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Facts about FHA Loans ? Top Reasons why Homeowners Need it

Published on : 28 February 11
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Troy Mccarthy
in : FHA Loan
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Facts about FHA Loans – Top Reasons why Homeowners Need it

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Home Page > Finance > Real Estate > Facts about FHA Loans – Top Reasons why Homeowners Need it

Facts about FHA Loans – Top Reasons why Homeowners Need it

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Posted: Jul 21, 2009 |Comments: 0
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Venturing into the vast world of real estate is quite complicated yet very rewarding. Along with the many features and component you need to know and deal with, FHA loans would definitely help you through a lot of concerns especially in terms of finances in your pursuit of homeownership. Thus, it is vitally important to know and understand its essence and how it works in real estate in order to utilize and maximize its purpose to your advantage.

What do you need to know about FHA loans?

The origin of FHA loans was dated back 1930s in the midst of the Great Depression experienced by the United States of America. During this time, the federal government made an issuance of mortgage loan assistance to those who cannot afford to buy or secure their own homes. This was insured by the Federal Housing Administration and thus supported hundreds of potential homeowners in real estate.

In the contemporary days, FHA loans gave way to the private mortgage insurance now only providing assistance to those with financial constraints for down payment and thus are not eligible for private mortgage.

What are the benefits of getting FHA loans?

There are actually several advantages when securing an FHA loan for your home purchase especially if you are a first time potential homeowner. Here are just some of the benefits you could enjoy.

Smaller down payments. The federal government is the one insuring the private lenders of your application for mortgage loan thus you are only required to provide an initial down payment for your purchase amounting to 3.5% of the total value of the property or amount you wish to borrow. More security for your home. Basically, FHA loan is subsidized by the federal government but has the objective of being independent by thriving with the premiums paid by the applicants. However since its issuance in the year 1930s, it has evolved and enhanced many features that would definitely give you several options in order to make sure you don’t have to encounter problems like short sale or foreclosure. You can easily qualify for a private mortgage loan because technically you are backed up by the government which insures the private lender your loan application. Thus, you may get your mortgage loan without the usual hassles and tedious application you are not even sure you would qualify. Low cost of payment. The program actually gives you myriads of competitive rates in order to cater to your capacity to pay for the mortgage loan as based on your income ratio and the expenses you incurred within a specific period. Since FHA loans are generally made to render assistance to low-budgeted homeowners, and then financial support is primary to their service.

There are just so many compensations and assistance that FHA loans could offer to those who wish to have their own homes and property. Thus it is quite necessary to know and deeply understand this salient component in the real estate sector before finally plunging in to your pursuit of becoming a homeowner.

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For additional information and details about real estate, you may check Foreclosed Homes in Tempe AZ and Tucson Affordable Homes. Other ideas and tips on home ownership, mortgage loans and more are provided in Vistancia New Homes for Sale .

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Different Types Of Va Refinance Mortgages Help Homeowners

Published on : 23 December 10
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Troy Mccarthy
in : VA Loan
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Different Types Of Va Refinance Mortgages Help Homeowners

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One of the benefits of serving in the United States Military is the right to use the VA loan benefit. A VA refinance mortgage can help homeowners refinance their current mortgage loan in order to lower their current interest rate, eliminate mortgage insurance, and/or consolidate debt.

Types of VA Refinance Mortgages

There are three main types of VA refinance mortgages that can be used in different situations. If a homeowner who is a current service member or veteran of the Armed Forces wishes to not only refinance his current mortgage, but also consolidate debt, the cash-out VA refinance mortgage would be the best product, regardless of his or her current loan type. If a homeowner currently does not have a VA loan, but wants to take advantage of the benefits offered by this program, he should use the VA rate-term refinance mortgage. If a homeowner currently has a VA loan and wishes to lower his interest rate, the type of refinance that may best suit him is the Interest Rate Reduction Refinance Loan.

Cash-Out VA Refinance Mortgage

This type of VA refinance loan is available to anyone, regardless of their current loan type, provided that they qualify on the basis of military service, credit, and income eligibility. Currently, most lenders allow borrowers using a VA loan to cash out up to 90% of their home’s value. This money can be used to consolidate debt or simply to obtain additional funds for whatever reason the homeowner chooses. Many homeowners use this type of loan to eliminate costly revolving debt and to decrease their monthly payment obligations. Unlike credit card interest, the interest on a homeowner’s mortgage can be low, fixed, and tax deductible.

