FHA Mortgage Loan Timeline

An FHA Mortgage loan is the most common type of mortgage for home purchasers to use these days.  Getting an FHA Loan is also one of the most frustrating experiences for a home buyer to endure.  It makes shopping for the home, negotiating the price, and the home inspection seem easy for most people. After taking a quick survey and finding that this was the most frustrating part of the home buying process… Read More »

Five reasons why you might be a mortgage prisoner – and how to escape

 Whether you are self-employed, past retirement age or have an interest-only loan, there are several options to consider. If you’ve had the same mortgage for a while, or are sitting happily on your lender’s standard variable rate (SVR), you could be oblivious to some of the changes that have taken place in the market over the past few years. Lenders have been busy altering criteria which, combined with house prices… Read More »

Reverse mortgages get a reform

Most reverse mortgages, which allow homeowners 62 and older in need of money for retirement to tap the equity in their homes, are made through the Department of Housing and Urban Development, or HUD, and are guaranteed by the Federal Housing Administration, or FHA. These loans are based on the value of the home and the age of the borrower. The higher the value of the home and the older the borrower,… Read More »

Securing Home Loans With Bad Credit Is Not So Difficult

The effects of the recession has hit some harder than others, but for everyone the challenge of securing a simple loan from a traditional lending institution has become that bit harder. But, what about when seeking funds to buy a home? As large as the resulting debt might be, it is possible to get home loans with bad credit. The reality of the financial world means that few of us… Read More »

An FHA Loan After Foreclosure

One of the worst things that you could have on your credit is a foreclosure if you have any hopes of buying a home in the future. There is no way of getting around this black mark on your credit if you have been through foreclosure in the past, but this being said, it is possible to own a home again. Years ago when people had their home taken from… Read More »

FHA Quality Control Plan Guidelines – Become FHA Approved

Before your organization can become FHA approved, HUD requires that you submit a quality control plan in writing. This quality control plan must be fully functioning from the date of your initial FHA approval. You can find basic requirements for a quality control plan in chapter 7 of the HUD Mortgagee Approval Handbook 4060.1, if you choose to write the plan yourself. Alternatively, you can purchase a quality control plan… Read More »