FHA Home Loan Help

FHA Loans for the Self-Employed

Thu, 25 Jun 2009 11:51:00 -0700

Are you self-employed and wondering if you can qualify for an FHA Mortgage? You probably can if you fit within a few simple guidelines. Here is a summary of what a lender will look at: Business has been in existence for at least 2 years The first rule of thumb is that your business need to have been in existence for at least 2 years. This means that if you have an ...

Extenuating Circumstances

Sat, 06 Jun 2009 06:26:20 -0700

If you are seeking an approval on an FHA Mortgage and have had a bankruptcy within the past 2 years or a foreclosure within the past 3 years, you may have heard the term "extenuating circumstance." What does this mean? Normal FHA Guidelines require that 24 months pass after a bankruptcy discharge before you can get approved for an FHA Mortgage. The rule is 36 months for a foreclosure. However, if you ...

Mortgage Rates Rising

Fri, 05 Jun 2009 04:48:01 -0700

Mortgage rates have climbed to the highest level we have seen since last fall. Although still very low historically, people have gotten used to rates at 5% or even lower. Currently, rates sit in the mid-5%'s and it appears to be unlikely they will dip back down again to where they were. The rise in rates seems to mainly be tied to the fact that there is too much supply of bonds in ...

Mortgage Lates and FHA Refinancing

Fri, 29 May 2009 10:44:09 -0700

Someone asks me this question every day: Can I qualify for an FHA refinance if I have been late on my mortgage? The answer is "yes and no." The determining factor is (1) what kind of FHA refinance you are doing and (2) how long ago you were late on the mortgage. If you are looking at an FHA Streamline Refinance , you cannot have any late payments on your credit history ...

FHA Rates Stay Low

Tue, 19 May 2009 14:02:32 -0700

FHA Home Loan Rates are staying at low levels we haven't seen for decades. Many people are taking advantage of the Low FHA Mortgage Rates for the FHA Refinance Loan or FHA Home Purchase Loan . At the time of this post, FHA Streamline Refinances can be done at 5% on a 30 year fixed rate mortgage with minimal closing costs and points.

New Down Payment Assistance Option

Sat, 16 May 2009 09:11:44 -0700

The government announced this week that they plan to make the $8000 First Time Homebuyer Tax Credit available at the table to use as a down payment. That means that you can buy a home for up to $225,000 with your FHA Home Loan Financing with Low FHA Mortgage Rates , and the government will subsidize your down payment! Please visit our $8000 First Time Homebuyer Tax Credit page for more details!

FHA Cash Out Refinance- New Appraisal Rules

Fri, 08 May 2009 08:44:07 -0700

Are you considering an FHA Cash Out Refinance Loan on your home? If so, you must be aware of new FHA Appraisal Guidelines that have gone into effect. If you use an FHA Cash Out Refinance Loan on your FHA Refinance , then you will have to obtain two appraisals if you borrow more than 85% of the value of the home. We can help you with the process of ordering the appraisals, but it is ...

Wanted: Guest Authors

Thu, 07 May 2009 08:19:22 -0700

FHA Home Loan Help is currently seeking guest authors to write FHA and Real Estate related posts on this blog. We are interested in professionals in the following fields: Real Estate Agents, Financial Planners, Home Inspectors, Credit Repair Experts, Real Estate Attorneys, Appraisers, Title Company Reps, or any other FHa or Real Estate related field. Increase your exposure and backlinks to your website. You will receive a prominent link to your website on the ...

$8000 First Time Homebuyer Credit

Wed, 06 May 2009 08:20:06 -0700

If you are a first time homebuyer , now is a great time to buy a home. Not only are home prices down, but mortgage rates are extremely low, and the government has also stepped in to offer an $8000 First Time Homebuyer Tax Credit . A first time homebuyer is defined as someone who has not owned a home in the past 3 years. There have been numerous articles that homes are at the most ...

Cash Out Refinance >85% LTV Now Requiring 2 Appraisals

Sat, 31 Jan 2009 04:18:48 -0700

If you are pulling cash out of your home using an FHA loan, you can still borrow up to 95% this year. That is the good news. The bad news is that, due to declining home value in many parts of the country, FHA will now require that two appraisals are done on any cash out refinance with a loan-to-value ratio >85%. This does not mean your home isn't worth what it appraises ...

