Tagged : FHA

Found 22 blog entries tagged as "FHA".

FHA Flipping Rules for Buyers and Investors

FHA Flipping Rules Explained

There are two main categories of real estate investors.  The first is a long term hold strategy.  Secondly, there is flip which is a short term sell for profit strategy.  A property flip is when investors purchase a home, renovate it, and then sell it for a profit.  Both investments are wealth building strategies using real estate as the catalyst.  But when it comes to mortgages, lenders have restrictions and rules for property flips.  These rules can potentially restrict a seller’s ability to sell quickly.  These restrictions are called FHA flipping rules.

So, property flips sound like a great thing and you would be correct.  But, the purpose of this article is to

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Buying Your First Home? We have $15,000 in Down Payment Assistance Available!

$15,000 Down Payment Assistance (DPA) – Wow! Close to FREE Money!

First time buyers in Cabarrus, Cumberland, Guilford, Johnston, or Mecklenburg Counties have a great opportunity.  These buyers may be eligible for the 15000 down payment assistance program ($15,000 DPA funds).  In addition, this program offers 0% interest and has no required payments.  But guess what???  It is FULLY FORGIVEN AFTER 5 ONLY YEARS!

Most of the time something like this is too good to be true.  In this case, it is True!  Last year this program was available to the first 1,000 loans.  But, this time the $15,000 DPA will be available to the first 3,000 loans.  So see the details below and

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Is a Swimming Pool Going to Swan Dive Your FHA Loan?

Swimming pools:  You either love them or you hate them and usually there is no in between.  One family dreams of sun filled days splashing around in the pool where another sees daily chores of cleaning, making sure the Ph is at the correct level, or covering the pool for the winter.

So if a home you are considering to purchase includes a swimming pooland you plan to finance with the FHA home loan program, below are some items toconsider.  FHA appraisers are required to confirm that all systems, electrical, plumbing, etc. are in functioning order before your loan will be allowed to close.

Swimming pools & FHA mortgage requirements

Is a swimming pool considered in the appraised value?

If the swimming pool is in working

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When Does A Refinance Make Sense? Don’t Go By the Saving 2% Rule!


When should I refinance?

Refinancing a mortgage when rates are low can save homeowners thousands to tens of thousands of dollars over the life of the loan term.  Too often everyone hears “You shouldn’t refinance unless you can save 2% in rate” and if everyone waited for a 2% reduction, so many could lose out on a very big savings!  Believe it or not, borrowers can even save from only a 1/4% lower interest rate as long as the costs versus savings makes sense.

When does it make sense to lower my mortgage interest rate through a refinance

When does it make sense to lower my mortgage interest rate through a refinance

 

 Examples to consider when a refinance makes sense or not:

  1. Larger loan amounts do not need as much of a lower rate to
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After a short sale, when can I buy another home using a VA, USDA, FHA, or conventional loan?

From 2008 through 2016 many homeowners suffered great financial difficulties.  On top of situations such as job loss and medical issues, many home values decreased dramatically.  Therefore homeowners were not able to sell their home since they were underwater.  This is why a short sale was so popular during this period.  Lenders basically agree to accept an amount lower than the mortgage balanced owed.  While this is considered a big credit delinquency, it isn’t the end of the world.  A knowledgeable buyer can purchase another home in a very reasonable amount of time.

How to Get Approved After a Short Sale

When someone goes through a short sale,

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Tax Refund Used as a Down Payment to Buy a Home


Use tax refund as down payment?

During tax season, refunds help so many become homeowners!

Down payment is one of the biggest obstacles for prospective first time buyers to purchase a home.  But during tax season, many tax payers have more funds than any other time of year.  So there is no better time to qualify for a new home!  Quite often a tax refund may actually cover the whole down payment on a home purchase.  Additionally there are several programs that do not even require a down payment.  Even though down payment may not be required, assets help the strength of the borrower.  Furthermore, tax refunds may be used as assets or down payment right away.

If I Use a No Money Down Home Loan to Buy, Can I Spend My Tax

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There Are a Million Reasons Not to Buy a First Home, But They Are Wrong


There are so many misconceptions or fears that first time buyers have these days and one of our primary goals is to educate this section of the market so the dream of home ownership can be achieved.

 7 Statistics and Solutions About First Time Homebuyers You Should Know:

  1. 54% of first time buyers are married, 18% are single females, 11% are single males, and 15% are unmarried couples.  No matter your marital status, it is not a barrier to home ownership.  Married or not, one or both individuals may be on the loan.
  2. 25% of buyers 33 years or younger would move up their purchase timeline if they had down payment First time buyer solutions for buying a home

    First Time Homebuyer Solutions

    access

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“I Want to Buy a Home-In a Year or Less!” Best Tips for Paying Rent & Why


Rent tips To prove your rent history the best, pay your rent by check on-time each month

Rent Tips to Buy a First Home

In this series, we are providing tips to avoid the Most Common Roadblocks to Home Ownership.  So far we have discussed how to solve limited or bad credit, no down payment, and not having a budget.  So lets discuss overcoming Roadblock #4.  Not being able to document rent or housing history to show, as a buyer, that you are able to handle a new mortgage payment.  So in this article we are going to provide you detailed rent tips.

Reasons to Document Rent History

First of all, there are plenty of situations where a buyer does not have to prove a rent history.  Program type and overall strength of the borrower’s file are examples for

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FHA Decreases PMI Rates for 2017 – Lower Mortgage Payments Means Time to Buy!

FHA loans are well known for helping buyers obtain a very affordable house payment.  Well FHA, one of the most popular loan programs, just became even cheaper because HUD lowered FHA PMI rates for the 2nd time in 2 years.  The Federal Housing Administration will reduce the annual premiums most borrowers will pay by .25% – .45%.  FHA has determined that an appropriate level of reserves have been met to meet operational goals.  This sufficient level of assets therefore warrants a decrease in the amount of insurance required to offset FHA lending risk.  This reduction results from better quality of loans and less foreclosures.  So lower losses means FHA doesn’t have to

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Receiving social security disability is not a reason to be denied for a mortgage


Mortgage home loans allow buyers to count social security disability income

Mortgage home loans allow buyers to count social security disability income

A common but difficult to prove required mortgage loan stipulation in the past was if a borrower receives Social Security disability or other type of disability income, the borrower had to proof that the income is likely to continue for 3 years from closing.  This practice is not allowed as per the Consumer Financial Protection Bureau (CFPB) as it is considered discriminatory.  Mortgage companies define a source of income as “current documented income that is likely to continue for at least 3 years from closing”.  Well there are protected classes and the disabled is an important

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