Did you know that you can buy a HUD (United States Department of Housing and Development) property using FHA financing with as little as a $100 down payment in Indiana? Normally FHA financing requires a 3.5% down payment from the borrower. If negotiated, HUD is also able to pay up to 3% of your closing cost and/or prepaid items.
Having a down payment and/or the funds to close is usually something that many First Time Home Buyers need or are interested in learning more about. Having no down payment is the number one reason that many who would like to buy their first new home wait. But, waiting is not necessary there are loan [...]
The Maryland 2011 FHA loan limits by county are unchanged from 2010. With only a 3.5% down payment, FHA mortgages have been a great mortgage option for First Time Home Buyers. For more information about a Maryland FHA Mortgage, Loan Limits, or FHA guidelines, please feel free to contact me directly. Bill Sohan 410-963-2308 County [...]
Short sales, foreclosures and new construction homes all have caveats that need to be considered when pursuing financing. If the guidelines and potential pitfalls are not properly understood, you could face delays in closing or potentially even a denied loan. Short Sales & Foreclosures – Short sales and foreclosures are everywhere. They often represent great [...]
The VA Funding Fee is an essential component of the VA home loan program, and is a requirement of any Veteran taking advantage of this zero down payment government loan program. This fee ranges from 1.25% to 3.3% of the loan amount, depending upon the circumstances. On a $150,000 loan that’s an additional $1,875 to [...]
Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. According to Wikipedia: Private Mortgage Insurance (PMI) is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage [...]
When applying for a mortgage, a borrower’s “Occupancy Type” is a major factor in the amount of down payment required, loan program available and mortgage interest rate. Whether you are purchasing, doing a rate/term refinance or taking equity out of your property through a cash out refinance, occupancy type is always considered by the underwriter. [...]
Understanding the definition of Loan-to-Value (LTV), and how it impacts a mortgage approval, will help you determine what type of loan amount and program you may qualify for. Since the LTV Ratio is a major component of getting approved for a new mortgage, it’s a good idea to learn the simple math of calculating the [...]
David Stevens, FHA Commissioner, announced today a bunch of policy changes designed to strengthen FHA’s Capital Reserves. These are HUGE changes ranging from raising down payment requirements, to raising upfront and monthly mortgage insurance premiums to lowering the seller concessions. These are changes that can change a person’s ability to actually get an FHA loan in the future.
It is possible to purchase a home in the Eugene or Springfield area that is priced over $500,000 with less than 20 per cent down, but you need to be a Veteran. Most often we think of VA Guaranteed Home Loan as not requiring a down payment and that is true if the purchase price/loan amount is below $417,000 in Eugene/Springfield, Lane County Oregon. However, if you are purchasing a home for over $417,000 in our area, all of a sudden a down payment is required. Mortgage insurance for conventional jumbo loans is nearly non existant.
*This is not an offer to lend. 
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