If you opt for government-backed financing, such as the FHA loan, you are going to pay mortgage insurance. It’s not the same insurance you pay on a conventional loan, though. The mortgage insurance you pay on an FHA loan is for the life of the loan. Compare Offers from Several Mortgage Lenders. Luckily, there are a couple of ways around paying it for life. We show you … [Read more...] about How Long Does PMI Last on FHA loans?
If you have an FHA loan and are in need of money, you may be eligible for an FHA cash out refinance. This loan enables you to take cash out of the equity of your home. This means that you will have a mortgage with a higher loan-to-value ratio and higher payment, but you will have more cash in your hand to do with as you see fit. Many people tap into their equity in order to … [Read more...] about How to Obtain an FHA Cash Out Refinance
If you don’t have very good credit, or even if you have poor credit, you may still have options for home financing. Many people mistakenly believe that you have to have ‘perfect credit’ in order to get a home loan. Today that is not the case – you just have to do a little legwork to find a lender with a loan for you. While it won’t be as easy as calling up your local bank and … [Read more...] about What Options do you Have for Alternative Home Financing if You Have Poor Credit?
FHA loans have some of the most flexible underwriting guidelines out of all of the loan programs available today. That doesn’t mean that there’s a chance you won’t get approved, though. The FHA has requirements you must meet and that can affect the amount of the loan the lender can give you. Compare Offers from Several Mortgage Lenders. Keep reading to see which factors … [Read more...] about What Affects Your Ability to Get an FHA Loan?
If you want FHA financing, you’ll have to pay FHA mortgage insurance. This insurance protects the lender should you default on the loan. The FHA requires both upfront and annual mortgage insurance for each of its loans. It doesn’t matter how much you put down on the home or how much you owe, you will always pay mortgage insurance on it. Looking for Current Mortgage Interest … [Read more...] about How Much Does FHA Mortgage Insurance Cost in 2018?