As a first-time homebuyer, choosing between FHA and conventional loans can seem like a gamble. You don’t want to end up stuck in the wrong loan. There’s no “right answer” when it comes to this issue. It depends on your situation. So, following are 12 scenarios. Simply read the one that best matches your profile. […]
FHA or Conventional? 12 Buyer Profiles And Which Is Better For Each Read More »
Buyers and sellers alike experience undue angst about the FHA appraisal. A commonly-held myth is that the FHA appraiser is on a mission to kill the sale. Or at the very least be overly nitpicky. This isn’t the case. HUD, the overseer of FHA, wants to ensure a quality product for itself and the buyer.
How To Pass the FHA Appraisal (And What to Do if You Don’t) Read More »
Getting a jumbo cash-out refinance is a lot like getting a normal refinance, with two exceptions. First, you’re above standard Fannie Mae and Freddie Mac conforming limits, which are between $766,550 and $1.15 million in 2024, depending on your area. Second, you’re getting a bigger loan than what you owe, yielding cash to you at
Jumbo Cash-Out Refinance 2024 Guidelines, Rates, and Lenders Read More »
If you’re one of the nearly seven million owners of manufactured homes in the U.S., you might be wondering if you can partake in a cash-out refinance just like site-built owners do. The answer is yes. Manufactured homes are eligible for cash-out refinances and you can use the funds for any purpose. As you may
Getting a Cash-Out Refinance on a Manufactured Home in 2024 Read More »
For most FHA loans, mortgage insurance costs 0.55% of the loan amount annually and 1.75% of the loan upfront. For example, a $250,000 home would require $112 per month and a one-time financed mortgage insurance fee of $4,222, assuming a 30-year, 3.5% down FHA loan. Another way to think about it is $1,750 upfront and
How Much Are FHA Mortgage Insurance Premiums in 2024? Read More »
FHA is not a mortgage of last resort. If you ask 10 homebuyers what type of loan they used, one or two will say “FHA”, according to data from HUD, the overseer of the program. It’s not surprising. FHA is the most lenient of any major loan type. It allows credit scores down to 580,
How To Buy a Home with FHA in 2024: Tricks, Hacks, Secrets Read More »
The NFM Flex Program turns FHA into a zero-down loan option. FHA loans normally require just 3.5% down. But on a $300,000 loan, your down payment and closing costs could run upwards of $18,000. That’s where the NFM Flex Program comes in. NFM is a nationwide lender (all states except NY) that is offering down
NFM Flex Program: 100% FHA Loan Down Payment Assistance Read More »
An FHA “Single-Unit Approval”, formerly known as a “spot approval” can help you buy a condo in a non-FHA-approved complex. FHA maintains a list of approved condo projects. The problem is, not many projects nationwide are on it. Many HOAs simply skip the hassle of FHA approval. As a buyer, your choices are to: Let’s
How to Get an FHA Single-Unit “Spot” Approval for a Condo Read More »
A zero-closing-cost refinance is one where the lender pays all your closing costs. Sounds great, but with refinance costs running $5,000 or more, how can this be a real program? Here’s what to know about these loans. Get your zero-closing cost refinance rate. Start here. Zero-closing-cost refinance: How they work The name is a bit
Best Times to Use a Zero-Closing-Cost Refinance Read More »
When rates drop, an FHA Streamline refinance can get you into a new lower-rate loan with no appraisal or income documentation. What’s even better is that the program comes with a built-in consumer protection test called the Net Tangible Benefit. If the loan doesn’t provide value to the applicant, FHA will not approve the loan.
How to Pass the FHA Streamline Net Tangible Benefit Test Read More »
