Who qualify for FHA home loans?

Who qualify for FHA home loans?

FHA Loan Qualifying Summary FHA loans are the easiest type of real estate mortgage loan to qualify for. The FHA loan requirement guidelines for loan qualification are the most flexible of all mortgage loans that require less than 5% down payment. Basic FHA loan requirements. Two Years of steady employment, preferably with same employer. Last two years Income should be the same or increasing. Credit report should typically have less than two thirty day lates in last two years …

What is FHA reverse mortgage?

What is FHA reverse mortgage?

Usually referred to as a Home Equity Conversion Mortgage (HECM), a FHA reverse mortgage is a federally insured program administered by the Federal Housing Administration (FDA), which is a department of the Department of Housing and Urban Development (HUD). Simply put, this program is 100% guaranteed by the government. For this reason alone, over 90% of American seniors elect an FHA program over others that are available. Unlike a normal (forward) mortgage, a reverse mortgage is …

FHA reverse mortgage seniors

FHA reverse mortgage seniors

New Reverse Mortgage Purchase Rule Helps Seniors Purchase New Homes Easily The purchase Reverse Mortgage Program is designed to allow seniors to purchase a new home and never need to make monthly mortgage repayments for as long as they live in the home. The new reverse mortgage law that makes this possible took effect from January 1st 2009. The law requires that FHA will begin to insure reverse mortgage loans to be used for purchases. What this in effect means for the senior borrower …

FHA bad credit home loans

FHA bad credit home loans

We often talk to first time home buyers who want to know the minimum credit score requirements for a mortgage in North Carolina. The answer, while not complicated, is not one where I can just spit out ONE number as a benchmark for all mortgage programs. I can pretty easily say, however, that from a CREDIT SCORE ONLY perspective – Minimum Credit Score Requirements For FHA Loans 2014 are probably the most “forgiving.” The minimum credit score requirements for a mortgage depends …

FHA 1ST Times Home Buyer loan

FHA 1ST Times Home Buyer loan

Usually what many first time home buyers are most concerned with is what will be the down payment on a home loan. Other factors that can be concerns of first time home buyers are credit requirements and debt-to-income ratio . I will discuss some of the better options for first time home buyers in San Diego with this article. Conventional low down payment options for first time home buyers: 3% down is the minimum down payment for a conventional home loan. But unless you have top …

FHA reverse mortgage purchase Guidelines

FHA reverse mortgage purchase Guidelines

The Reverse Mortgage Purchase, or HECM for Purchase Program, is a unique program that gives seniors the opportunity to purchase a new primary residence with an FHA-insured reverse mortgage. Like all federally-insured reverse mortgages, borrowers must be at least 62 years of age, own their home, and have a small remaining mortgage balance to qualify for the program. How the Reverse Mortgage Purchase Program Works Through the Reverse Mortgage Purchase Program, seniors take a reverse …

FHA Rural Home loans

FHA Rural Home loans

What is a USDA Rural Development Loan? by George Raymondo I hear the same old thing over and over again. That sounds to good to be true or Why aren t more buyers using this program to purchase a home? So What s the Catch? The truth is, this is one of those rare instances where there is no catch. So what s it all about? Well it s kind of funny when you think about it, when people hear the acronym USDA, the first thing they think of is “Where’s the Beef?” But the simple truth …

FHA fixed rate Reverse Mortgage

FHA fixed rate Reverse Mortgage

A popular type of reverse mortgage may become less so, due to rising defaults that prompted the Federal Housing Administration to make changes at the beginning of this month. The standard fixed-rate HECM, or Home Equity Conversion Mortgage, offered qualified reverse mortgage borrowers a lump sum of their home equity with a fixed rate. Now, the FHA says that beginning April 1, those loans are only available with a variable rate and a smaller lump sum. Borrowers seeking a fixed …

FHA Reverse Mortgage purchase Calculator

FHA Reverse Mortgage purchase Calculator

Mortgage Calculator Monthly Mortgage Payment Renting An Apartment Mortgage Loan VS Auto Loan FHA is a shortened word that stands for the Federal Housing Administration and was created by the congress in the year 1934. FHA Loan is the loan insured against non-payment by the FHA. Because of the guarantee by the FHA, lenders are prepared to collect large mortgage loans. The FHA loan is made for anybody who has a decent credit history. FHA makes it easy for qualified lenders get a …

FHA reverse mortgage changes

FHA reverse mortgage changes

June 17th, 2013 | by Elizabeth Ecker Published in , | With some of the fallout to be expected following the change, the most recent data available from the Department of Housing and Urban Development indicates applications for April and May are well below their pre-April 1 levels. “Based on numbers we’ve run through end of May it looks like applications are down much more significantly post April 1 than our conversations with lenders originally led us to believe, ” says John Lunde …