a short sale. But only certain consumers who’ve been in those circumstances will be able to meet the criteria attached to the eased … (0 comments)
fha: FHA and VA Condo Certifications Expiring December 7, 2010
- 12/07/10 08:39 AM
FHA is requiring updates for their condo certifications. FHA requires a certification on the entire condo complex to be able to finance with an FHA loan. A lot of complexes approvals expire tomorrow December 7. If you have a condo listing or a buyer looking at a condo, give me a call or email to see if it is approved for FHA financing or how to get it recertified. VA loans also follow closely to FHA, they have a list of approved complexes as well, but in some cases VA says to check if it is FHA approved and then they … (3 comments)
fha: All about the down payment
- 05/24/10 03:06 AM
When obtaining a home loan or mortgage, most loans require a down payment- FHA requires 3.5% down VHDA is a state program that allows you to finance the 3.5% down payment for FHA loans VA loans (military members) have a $0 down payment requirement Conventional loans usually requires 20% down Investment property loans require 20% at least down
Sources for down payments: Checking/Savings account 401k loans Vehicle equity loans Other property equity loans (jewelry, art, etc.) ***Not allowed from unsecured funds- credit cards, unsecured/signature loans Gifts from Churches / Non-profit organizations / Employers Gifts or loans from family members
… (1 comments)
fha: January 1st Mortgage Changes
- 12/01/08 05:23 AM
On January 1, 2009 the conforming loan limit for our area in Hampton Roads will increase from $417,000 to $458,850. The FHA loan limit will be $458,850 as well, up from the mid 300,000 dollar limit this year. This means more money is available at non-Jumbo rates or qualifying requirements! Also, the FHA downpayment requirement is supposed to increase from 3% to 3.5% January 1st. If you have any specific questions call me or email and I will help in any way I can! … (0 comments)
fha: VA and FHA-- forgotten or just unknown?
- 01/07/08 05:19 AM
It seems that few people know the advantages of these government loans over conventional. Conventional certainly has its place but sometimes not the best option. Veterans Administration (VA) is financing available to military members, past and present, that have served 90 days of Active Duty service during wartime, and 120 days during peace time (we are in wartime currently). The funding fee for a VA loan is 2.15% of the loan amount for first time users, and 3.3% for subsequent uses, which can be financedin the loan amount. If the veteran is labeled as disabled from the VA, their funding fee is 0% ! The VA … (14 comments)
So many in America desire to become home owners. They know that home ownership is the most likely path towards financial security for their family as well as freedom from the tyranny of landlords. Indeed, Federal Reserve Board studies have shown that owners have a net worth many time that of renters. The goal of owning not only promotes financing security, but also promotes stability and the freedom of choice.
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