What Are The Requirements To Sell A Home Using An FHA Loan?

Before an owner can market a property to buyers that want to use a FHA loan, he will want to familiarize himself with the FHA’s standards. FHA won’t insure loans on just any property. While their standards aren’t as stringent as they used to be, a home needs to be in relatively good condition to qualify for FHA financing. Location And Lot To qualify for FHA financing, the property has to be located on a road or easement that lets the owner freely enter and exit. The access also has to be paved with a surface that will work all year a long dirt driveway that washes out in spring won’t qualify. The FHA also wants the lot to be safe and free of pollution,...

Read More

What To Know About Shopping For Mortgage Rates

Applying for a home loan can be an exciting process; however, this is a major financial decision. Therefore, potential homeowners need to make sure they understand how to shop for the best mortgage rate possible. A mortgage is usually a long-term loan, allowing potential homeowners to purchase a home using small monthly payments. Fortunately, there are a variety of tools available that can make the process easier. What do potential homeowners need to know when shopping for mortgage rates? Do Get A Pre-Approval Letter First, all potential homeowners need to get a pre-approval letter before they start the home-buying process. Because the market is competitive, buyers need to get a pre-approval letter to show they can secure financing for a home they want to purchase....

Read More

What’s Ahead For Mortgage Rates This Week – September 13, 2021

Last week’s economic reporting was limited due to the Labor Day holiday. Job openings were reported along with weekly readings on mortgage rates and jobless claims. July Job Openings Higher Than Expected The Labor Department reported record job openings for the fifth consecutive month in July. Economists said that the data used in the report lagged by a month and the readings were not impacted by the Delta variant of the Covid-19 virus. Job openings fell in construction, trade, transportation, and utilities. There were less than 0.80 unemployed available for each job opening in July. Hiring fell by 160,000 hires to 6.70 million hires. Job separations, which included terminations and voluntary quits, rose by 174,000 to 5.80 million separations. Retirements and location transfers were not...

Read More

What To Know About IRS Installment Agreements And Home Loans

When applying for financing, lenders want to make sure the client is going to pay back the balance of the loan. Therefore, they will look into pre-existing debt including credit card debt, student loans, car payments, and back taxes. Sometimes, applicants have IRS installment agreements. This is an agreement consumers make with the IRS to pay taxes over an extended timeframe. How might this impact someone’s ability to apply for home financing? IRS Installment Agreements Count Against The Debt To Income Ratio The IRS is going to calculate someone’s debt to income ratio when figuring out whether an applicant can apply for a home loan. Therefore, lenders will view IRS installment agreements as another form of debt along with medical debt, car loans, and student...

Read More

The Pros and Cons of Paying Your Mortgage off Biweekly Versus Monthly

If you have a mortgage, you’re probably looking for the best option to pay it off. Monthly mortgage payments are an easy-to-manage way to pay for your house – in fact, they’re the most common form of mortgage payment but now, many homeowners are discovering that biweekly payments offer them better results. So is a biweekly payment the better option for you? Which payment strategy best fits your individual circumstances? Here’s what you need to know. Biweekly Payments: Pay Off Your Mortgage Faster and Save on Interest Biweekly payments are becoming increasingly popular for a variety of reasons. With a biweekly payment, you’ll pay less money in total interest payments over the course of the whole mortgage, and you’ll pay your mortgage off faster. Biweekly...

Read More

How To Find The Right Home Insurance Coverage For You And Your Family

Those who are taking out a loan for a home will probably be required by the lender to purchase home insurance. Even those who don’t need a loan will still need to make sure that they protect their property accordingly with a comprehensive home insurance policy. This is important for making sure homeowners have the money to replace their belongings and repair their property in the event of a disaster. At the same time, homeowners do not want to spend more than they must for a home insurance policy. How can homeowners find the right home insurance policy to protect themselves? Think About The Disasters In The Area First, homeowners need to make sure the home insurance policy protects them against the right risks. If...

Read More

What’s Ahead For Mortgage Rates This Week – September 7, 2021

Last week’s economic news included readings on home prices from Case-Shiller; readings on construction spending and pending home sales were also released. Weekly data on mortgage rates and jobless claims were also released. Case-Shiller Posts New Record for Home Price Growth in June U.S. home prices continued to gain at record levels in June according to S&P Case-Shiller Home Price Indices. The National Home Price Index rose from May’s seasonally adjusted annual reading of 16.80 percent growth to 18.60 percent year-over-year home price growth in June. Case-Shiller’s 20-City Home Price Index reported no change in the top three cities for home price growth in June. Phoenix, Arizona, San Diego, California, and Seattle, Washington retained the top three positions in the 20-City Home Price Index. Analysts...

Read More