Rate-Term VA Refinance Mortgage

A rate-term VA refinance mortgage allows homeowners to refinance up to 100% of their home’s value and take advantage of all the benefits that this program has to offer. With a VA loan, the homeowner will never be required to pay monthly mortgage insurance and will have access to low, fixed rates. This type of VA refinance mortgage can significantly lower monthly payments without high out-of-pocket expenses.

Interest Rate Reduction Refinance Loan (IRRRL)

This type of VA refinance mortgage is a streamlined mortgage and is only available to homeowners who currently have a VA home loan. This refinance can be used to obtain a lower interest rate, change the terms of the loan, change the current borrowers, and change to a fixed interest rate from an adjustable rate. When a borrower uses an IRRRL, there are no out-of-pocket costs and no appraisal is required. As a convenience to those who have already used their VA home loan benefit, there are also reduced documentation requirements for income information, asset information, and employment, as well as quick application processing.

There are many different types of VA refinance mortgages that are set up to benefit veterans in different situations. VA home loans can provide great benefits to those who have served their country.

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Improving credit score should be would-be homeowners’ first goal

Published on : 15 December 10
by :
Troy Mccarthy
in : Conventional Loan
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Improving credit score should be would-be homeowners’ first goal
Living from one paycheck to the next may be the norm for many people. But homebuyers need a better strategy.

Homeowners Under FHA Loans Have A Long Road To Effective Loan Modification

Published on : 13 December 10
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Troy Mccarthy
in : FHA Loan
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Home Page > Finance > Loans > Homeowners Under FHA Loans Have A Long Road To Effective Loan Modification

Homeowners Under FHA Loans Have A Long Road To Effective Loan Modification

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Posted: Apr 06, 2009 |Comments: 0
| Views: 125
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If your mortgage is under an FHA loan, there may be FHA loan modification options open to you. Many homeowners who are uninformed but on the road to foreclosure fear that FHA home loans are ineligible for modification, but under the Housing and Economic Recovery Act passed in 2008, FHA lenders were given the permission and funding to accommodate loan modification.

FHA loan modification stretches the mortgage through up to a thirty year period with a lower, fixed interest rate to make it possible for millions of homeowners to keep their homes. In order to be eligible for an FHA loan modification, under the Streamlined Modification Program, a homeowner must:

- Be at least three or more months behind on their mortgage payments.

- Not be in bankruptcy.

- Reside in the residence they want the FHA loan modification to cover.

Also, the mortgage must have been taken out prior to January 1, 2008 and the current value of the property must be no less than 90% the initial value.

An FHA loan modification entails: extending the loan for as long as appropriate with the new interest rate, reducing the interest rate to a minimum of 3 percent (if appropriate), and a balloon payment when the loan is paid off, matures, or goes through refinancing.

Loan modification seems to be the answer for millions of homeowners who are on the verge of losing their homes to foreclosure, whether their mortgages are through FHA or other lenders. However, as it stands now homeowners under FHA loans are finding it exceedingly difficult to get loan modifications and steps are being taken to make it easier for everyone to receive loan modification assistance.

Because the FHA loan modification standards under the Housing and Economic Recovery Act are ridiculously strict, the Obama Administration is currently pushing to allow FHA loans to meet other loans’ standards under the Home Affordable Modification Program. Many homeowners, under FHA mortgages or otherwise, are living on property which has fallen far below 90 percent of initial purchase value. There are even properties which have fallen to or below 50 percent of their previous value — quite a far cry from 90 percent.

The FHA loan modification program under the Housing and Economic Recovery Act has fallen flat on its face since its launch in October, helping only handfuls of families across the country. No progress towards recovery for the housing market can be made unless loan modification is made more accessible for those who have property covered by FHA loans.

If you are a homeowner covered by a FHA home loan and your property value has plummeted like the rest of America’s, hold on tight. It’s going to be a long and bumpy ride for you to recovery

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Bill Gatton -
About the Author:

For more information about home loan modifications, visit the #1 loans modification resource on the net: http://HomeLoanModifications101.com

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We received a loan modification from chase. They added 18 months of past due payments plus fees to our loan. This came to over $70,000. Is there anyway to get this forgiven in bankruptsy court?

