FHA financing can help you buy a home with a low down payment. If you buy a condo, though, you’ll have to make sure it’s FHA approved. If it’s not, the process could be delayed. In some cases, you may not be able to secure financing at all. Find out why FHA approval is so important and why you should ask about it first. Why Condos Must be FHA Approved The FHA approves certain condo associations that meet their requirements. If an association doesn’t meet the FHA approved requirements, the FHA … [Read more...]
Do You Really Need FHA Approval for a Condo?
You want to buy a condo, but only qualify for FHA financing. You start the process only to find out the condo needs FHA approval. What is it? Why is it so important? We discuss the important details below. FHA’s approval of the condo association benefits not only buyers, but sellers too. No matter which side of the transaction you are on, this could apply to you. Why Does FHA Approve Condos? Condominiums are known as riskier than single family homes. If you add to that risk the low down … [Read more...]
The 5 Top Reasons the FHA Streamline Costs Less
If you have an FHA loan, you may be eligible for the FHA Streamline. This refinance allows you to refinance with very little verification. It also costs you very little. The closing costs aren’t nearly what they are on a regular refinance. You might wonder why the streamline loan would be any cheaper. You still refinance your loan, right? Here we provide you with the top 5 reasons the streamline loan will save you money on your refinance costs. You Don’t Need an Appraisal The FHA Streamline … [Read more...]
Who sets FHA Loan Limits and How are They Determined?
FHA loan limits control the maximum amount you may borrow on an FHA loan. The limits vary by county within each state. Knowing the limits for your area can help you determine the purchase power you have with an FHA loan. What are the FHA Loan Limits? The FHA loan limits change on a yearly basis. For 2017, the highest FHA loan anyone could obtain is $636,150. This is the maximum in high cost areas. It does not mean that any FHA borrower can take a loan out for this amount. The FHA also has a … [Read more...]
Differences Between FHA Streamline and FHA Short Refinance
The FHA offers several programs that many borrowers don’t know about. The two most commonly misunderstood are the FHA Streamline and the FHA Short Refinance. Both programs have many benefits. But, they each pertain to a different audience. We’ll discuss each program below and how you can qualify for them. What is the FHA Streamline? The FHA Streamline refinance is for current FHA loan customers. It offers these homeowners the ability to refinance their current FHA loan. Homeowners don’t need a … [Read more...]
The Pros and Cons of Debt Consolidation Loans
Getting out of debt often requires some type of debt consolidation loan. People that are in over their heads may feel like they are drowning. Instead of letting the debt go, they take out debt consolidation loans. Essentially, it’s one large loan that pays off multiple debts. You then have one payment you make each month. This is different from debt settlement. You still have a loan you must pay. There are pros and cons to debt consolidation loans. In this guide, we’ll break down each option … [Read more...]
Home Equity Loan or Streamline 203K Refinance?
Do you wish you had the money to make changes to your existing home? Maybe you wish you could have granite countertops, a new roof, or new flooring. Or maybe you are tired of the color of your home, either inside or out, but do not have the cash to get it painted by a professional or the time to do it yourself. You could get a home equity loan and make payments on a second mortgage, but the simple solution is the streamline 203K loan, otherwise known as the rehab loan. This great loan was once … [Read more...]
Refinance an FHA Loan to a Conventional Loan – Should You?
If you were like many other first-time homebuyers, you took out an FHA loan. It helped you get a loan with a small down payment. It also had flexible guidelines. Now that you have owned your home for a while, though, you may be ready for a different loan. If you want to get rid of the mortgage insurance, the only way to do it is with a conventional mortgage. How do you know when the time is right? What is Your LTV? The best place to start is with your LTV. This stands for loan-to-value ratio. … [Read more...]
How Soon Can You Refinance an FHA Loan?
Refinancing an FHA loan can be done at any time. The FHA doesn’t have regulations regarding how long you must have the loan first. However, a lender may have some specific requirements. The most common requirement is to have the loan for at least 6 months. They call this seasoning. It gives the lender a chance to see that you can make the payments on time. It also depends on the type of loan you refinance into as you have choices. Here we discuss your options and what you need to know. FHA … [Read more...]
Best Loan Options for a Quick Refinance
You can refinance in a matter of a couple of weeks if you play your cards right. If you have a government-backed loan, they each offer streamline programs. These programs require minimal documentation and no appraisal. If you provide everything the lender needs right away, you can usually get your loan closed in a week or two. FHA Streamline Offers a Quick Refinance If you currently have an FHA Streamline loan, you may be eligible for the FHA Streamline. You may qualify if you made your last … [Read more...]