February 11, 2021
When you get an FHA loan, the home buyer pays a mortgage insurance premium at the time of closing. This initial premium is the called the upfront mortgage insurance premium […]
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February 11, 2021
Editor’s note: FHA loan changes which were rolled out in 2017 are in effect in . According to Ellie Mae, more lower-credit FHA applicants are being approved. In July 2016, […]
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February 10, 2021
What happens when a property is being sold as-is and the seller will not do repairs but the home doesn’t meet FHA minimum property standards (MPS)? How does the buyer […]
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Conventional Loans · FHA Loans · Home Buying · News · Private Mortgage Insurance
January 28, 2021
An 80 10 10 loan is a mortgage option in which a home buyer receives a first and second mortgage simultaneously, covering 90% of the home’s purchase price. The buyer puts just 10% down. This loan type is also known as a piggyback mortgage.
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January 27, 2021
Have you found a home that you love, but it’s in bad shape? The 203k loan may be a perfect way to purchase a home that is a little rough […]
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FHA Loans · Understanding Mortgages
January 18, 2021
A couple in their mid-70s just recently purchased a home and got a mortgage to move closer to their children and grandchildren. They decided on Home Equity Conversion Mortgages (HECM) […]
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January 5, 2021
Editor’s note: Starting September 1, 2019, HUD, the administrator of FHA loans, reduced the maximum FHA cash-out refinance loan-to-value to 80%, down from 85%. What is an FHA cash-out refinance? […]
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May 18, 2020
The Federal Housing Administration (FHA) loan is one of the greatest tools for first time and repeat homebuyers. With a minimum down payment of 3.5%, great rates, and lenient credit guidelines, […]
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FHA Loans · Mortgage Rates · Refinance
February 12, 2020
FHA loans closed at the highest clip in the past 18 months. Over 74.2 percent of FHA loans closed in the month of December, up from about 74 percent in […]
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February 1, 2017
An hour after Donald Trump’s inauguration on January 20, his administration suspended the previous administration’s cut to FHA annual mortgage insurance premiums (AMIP). Announced on January 9, the rates would […]
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Mortgage expert Tim Lucas has been helping home owners for over 12 years.
