First-time home buyers are often at a larger disadvantage than subsequent homebuyers. They may have lower credit; a shorter credit history; or little money to put down on a home. Luckily, none of these factors prevents consumers from buying their first home. The government offers a variety of guaranteed programs that help people, including first-time buyers get a home. These … [Read more...] about What Federal Government Programs Are Available to First Time Home Buyers
2018 FHA Loan Limits: Higher Limits for Forward and Reverse Mortgages
Borrowers of FHA loans can look forward to higher borrowing limits in 2018. The Federal Housing Administration recently announced an increase in FHA loan limits for its insured forward and reverse mortgages in most counties in the U.S. by $18.5K and $43.5K, respectively. The 2018 FHA loan limits for one-unit homes, for instance, now range from $294,515 to $679,650. Senior … [Read more...] about 2018 FHA Loan Limits: Higher Limits for Forward and Reverse Mortgages
Profiling Borrowers, Characteristics of FHA Loans Made in FY 2017
The Federal Housing Administration (FHA) recently submitted its annual report to Congress for fiscal year 2017. It discussed, among other things, the financial status of the mutual mortgage insurance fund and highlights on its single-family forward mortgages or FHA loans as they are known to all. FHA loans have been around since 1934 at the time when America … [Read more...] about Profiling Borrowers, Characteristics of FHA Loans Made in FY 2017
Mortgage Insurance Premium Cut Remains Suspended Indefinitely
The Federal Housing Administration’s (FHA) recent annual report to Congress confirmed as much: the reduction in mortgage insurance premiums will not materialize anytime soon. This puts an end to rumors about the reduction being reinstated after President Trump suspended it indefinitely along with other last-minute policies from the Obama administration. Should the … [Read more...] about Mortgage Insurance Premium Cut Remains Suspended Indefinitely
How Do Seller Concessions Work, Help You With Your Closing Costs?
Closing costs don’t come cheap. They average $4,876 on a $271,363 home per ClosingCorp. Still, you don’t have to pay some or all of these closing costs. Enter seller concessions. A legitimate arrangement between a seller and a buyer, seller concessions work with mortgages. Not only do buyers get help in their upfront homeownership costs, sellers too get to close the … [Read more...] about How Do Seller Concessions Work, Help You With Your Closing Costs?