Something that many borrowers get confused about is how the lender comes up with their FHA payment and/or debt ratio. Even if you think you have everything all figured out, chances are the lender is going to come up with different numbers. This could be for a number of reasons that include: How you receive your income (full-time, part-time, seasonal, commission, salary, etc.) How your … [Read more...]
How is a FHA 203K Different from Other Home Loan Programs
We have all heard of fixer upper homes – the homes that you would not live in unless you made major changes to it. Maybe it was a foreclosure and the previous owners destroyed the home, leaving nothing behind – not even the kitchen sink. Or maybe the home is just so old and has never had any updates done to it that no one could possibly live in it until it was rehabbed. The main problem that both … [Read more...]
FHA Mortgage Insurance Changes 2013
If you live in Arizona and are wanting an FHA loan, the mortgage insurance premiums are about to change. Here are the changes to the FHA mortgage insurance premium that goes into effect for FHA case numbers issued after April 1, 2013. In addition to the increases in the FHA UFMIP listed above, there are a couple of other changes to the FHA loan program as well. It used to be that FHA … [Read more...]
VA and FHA Home Buying Tips
VA and FHA Home Buying Tips There has been a recent downturn in the real estate housing market but that can mean great deals for buyers. More houses on the market with less buyers means that the buyers have the advantage. This article can help you find the advantages of home buying and help you to be able to find the house you have always wanted, at a price you can afford. Click Here to Get a … [Read more...]
FHA 203k Loan in Arizona: Good For Rehab Projects
Many people who are shopping for Arizona homes have found that many of the properties available for sale are either bank owned properties (lots of Phoenix banks have lots of inventory) or short sales. One person I spoke with recently was shopping for Tempe homes for sale that needed a little work. When buying a bank owned property or a short sale, chances are that the home is going to be in need … [Read more...]
Acceptable Sources of Funds For Closing Costs / Down Payment
Every now and then, someone will ask me "is it okay if I ______________ to pay for my closing costs?" So I thought I would outline what most lenders will accept as an acceptable source of funds for closing costs and/or down payment when getting an FHA loan. Remember: no matter what funds you plan on using, they are going to have to be documented as to the source of the funds. Acceptable Sources … [Read more...]
FHA Financing With A Family Trust
Today, it seems to be somewhat common for someone to have a family trust set up for estate planning purposes. Family trusts are great, but when it comes to financing a home with an FHA loan, there are a few things that need to happen in order to have everything go smoothly and as it was intended. FHA Financing For Trusts Generally speaking, in order to be eligible for FHA financing using a … [Read more...]
FHA Guidelines on Mixed-Use Properties
From time to time we get an inquiry from someone who wants to have an FHA loan on a property that they also want to have a small business run out of. For example, someone wants to buy a home and also run a day care facility from their home. When it comes to FHA loans, you want to be sure to follow the rules when it comes to mixed use properties -- otherwise, it could pose a problem. FHA … [Read more...]
FHA Loan To Value: Maximum LTV For FHA Loans
When thinking about getting an FHA loan in Arizona, there are several things to consider - one of which is the maximum loan-to-value that you can finance. In other words, how much money you have to put down for an FHA loan (or how much equity you need to have). Maximum LTV on FHA Purchase Transaction 96.50% of the lesser of the appraised value or adjusted sales price. 90.00% of the … [Read more...]
- 1
- 2
- 3
- …
- 7
- Next Page »