Search results for: Fha

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How do I know which type of mortgage is best for me?

There are many types of mortgages, and the more you know about them before you start, the better. Most people use a fixed-rate mortgage. In a fixed-rate mortgage, your interest rate stays the same for the term of the mortgage, which normally is 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your...
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Can I qualify for a HUD reverse mortgage?

To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home. You are further required to...
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Buy your First home with no Down Payment

The 20% down old myth The days of putting 20% down when purchasing a home are long gone. There was a time that realtors and sellers wouldn't even discuss selling if you didn't have 20% or even 10% for a down payment. Well times have changed and the lending industry has adapted. With the dramatic increase in home values it is becoming...
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Traditional purchases with Down Payments

First time home buyers have always looked at putting some range of a down payment on a home. These down payments can range from as little as 3% up to the traditional 20%. The twenty percent down payment was always the standard, in this scenario you would walk in owning a good portion of the home, avoid paying PMI (private mortgage...
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No Down Payment Mortgages (100% Financing)

You can buy a home with no down payment and finance the entire home's value. Many first-time home buyers cannot afford putting down 20% of the home value, but rather go with a no-down payment option in order to use their savings to purchase furniture or other necessities for their new home. There is a few ways to accomplish this type of...
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FHA home loans: how do they work?

So you've started the arduous task of applying for a home loan only to find that an FHA loan is the best, or only choice for you. Don't let the official title frighten you. While an FHA loan may seem daunting, it really is much easier to understand than its name implies. However, there are some major features of FHA loans that do separate...
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how long does a fha loan take?

There are a wide variety of home loans which individuals can obtain in order to finance the purchase of their home. There is a special type of loan known as an FHA loan. This is a loan that is provided by a third-party lender like any other type of loan but the federal government, the FHA in particular, will insure the loan so that the...
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How to Qualify for a Fha Loan?

If you're purchasing a home for the first time, chances are you've heard of a Federal Housing Authority (FHA) loan, or have been advised to apply for one. The criteria for these loans are usually suitable for most people and families, and the down payment for FHA loans is considerably low, which means that most first-time home owners can...
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Basics of FHA loans

FHA (Federal Housing Administration) loans have been available for over 60 years. These loans offer chances to borrowers and first-time home buyers for financing when they may not meet conventional lending guidelines. First-time home buyers benefit greatly from FHA loans because the ability to finance up to 97% of the value of the...
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