Thinking about buying a home? Know your terminology

Are you considering buying a home in California? If you are, it’s important to familiarize yourself with key terminology commonly used within the mortgage loan industry to help understand all the ins and out’s about what the application and approval process entails, what it means to have your future home appraised, its’ market value, how you benefit from having an FHA loan, and what PITI actually stands for. To help… Read More »

How FHA 203(K) Loan Benefits 1st Home Buyers | Part 2

With the strong belief in community development, restoration, and 1st home buyer opportunities, the Federal Housing Administration (FHA) holds Section 203(k) as one of their primary FHA loan programs. Together with the Department of Housing and Urban Development (HUD), they support the importance built within the FHA 203(k) program and will continue to show their extreme stand by fellow lenders whom participate in the overall mission. As one of HUD’s… Read More »

Proposed Changes to FHA Loans

We can all expect some changes in the coming months as the Federal Housing Administration (FHA) works to fix their problems. The first fix is towards their insurance premiums, which will be raised. The second is still only a proposal, but would limit the amount the seller can contribute to the closing costs of a home purchase. These fixes are in response to the FHA not meeting federal mandates which… Read More »

Low-Downpayment And Zero-Downpayment Mortgage Products Available For 2013

As mortgage rates fall to absurd-like levels, the cost of home ownership drops, too. Mortgage payments are 18% less expensive today as compared to one year ago. For today’s home buyers, though, “making mortgage payments” may not be a concern — it may be making a downpayment. Thankfully, a bevy of low- and no-downpayment mortgage options remain available to buyers in all U.S. markets. You Don’t Need To Make A 20%… Read More »

5 Facts About FHA Home Loans

Since the housing market fell, the FHA has been underwriting homes at quadruple the rate of three years ago. Simply put, this means that more people are taking out FHA home loans and the Federal Housing Administration has been insuring more of them to fit the needs of more people. This short list gives some important facts that you should know when considering FHA home loans. 1. You don’t need perfect credit. At… Read More »

How To Cancel Your FHA Mortgage Insurance Premiums (MIP)

As compared to conforming loans and jumbo mortgages, Federal Housing Administration (FHA)-backed loans are popular for several reasons. FHA allows a 3.5% downpayment FHA allows refinances without appraisal FHA mortgage rates are usually really low Relative, though, one place where FHA mortgages can fall short is with respect to mortgage insurance. As compared to loan types including conventional, USDA and military loans, FHA mortgage insurance premiums (MIP) are sometimes cumbersome and costly.… Read More »