3.5% Down Now Required

Sat, 31 Jan 2009 04:14:45 -0700

As of Jan 1st, FHA now requires a home buyer to bring a 3.5% down payment to closing. This is up from the 3% down payment requirement that has been in place for many years. If you are refinancing your home, streamline (FHA to FHA refinancing) or not, you will be capped at 96.5% of the appraised value of your home, 95% if you are pulling cash out.

FHA Rates at 2008 Lows!

Wed, 03 Dec 2008 14:21:01 -0700

FHA home loan rates have dropped to the lowest levels of 2008 on news that the Federal Reserve could buy up to $600 billion in mortgage-backed debt. If this action happens, it could lower mortgage rates even further. Now is the time to lock in on a streamline refinance if you have been waiting for the right time!

Streamline Refinance Change

Tue, 28 Oct 2008 13:58:03 -0700

An important change to the standards for an FHA streamline refinance has taken place. FHA streamlines do not require a full credit check, but your pay history on your mortgage is pulled. In the past, one 30 day mortgage late, and with some lenders, 2 lates were acceptable. Starting this week, most lenders have gone to a policy where no mortgage late payments are allowed over the past 12 months. You must have a ...

FHA Qualification Becoming More Difficult

Wed, 08 Oct 2008 08:24:23 -0700

The FHA home loan program has been one of the bright spots int he lending world, helping homeowners and first time home buyers with less-than-stellar credit qualify to buy a home. That is still the case today, but llike all other mortgage programs, FHA guidelines are tightening up. Currently, you will need a minimum credit score of 580 to qualify for an FHA mortgage. You can also have only minor derogatory credit over the ...

Rates Down Sharply Today

Mon, 08 Sep 2008 08:00:33 -0700

Rates are down sharply today on the news over the weekend of the government bailout of mortgage giants Fannie Mae and Freddie Mac. Although Fannie and Freddie do not back FHA loans and this does not affect FHA rates directly, FHA rates are still down on the news and may continue to get even better. Now is the time to consider taking advantage of the FHA Streamline Refinance program. If your FHA 30 year ...

FHA Seller Concessions

Tue, 26 Aug 2008 05:06:27 -0700

One thing that home buyers forget about, especially first time homebuyers, is closing costs. Not only do you have to have a down payment to buy a home these days, but every transaction has closing costs. Closing costs can total 2-3% of your loan amount, or even more in some states. If you find the right seller, however, you can ask the seller to pay your closing costs as part of your offer. ...

FHA County Loan Limits Link

Mon, 25 Aug 2008 11:00:13 -0700

Where are FHA home loan limits in your county? Did the increase in FHA mortgage limits affect you? You can find out yourself! Here is a link to the HUD FHA Mortgage Limits website. Just plug in your state and county, and the online engine will tell you the limit in seconds! Remember, the limit is the loan limit, not sales price limit, so if your limit is $200,000 for example, and ...

Did You Know? You Can Buy Multi-Unit Properties Through FHA

Mon, 25 Aug 2008 10:45:50 -0700

I have had a lot of questions lately about what types of properties a person can buy through FHA. FHA will allow you to purchase a single-family residence, but also a duplex, triplex, or even a 4-plex! The caveat is that you must purchase the property as your primary residence, so must live in one of the units. One other nice thing is that you can use the income from the other units ...

Live FHA Help!

Thu, 21 Aug 2008 04:56:26 -0700

Have questions about FHA financing, the home buying process, or mortgages in general? Then take advantage of our live chat help! Click on the icon in the upper-right of this blog. If we are not online, we will still receive your message and reply promptly. If we are online, you will be connected one of our experienced loan officer for a live chat session! Please consider us a resource. We are here to ...

$7500 Tax Credit Loan Programs

Wed, 20 Aug 2008 15:26:45 -0700

Since my first post on the subject of the new $7500 tax credit that the government is extending to first time homebuyers, I have had a few questions come across that I felt needed to be addressed on this blog. For one, I need to clarify that the tax credit can be applied for by any first time home buyer using any loan program, not just FHA. As long as the home buyer has ...

