Fha Articles

Posted on September 26   By Justin McHood
Many first time home buyers choose the FHA loan program to finance their first home. The main reason for this is that a FHA mortgage makes it easy for them to get into a home with a low (3.5%) down payment and competitive interest rates. They also offer options for home buyers to "buy down" the interest rate and allow underwriters to manually approve their loan if they meet the criteria but cannot get approved through the Automated Underwriting System. But by far one of the more common question.... Read More...
Posted on July 28   By Justin McHood
FHA loans are all the rage in today's mortgage marketplace - and with as popular as they are, I am surprised that I don't see more people taking advantage of the FHA 2/1 buydown mortgage. Heck, the first home I ever bought, I personally used a 2/1 buydown with an FHA 30 year fixed mortgage - so I guess that might even qualify as an "official" endorsement. 2/1 Buydown: How It Works The way the 2/1 buydown program works is fairly straightforward. You get a 30 year FHA fixed rate mortgage. You s.... Read More...
Posted on July 26   By Justin McHood
There are quite a few people who are currently owed money from HUD because they had an FHA loan at one time and according to the rules of the way their Up Front Mortgage Insurance Premium account worked, they are owed a refund. The good news is that for these people, HUD has made it easy to find out if you are owed an MIP refund and also how to claim it. Oh, and finding out if you are owed a MIP refund and how to claim it is free -- don't let anyone charge you money for helping you discover if.... Read More...
Posted on July 10   By Justin McHood
TBW Announces They Now Require Minimum of 620 Credit Score For FHA/VA Streamline Refinances Yesterday, an announcement was made by the last large lender (that we know of at least) in the US who used to not require a minimum credit score on FHA or VA loans that a minimum 620 credit score is now required on all FHA streamline refinance loans. The announcement from lender Taylor, Bean and Whitaker regarding their minimum of 620 credit score requirement means all major US lenders now require at lea.... Read More...
Posted on May 02   By Justin McHood
Many times I am asked "how much in fees is normal when doing an FHA Streamline?" and my answer is "it depends". How much is normal? Let's start with the idea that nobody works for free. Banks don’t work for free, title companies don’t work for free, the government doesn’t work for free - and all of these entities are involved when you refinance your house. The key when doing an FHA streamline is to know exactly who is going to pay the fees on the loan - you or the bank. If you are goi.... Read More...
Posted on April 27   By Justin McHood
Many people have been told that in order to qualify for the FHA streamline program, they need to now have a minimum credit score. This is kind of true… but kind of not. The truth is that FHA doesn’t require a credit score to insure the loan — but many lenders have made the decision to require that a borrower have a mid credit score of 620 or higher. What this means to you if you are currently shopping for an FHA streamline refinance is that you need to ask the question “are you requirin.... Read More...
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