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Article Tags:
fha loans, home loan modification, loan modifications

Re-Financing A Growing Temptation For Homeowners

Published on : 01 October 10
by :
Troy Mccarthy
in : FHA Loan
Comments : 0 Comments

Re-Financing A Growing Temptation For Homeowners
It’s not quite a Shakespearean quote, but with the mortgage rates fluctuating to a 57-year low; homeowners are asking, ‘to re-finance or not to refinance, that is the question.”

Plan aims to aid homeowners

Published on : 10 September 10
by :
Troy Mccarthy
in : FHA Loan
Comments : 0 Comments

Plan aims to aid homeowners
The Obama administration is trying to jump-start its sputtering attempts to tackle the foreclosure crisis with an effort to assist homeowners who owe more on their properties than their homes are worth – also known as being “underwater.

2 new programs planned to help homeowners

Published on : 03 September 10
by :
Troy Mccarthy
in : FHA Loan
Comments : 0 Comments

2 new programs planned to help homeowners
WASHINGTON – The Obama administration’s top housing official says several new programs are in the works to help try to revive the housing market.

Reverse Mortgage: A Useful Source Of Earnings For Senior Homeowners

Published on : 31 August 10
by :
Troy Mccarthy
in : Conventional Loan
Comments : 0 Comments

Reverse mortgage is also termed as Home Equity Conversion Mortgage or HECM. It is a specific loan that is offered to the senior citizens in the United States who are aged 62 years or above. Reverse mortgage is a tax-exempt loan. It functions as a helpful tool to switch the home equity of a senior homeowner into cash flow. Essentially, a senior citizen of the United States can get tax-exempt cash payments from the lender (monthly or lump sum) up to the amount of equity that he has in his home. The possession of the property is retained with the senior citizen. The loan does not get due for payment unless he passes away, sells his home or moves to another place.

What is the Difference between a Reverse Mortgage and a Conventional Mortgage?

Under a conventional mortgage, the homebuyer secures a loan and pays it off through monthly mortgage payments. Once every payment is made, the loan diminishes and the home equity of that individual goes up. While the mortgage loan has been completely paid (no installment is due), the house becomes free from debt and the homeowner has complete possession of the house. As per a reverse
mortgage, the homeowner does not have to pay anything on a monthly basis. The amount of interest on the loan is added against the property and functions as a pledge for payment. When the homeowner starts to obtain the monthly payments, the debt on the property goes up every month and the home equity diminishes accordingly.

How is a Reverse Mortgage good for you?

If you are a senior citizen (aged above 62) and have small or no earnings but own a house, then reverse mortgage can be a beneficial choice for you. The FHA or Federal Housing Administration notifies the reverse mortgage lenders the amount that they can offer you depending on your home equity and age. Qualifying for a reverse mortgage loan is simple. You should contact any of the reverse mortgage professionals in your locality who has a fair knowledge about reverse mortgages and obtain some free advices from him.

Frampton Martin is one of the financial writers associated with the Homebuilder-guide.com. With his in-depth knowledge and vast experience, he has been able to leave a mark in writing and advising on all Home-buying issues. His remarkable guidance and support has improved the website into a global hub for the home buyers.

Nonprofit group helps NH homeowners in danger of foreclosure

Published on : 24 August 10
by :
Troy Mccarthy
in : FHA Loan
Comments : 0 Comments

Nonprofit group helps NH homeowners in danger of foreclosure
NeighborWorkd Greater Manchester is holding seminars letting people in tough circumstances know what their options are.

Black homeowners being hit hard by foreclosure crisis

Published on : 10 August 10
by :
Troy Mccarthy
in : FHA Loan
Comments : 0 Comments

Black homeowners being hit hard by foreclosure crisis
As the nation’s foreclosure crisis has ripped through communities in every state, the National Association of Real Estate Brokers held a special “call to action” at its annual conference held in Fort Worth last week, saying the African American homeowner communities have been hit harder than other home owner segments.

Government Loan Broker

Tag Archives

Facts about FHA Loans ? Top Reasons why Homeowners Need it

Different Types Of Va Refinance Mortgages Help Homeowners

Improving credit score should be would-be homeowners’ first goal

Homeowners Under FHA Loans Have A Long Road To Effective Loan Modification

Re-Financing A Growing Temptation For Homeowners

Plan aims to aid homeowners

2 new programs planned to help homeowners

Reverse Mortgage: A Useful Source Of Earnings For Senior Homeowners

Nonprofit group helps NH homeowners in danger of foreclosure

Black homeowners being hit hard by foreclosure crisis

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