Down Payment Assistance Gone October 1st

Mon, 18 Aug 2008 10:42:24 -0700

There is much press about the new HR 3221: Hope for Homeowners bill that was passed recently by Congress. There are positives and negatives about the bill, and one of the negatives if you are a first time homebuyer is that you will no longer be able to take advantage of down payment assistance programs. Down payment assistance programs have helped literally millions of homeowners buy a home through FHA. FHA requires a ...

$7500 First Time Homebuyer Tax Credit

Sat, 16 Aug 2008 03:12:55 -0700

One of the best aspects of the new HR 3221 Hope for Homeowners legislation is a $7500 tax credit for first time homebuyers. This is the opportunity of a lifetime to buy a home and receive a substantial benefit! The $7500 is a tax credit, not a tax deduction, meaning that if you qualify, you will receive a check for $7500 as part of your income tax filing next spring. The tax credit is actually a zero-interest loan that ...

Bad Credit Mortgage Help

Thu, 14 Aug 2008 06:23:56 -0700

If you have poor credit and are trying to obtain a mortgage, you know that it can be frustrating. FHA Home Loan Help is here for you! Check out our partner website, Bad Credit Mortgage Help , for dozens of articles and many resources to help you with your unique needs. Bad Credit Mortgage Help will help you with credit repair , Hope for Home Owners information, mortgage modifications , USDA rural housing loans , and ...

The Home Loan Process

Tue, 12 Aug 2008 10:31:58 -0700

I had an email from a first time homebuyer this morning who is out looking for homes, and is confused about the process. "How does it work- where do we actually close? When do we actually own the house? What is done in-between?" Your first time buying a home can be confusing and intimidating. After I got this email, I thought this would be a good blog topic for today. Here is a ...

FHA Kiddie Condo Program

Mon, 11 Aug 2008 06:19:55 -0700

The FHA Kiddie Condo program is an excellent way to help your college student children get a jump-start on their future. Not only will owning a home help them build their credit early and build equity throughout college, but managing a rental property (assuming they have roommates), can be a valuable character-building activity for them. The Kiddie Condo program allows you as the child's parent to co-sign on a mortgage to buy a home ...

FHA Mortgage Insurance Premiums Update

Thu, 07 Aug 2008 08:05:45 -0700

FHA is following suit with other major mortgage insurers, and has released a tiered mortgage insurance structure. The new structure will entail a higher up front and monthly premium for borrowers with lower credit scores and higher loan-to-value ratios, and a lower up front and monthly rate for borrowers with a larger down payment and higher credit scores. Here is a summary of the new mortgage insurance rates (up-front premium/ monthly premium rate): ...

HR 3221 Hope for Homeowners

Thu, 07 Aug 2008 07:50:13 -0700

The new HR 3221 Hope for Homeowners bill has been passed by congress and signed off on by the President. Here are some highlights about the new program that will help home owners who are upside-down on their mortgage refinance and erase negative equity: Lack of capacity to pay existing mortgage: borrowers certify that they have not intentionally defaulted on the eligible mortgage or on any other debt (false statement = fine and/or 5 ...

FHA Co-Signer Can Help You Qualify!

Wed, 06 Aug 2008 14:22:27 -0700

Having trouble qualifying for an FHA mortgage? Then find a co-signer! FHA is unique to most mortgage programs because FHA will allow a co-signer's income and assets to be used to help you qualify for a mortgage. Most other loan programs will still require you to qualify on your own merits for the mortgage, despite a co-signer, therefore defeating the purpose. Your co-signer must be a relative and cannot be someone involved in ...

Streamline Refinance Your FHA Mortgage

Fri, 01 Aug 2008 15:56:18 -0700

Looking to refinance your FHA mortgage? Then a streamline FHA mortgage is an incredible opportunity for you! The streamline program allows you to roll your current FHA mortgage into a fixed rate mortgage with very minimal qualification requirements: No appraisal required (doesn't matter if you owe more than your home is worth) No income verification (only have to be employed) No credit check except mortgage history- no ...

The End of Down Payment Assistance?

Tue, 29 Jul 2008 14:05:26 -0700

A new housing bill which is being touted as the legislation that will help stem the rate of foreclosures in the United States and help solve the housing crisis, may do away with an important FHA mainstay for the past couple decades. Down Payment Assistance programs have helped millions of home buyers obtain the dream of home ownership by providing much needed down payment assistance help. FHA programs require a 3% cash investment by ...