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FHA Loan Limits

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Federal Housing Administration loans or commonly known as the FHA loans are those that are sponsored and guaranteed by the government but not funded by such, which means to say that there is still a bank or a lending company that financially provides and services the loans, where FHA’s role is to basically back them up in case the bank fails to do so. More so, they provide … [Read more...] about FHA Loan Limits

FHA CONDOMINIUM APPROVALS

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Buying a condominium these days require a number of stages for a Federal Housing Administration (FHA) approval, including the series of an FHA approval for qualification before the loan is approved. Since such possesses a unique sort of ownership, it modifies the way an FHA financing transpires. Commonly, the process is considered accomplished when the structure has already … [Read more...] about FHA CONDOMINIUM APPROVALS

How to Save Up for Mortgage Down Payment

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The amount of a down payment you’ll need will depend on what kind of mortgage financing you choose, but most of the times you’ll need at least a minimum of 3% to 5% of the purchase price plus some additional cash to cover closing costs. If you’re in active military duty, a veteran, or in the reserves, you may not need a down payment at all. Minimum Down Payments The most … [Read more...] about How to Save Up for Mortgage Down Payment

FHA Loan Flexibility

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Mortgage guidelines today are much different than years’ past. Today you have to verify and re-verify everything you provide for qualification purposes. Lenders will not assume anything for fear of the mortgage crisis occurring again. Because of this, mortgage lending tightened up quite a bit, but the FHA has set out to make it a little easier for consumers to purchase or … [Read more...] about FHA Loan Flexibility

Can you Perform your Own FHA 203K Loan Repairs?

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The FHA 203K loan gives you the ability to not only purchase/refinance a home, but to also have the money necessary to make repairs that you wish to make. These repairs can be anything from major structural repairs to cosmetic changes that you want to make. The kicker is that you usually have to have a professional do the work for you. There are exceptions to the rule of … [Read more...] about Can you Perform your Own FHA 203K Loan Repairs?