fha: How to Prepare Your Finances for Home Ownership
- 12/15/20 06:34 AM
The day you decide to purchase a house, this is the day you need to start preparing yourself financially. For many homebuyers, this takes time to prepare yourself for this financial undertaking. First, you must develop a plan how to handle the most expensive undertaking of your lifetime. Below are things you need to consider when preparing yourself to purchase your new home: Credit score – Most people understand a good credit score is needed to qualify for a home mortgage. Potential buyer needs to prepare themselves financially, this means having a low debt-to-income ratio. This ratio should be equal to … (0 comments)
fha: Freddie Max Fixer-Upper Loans
- 07/17/19 06:11 AM
Recently Freddie Max started offering a new product to homeowners to help them remodel and spruce up their properties. The new mortgage product will offer greater flexible financing options for aging homes. As homes age, many homeowners are wanting to remodel and update their homes. With this new loan product, homeowners will be able to finance or refinance fixer-uppers. In addition, eligible home buyers can combine a home and finance a fixer-upper loans into single mortgage. Research is showing that there are larger number of older homes in need of repair which is an option when buying a home. This option … (0 comments)
fha: Important Information About Reverse Mortgages
- 04/04/17 05:51 AM
Seniors who are 62 years or older have the ability to use proceeds from their current regular home loan or reverse mortgage to purchase another home. If a senior has a reverse mortgage they still maintain ownership providing they pay their property taxes and live in the home. Having a reverse mortgage still allows seniors to move to another geographical area to be closer to their children or buy a home that meets their physical needs. At the same time, these seniors can eliminate making future mortgage payments. Another advantage seniors have available to them, creates a line of great that … (0 comments)
fha: Understanding and How to Prevent Paying Mortgage Insurance
- 10/05/16 10:39 PM
Many people, especially when buying their first home are unable put down 20% of the sales price plus pay the buyer’s closing cost. Before a mortgage lender will approve a potential home buyer they must verify they will have sufficient equity in the property. The lender is insured and wants to be able to re-sell property without incurring a loss if necessary due to foreclosure, etc. The insurance carried by mortgage lender is call Private Mortgage Insurance (PMI) when using conventional financing. The homeowner will be required to pay PMI until they have accumulated more than 20% equity in the property. … (1 comments)
fha: Understanding Home Buyer Terms
- 07/29/15 05:54 AM
As a home buyer it is important to understanding concepts and terms prior to buying property. Throughout the buying process a buyer will be exposed to new terminology and needs the ability to understand these terms. Following is a list of some important terms: Abstract of Title – Historical record of legal ownership of the property. Adjustable Rate Mortgage (ARM) – Variable rate loan where the interest rate changes based on an index. Agreement of Sale – Written contract for sale signed by both parties which the buyer and seller agree to specified terms to transfer ownership of property. Amortization – Process of reducing the … (1 comments)
fha: Think Before You Refinance
- 07/06/15 11:29 PM
We all want to save money, and one way to do this is to refinance your home. If done right you can save thousands of dollars in interest, reduce number of months of mortgage payments, and possibility reduce the amount of your monthly mortgage payment. Before refinancing, there are some considerations you should evaluate prior to refinancing as indicated in the following list: · Do not chase interest rates, and do not refinance more than 3 times during the life of your loan. Interest rates are currently low, and be sure to use criteria that justifies refinancing within the current market. · Major … (0 comments)
fha: Simultaneously Becoming A Home Buyer and Investor
- 03/11/15 11:46 PM
Sometimes home buyers either want to own a home and use a portion of building as rental property, or purchase separate property for investment. For first time home buyers, this may be challenging, but possible. First time home buyers may find this too be expensive. When entering into either arrangement there are some important factors to consider: · If purchasing property for an investment, you will be required to take out an investment loan. These loans normally have higher credit requirements, down payments, and interest rates. If you live on the property, normally you can get better interest rates. · … (1 comments)
fha: How Buyers Can Get The Edge During Spring Season
- 07/15/13 05:29 AM
Spring and summer months are normally the busiest months in the real estate market. This is the time families can coordinate their move with the school year. During this time period there are more homes on the market and greater competition to purchase a house. If you are thinking about purchasing a new home, there are some things you can do to give yourself a competitive edge over other home buyers: · Get started early by working with a realtor of your choice, and informing the realtor of you needs and desires. · Get pre-approved, this shows the sellers you are … (0 comments)
The day you decide to purchase a house, this is the day you need to start preparing yourself financially. For many homebuyers, this takes time to prepare yourself for this financial undertaking. First, you must develop a plan how to handle the most expensive undertaking of your lifetime. Below are things you need to consider when preparing yourself to purchase your new home: 
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