As Donald Trump prepares to be sworn in next week, officials under the Obama administration are setting their respective departmental affairs in order. Poised for a transition, Secretary Julián Castro has imparted one final gift before making way for his successor. The Federal Housing Administration (FHA) has established programs aimed at helping borrowers with problematic or limited credit attain homeownership. The U.S. Department of Housing and Urban Development announced that the FHA is … [Read more...]
New FHA Mortgage Limits to Take Effect in 2017
The Federal Housing Administration is set to re-calibrate loan limits for the incoming year. Announced this month, this effort addresses the concern of increasing home prices affecting thousands of borrowers nationwide. Report Breakdown In the report released by FHA on December 1, the increases are set to impact 2,948 counties while 286 will sustain the same limits as in 2016. This new rule will take effect on January 1, 2017. $636,150 in 2017 from 2016’s $625,500 for high-cost counties … [Read more...]
How to get an FHA Loan with Frequent Job Changes
If you have changed jobs more than a couple of times in the last 12 months, you might find that it is a bit harder to get a mortgage than you might have anticipated. Even if you have a high credit score, good income, low debt ratio, and plenty of reserves, that job instability can really hurt your chances at getting approved. The good news is that there are exceptions to the rule when it comes to applying for an FHA loan. If you have frequent job changes and proper proof to show why you did it, … [Read more...]
Comparing FHA Loans and Rates
FHA loans are a popular mortgage program to use when purchasing or refinancing a home because of their low rates. The guidelines also offer flexible options which allow more borrowers to qualify. An FHA loan may be an ideal financing option for you if you’ve had past credit issues or are just looking to minimize your down payment to as little as 3.5 percent. What does an FHA Loan Provide? FHA or Federal Housing Administration which is a government agency to improve housing standards and … [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...]
FHA Streamline: What Is The Deal With A Minimum Credit Score?
No doubt, if you are wondering if the FHA streamline program has a minimum credit score, you are probably confused. There is mis-information everywhere - or maybe the information that you see was correct at one time, but is no longer true. FHA Streamline Rules For Minimum Credit Scores Officially, FHA does not have a minimum credit score requirement for the FHA streamline program. BUT -- lenders have started requiring minimum credit scores, and every lender seems to have their own set of … [Read more...]
FHA Streamline Mortgage: Minimum Credit Score Required?
Many people have been told that in order to qualify for the FHA streamline program, they need to now have a minimum credit score. This is kind of true... but kind of not. The truth is that FHA doesn't require a credit score to insure the loan -- but many lenders have made the decision to require that a borrower have a mid credit score of 620 or higher. Click Here for the Latest Loan Rates» What this means to you if you are currently shopping for an FHA streamline refinance is that you … [Read more...]
FHA Streamline Program: Can You Streamline If Your Loan Is Above Current FHA Loan Limits?
Many people who are curently in an FHA loan may not be able to streamline becuase their loan is above current FHA loan limits. In 2009, FHA reduced the loan limits in certain areas across the country and as a result, many homeowners who have FHA loans that are above the 2009 FHA loan limit are not able to participate in the FHA Streamline program. To Get Matched With a Lender, Click Here» Will this problem get fixed? We think so. When changes happen to the FHA streamline program, FHA … [Read more...]