Week 3 – FHA Highlights As we move throughout this video series, we discover that FHA has some advantages and disadvantages, but one thing is for sure, there extended lending parameters are great. Waiting periods on certain derogatory events can be as little as 3-4 years on events that require 7 tears in conventional, and no waiting period on other events such as loan modifications. for a complete list on other waiting timeframes for major derogatory events, as well as other lenient guide lines, email me at Scott@GreenMeansGrow.com
Week 2 – FHA Rates & MI As we move another week into the series comparing loan programs, we continue to explore the Pros and Cons of FHA. This week, in this video, i talk a little bit about the rates that are generally associated with FHA financing, as well as the Mortgage Insurance. Mortgage insurance is a really hot topic in conventional financing, but generally stressed a little less in FHA financing, although it carries a more severe up front financial obligation and MI (mortgage Insurance) for the life of the loan. For more info on FHA loans, or to ask any questions on this Video, email me at Scott@GreenMeansGrow.com For up to date rates, and mortgage calculators, you can download my Mortgage App for free at https://svanvugt.mortgagemapp.com/#
Week 1 FHA Basics Welcome too the first video installment on a 10 part series. This video is an introduction to FHA loans, and what they are. FHA loans are Federally insured loans that are geared to offer lending options for people who may not otherwise qualify for a mortgage. Some cool things about FHA are as little as 3.5% down and FICO scores as low as 580. For more information or to speak to me about FHA loans, email me at Scott@GreenMeansGrow.com
FHA vs Conventional – What’s Right For You? There are a few key differences in FHA and Conventional Financing, and it can be tough to know what the right option is for you if you’re putting less than 20% Down. If that’s you, email me at; Scott@GreenMeansGrow.com and we’ll set up a FREE 1 hour mortgage planning consultation to see what option is right for you
New Changes With FHA That Might Change Your Pre-Approval! FHA has recently issued a number of changes on their existing guidelines. This means they’re going to look at things like income a little differently. Some of the changes aren’t a big deal, but some of them might be, especially if you have a unique income structure that involves things like, Seasonal income, Overtime, Bonuses, etc. So if you’re out there shopping with an FHA Pre-Approval, it might be a good idea to have a mortgage planning professional take a second look at it to make sure you’re still qualified. If you have any questions on what these changes could mean to you, talk to someone you trust, e-mail me, at Scott@GreenMeansGrow.com
Thanks to some of my wonderful news clients that are FHA approved home buyer’s, the topic of finding an “attached” home, aka; Condo or Townhome, came up recently. I figured that if they had questions regarding buying a home as an FHA buyer, so must a bunch of other folks. This blog post is a quick and easy piece of information for not only FHA buyers, but VA buyers as well. Here’s the important piece to remember: If you are FHA or VA, and looking at condos or town homes, remember: The complex MUST BE APPROVED. As in, the HOA association, not only filed for approval but it was accepted and also very important: It has NOT expired. Many times listing agents (aka, the agent helping to SELL the home,) will list FHA or VA under the terms, along with Cash or a Conventional loan. However, this is not always accurate. Therefore, it’s very important that detail is cross checked before getting your heart set on a place, only to find out your financing will not allow the purchase. How to avoid this pitfall? Having a agent you TRUST, to research this information, before you see it. Are you currently looking to buy? Do you need more information or have questions specific to FHA or VA approved complexes? Email by clicking my name below, or call me right away so
Last week I wrote about the recent announcement that FHA would be lowering the MI premiums, it’s simply icing on the cake to hear the most recent news. (click here to see that video / article) Now, there is new rule that saves FHA borrowers Hundreds of $s more! What you may not know about FHA loans is that they used to have this little hiccup that cost borrowers hundreds or even thousands of dollars when they tried to get rid of the loan. While it was never referred to as a Pre-Payment Penalty, it technically was one. When you tried to payoff an FHA loan, they would charge you interest through that entire month. So it was common to minimize the effect by timing payoffs for the end of the month. But if you missed that timing…. you paid. Essentially if you paid off your loan on the 2nd of the month, replacing it with a new loan, you paid interest on the new loan and the old loan through the entire month. Now most folks may not have noticed this because it was rolled into your closing costs, but it was there. When the recent finance rules came down and regulated Pre-Payment Penalties this FHA practice came under scrutiny. To their credit, HUD has reflected on this and removed the requirement to pay that extra amount. This is
Amazing news about FHA loans. FHA rates are about to drop 0.5% at the end of this month. But it might not be in the way you’re thinking… What we’ere talking about is a drop in the associated FHA Mortgage Insurance. This is currently 1.35% annually. But on the 26th of this month, that rate will drop to .85%. This means that new loans will be much less expensive on a monthly basis. For example, on a $300,000 loan the new MI will save you $120/month. That means you either have a monthly savings for the same home, or you could potentially afford more home. More good news is that you can take advantage of this if you are buying a home, or if you already have an FHA loan. We offer a reduced documentation process that lets you refinance without an appraisal or even income qualification if you already have an FHA loan. To get a customized calculation on your potential savings, or to get pre-approved to buy a home with this new loan, simply click here to email me and get the help you want. Jeremy Beck Mortgage Planner Rate Dropper (yes… like it’s hot…)
Looking to get your foot in the door (of your new home)? If you’re a renter who’s tired of paying someone else’s mortgage, now may be the time to pursue the American dream of homeownership. In fact, the days of needing a 20% down payment are long gone. While you can always elect to put down the full 20% or more, there are now many alternatives available. Here’s what you want to know if buying a house is in your future. In the mortgage industry, 20% down is considered the benchmark down payment for looking strong on paper as a home buyer. While this a general standard for financial strength, it is by no means a requirement, nor is it necessarily expected. However, keep in mind that your purchase offer amount – your buying power — drives negotiation. How strong you are on paper does help, but when you make an offer to buy a home, the seller of the property has no idea of your financial strength other than what your real estate agent tells them and what’s on your pre-approval letter. Need pre-approved? We can help. Get Full article Send me an Email Sam Logan
Short Sales, they happen. And if they happened to you in the last few years this post is for you. On Aug 15th the seasoning requirement will go from a 24 month period in some cases to a mandatory 4 years for conventional financing. What that means to you? If you were trying to avoid the higher monthly mortgage insurance that is tied to FHA financing and were planning on buying a home using conventional financing and a larger down payment, and have a short sale inside of four years, your time is running out. If you fall into this four year window where you’ve had a short sale, and were thinking about refinancing or buying a home, there has never been a better time to reach out and see how this change in lending guidelines is going to affect you. If you have any questions, e-mail me or call at; Scott@GreenMeansGrow.com 858.273.3663 ext
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