If you want to restructure your loan, you have a few options. You can recast, refinance, or just pay down your loan. Two of these options, the mortgage recast and refinance, require the help of a lender. The third option – paying down your loan, can be done on your own. Get Matched with a Lender, Click Here. We explore all three options for you below. What is a Mortgage Recast? You may have never heard of the mortgage recast. That’s because most people refinance; it’s all they know. The … [Read more...]
What is an FHA 203(b) Loan?
If you want FHA financing, you likely hear a multitude of letters being thrown around. One such name is the FHA 203(b). This is the standard FHA loan, just with a fancier name. Keep reading to learn more about this important loan that has helped millions of borrowers become homeowners. Get Matched with a Lender, Click Here. The FHA 203(b) Loan Defined The FHA 203(b) loan is your standard FHA loan. Any borrower that can meet the FHA guidelines can apply for this loan. It’s synonymous with … [Read more...]
Does the FHA Streamline Loan Require a Credit Check?
The FHA Streamline Loan is a program for existing FHA borrowers. Technically, the program does not require you to undergo a credit check. However, there are certain circumstances that may require a lender to look at your score. Compare Offers from Several Mortgage Lenders. We go through the various circumstances below. The Non-Credit Qualifying FHA Streamline Loan The most beneficial way to use the FHA Streamline program is for a lender to use your qualifying factors used for your … [Read more...]
What is the PMI for a FHA Streamline Refinance?
The FHA streamline refinance lets you refinance your current FHA loan without all of the paperwork. You don’t have to prove that you have a certain credit score or that your debt ratio is a certain number. The FHA allows lenders to use the original qualifying factors to approve borrowers for this loan. However, just because you can skip out on the verifications for the loan, it doesn’t mean you don’t pay PMI. The FHA calls it Mortgage Insurance and everyone pays it for the life of their FHA … [Read more...]
2018 FHA Loan Limits – How do they Affect You?
The FHA Loan provides you with funds to purchase or refinance your home with very easy to meet guidelines. The FHA has lower credit score guidelines as well as less stringent debt ratio and income guidelines for borrowers. This is one of the main reasons many people referred to the FHA loan as the first-time homebuyer’s loan. Today, people from all walks of life use this loan to purchase and refinance their home. Because of the meaning behind the FHA program, however, to help people that are a … [Read more...]
Convert Your ARM to a Fixed-Rate Loan with an FHA Streamline
If you have an FHA loan now, but it’s an ARM, you probably worry what will happen when it adjusts. Why wait to find out? You can refinance your loan with the simple FHA Streamline program. The FHA Streamline program requires very little verification yet is a robust program for those with a current FHA loan. Get Matched with a Lender, Click Here. Keep reading to learn the benefits of this loan program and how you can apply. What is the FHA Streamline Loan? First, let’s look at the FHA … [Read more...]
FHA Seasoning Requirements for Streamline Refinances
The FHA offers current mortgage holders the opportunity to refinance their loan with very little verification. It’s called the streamline refinance. If you have a current FHA loan that you have not paid late for the last 12 months, you may qualify. However, there’s one more thing – you must meet the seasoning requirements. What are Seasoning Requirements? The FHA requires that you have the FHA loan for a certain period before you refinance out of it. Think of the seasoning as a waiting period. … [Read more...]
The Top Factors That Influence Your Home’s Value
You know how much money you want for your house, but will you actually get it? Would you rather price your house to sell or to make you the largest profit? Looking for Current Mortgage Interest Rates? Click Here. Okay, you probably want both, but sometimes your idea of your home’s value is rather skewed compared to its actual value. Below you’ll learn the top factors that affect your home’s value. This way you can determine if you need to do anything to your home before putting it on the … [Read more...]
What are the FHA Rules Regarding Property Flipping?
Property flipping occurs when someone buys a home for a low price, fixes it up, and sells it for a much higher price. While it sounds like a great way to make money, it’s frowned upon in the mortgage industry. In fact, the FHA does not allow the purchase of certain flipped homes. Looking for Current Mortgage Interest Rates? Click Here. We discuss the circumstances below. What Does the FHA Consider Property Flipping? The FHA’s rules are very clear. If a current owner owned the home for … [Read more...]
FHA Guidelines on Non-Occupant Co-Borrowers
If you can’t qualify for an FHA loan on your own, you may have one more option. You may be able to use a non-occupant co-borrower. In other words, someone may be able to go on the loan with you, but not have to live in the home. This is despite the FHA rules that borrowers occupy the property. In reality, the rule states that at least one borrower must occupy the property. Compare Offers from Several Mortgage Lenders. Who Can be a Non-Occupant Co-Borrower? In general, the FHA prefers if … [Read more...]