Most Americans take out a mortgage to buy their first home or upgrade their current one. However, some are prompted by unfortunate circumstances to do so. A natural disaster strikes without warning, which results in both loss of life and property. Those displaced by floods and tornadoes are often overwhelmed by the thought of starting life over. Sensitive to their plight, the Federal Housing Administration has a program that provides financial assistance to such stricken individuals via FHA … [Read more...]
The Mistakes You Should Avoid When Applying for an FHA Streamline Refinance Loan
Mortgage rates at record lows are encouraging more people to finally take the plunge and buy their first home. According to Freddie Mac, a 30-year fixed mortgage now has an average interest rate of 3.62 percent. A decrease of 0.39 percent from last year. New homebuyers aren’t the only ones jumping up the chance at easy mortgages. Borrowers who are years into their current FHA loans are also looking to refinance them. After putting down a fair amount in installments and with today’s rates, … [Read more...]
VA Loans VS FHA Loans & Other Federal Mortgage Programs
Learn about information regarding VA home loans, FHA home loans, as well as other federal offered mortgage programs. In This Article Home Affordable Act FHA Loans VA Loans Lenders After the collapse of the housing market, more and more homeowners have been struggling to afford their monthly mortgage payments. To help alleviate some of the impending stress this has caused the federal government has partnered with banks and lenders to help guarantee home loans. This allows more … [Read more...]
Taking the Good with the Bad with FHA Loans
FHA loans are like a doubled edged sword: there are good sides and there are bad sides. The good helps you get into the home you want without breaking the bank; the bad leaves you with quite a hefty monthly payment and limitations on where you can purchase a home. First time homebuyers and those that are trying to recover from the housing crisis are great candidates for this loan. The others can determine whether or not it is right for them by determining their ability to put … [Read more...]
How Easy It Is To Get An FHA Streamline Refinance?
The FHA makes it pretty easy to refinance into a lower rate. They require very little documentation from you and can turn the loan around in a short amount of time. There are even ways to save on the upfront mortgage insurance premium that you owe as well as the closing costs if you are diligent about it. As an added bonus, if you originally opened your loan a few years ago, the upfront mortgage insurance premium has dropped … [Read more...]
Do you Want a Zero Closing Cost FHA Streamline Refinance?
Refinancing can make a lot of sense, especially when the rates are significantly lower from when you originally obtained your loan. If you have an FHA loan, however, the thought of paying the upfront mortgage insurance premium in combination with the closing costs can seem overwhelming. Many people avoid taking advantage of the lower rates available just to avoid having to pay the closing costs. The good … [Read more...]
Looking To Buy A New Home
A simple story from an FHA borrower: My family and I were wanting to buy a new house. We had been saving for a few years and had been living below our means just so we would be able to purchase a house that we all loved. We really wanted to get an FHA loan since they were so popular with first time home buyers like us. That type of loan was insured by FHA, the Federal Housing Administration. That meant that the bank took less of a risk loaning to us in case we defaulted on the loan. Not … [Read more...]
FHA Streamline Mortgage Rates: The Best Place To Find Them?
When rates drop, many people who are currently in an FHA loan want to participate in the FHA streamline mortgage program because it is the "easiest" and "best" refinance program for people in FHA loans. However; one of the most popular questions right away is: What are the current FHA streamline mortgage rates and where is the best place to find them? And lucky for everyone, one place has made it easy to find out what the current FHA streamline mortgage rates are: Zillow.com. Click … [Read more...]