FHA allows you to use part-time income to qualify for a mortgage. Whether you’re a restaurant server, retail worker, or have other part-time work, your income could help you become a homeowner. Here are FHA’s rules about using part-time income for your mortgage. Check your FHA eligibility. How does FHA define part-time work? FHA defines […]
Using Part-Time Income to Qualify for FHA Read More »
The short answer is that you should get a USDA loan over FHA if you are eligible. There are a few reasons: However, USDA is not as widely available as FHA. Below is more information on how to know if you’re eligible. Check your eligibility to use FHA or USDA. FHA vs USDA comparison Loan
Is FHA or USDA Better for First-Time Buyers? Read More »
A 203k loan allows you to buy and renovate a home with one loan. This program is ultra-popular because there’s simply no renovation loan that’s quite as affordable and lenient about qualification. You can buy a home that no one else wants due to deficiencies that make it ineligible for financing. Or, you can buy
Limited 203k Loan: Buy and Remodel A Home In 2024 Read More »
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 »
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 »
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 »
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 »
Contrary to common belief, many self-employed individuals are eligible for a mortgage. Yes, getting approved takes creativity and harder work, but most don’t mind that part: it’s their daily lives as business owners. Luckily, FHA loans are one of the most lenient programs for self-employed applicants. See if you’re eligible for an FHA loan. FHA
Self-Employed? You Can Get an FHA Loan Read More »
