FHA loan

be a smart solution. Sellers can avoid having a vacant property on the market, and home buyers can avoid mortgage roadblocks and realize their dream of home ownership. GOVERNMENT CHANGES FOR BOOMERANG BUYERS Do your homework. If you purchased your foreclosed home with a VA or FHA loan, be aware of the Credit Alert Verification Reporting System (CAIVRS). It’s a database the federal government established of loan delinquencies. If you have a foreclosure under those loan programs, you’ll be unable to obtain new government backed debt until those debts are paid. A new program launched by the Federal Housing Administration, (FHA) is offering help specific to boomerang buyers. It’s called the “Back to Work” loan program. You’ll need to meet certain qualifications, such as: 1.You meet FHA loan requirements 2.You can document the mortgage or credit problems resulted from a financial hardship 3.You have re-established a responsible credit history 4.You have completed HUD-approved housing counseling Applicants will need to prove financial hardship was beyond their control and the foreclosure was a direct result of that hardship. LOOK TO THE FHA FOR LENIENCY FHA loans are the most forgiving of most loan products available in today’s market. Your imperfect credit history does’nt prevent you access to attractive rates despite having a foreclosure on your record. Credit lenders are able to look beyond bad “credit events” and to consider the credit you now have, even though your…

Colonial National Mortgage, a division of Colonial Savings, F.A., is holding two free homebuyer seminars for potential first-time homebuyers on Thursday, July 27, from 7 to 9 p.m. and Saturday, July 29, from 10 a.m. to noon. Anyone who is interested in learning valuable information about the home buying process is encouraged to attend. “Since it’s foundation in 1952, Colonial has been committed to helping our customers achieve their dream of owning a home,” said Joe Chapman, VP of Retail…

Peter wants to buy a house but needs some assistance with the extensive research that has to take place when purchasing a home. First and foremost the basic information needs to be addressed. Peter has seen through an ad that he can obtain a loan through several options; a subprime rate, ARM, extended loan, and many other options. A subprime mortgage is a type of loan appropriate for individuals with poor credit scores usually below 600, who as a result of their deficient credit ratings wouldn’t…

NACA or Neighborhood Assistance Corporation of America is a nonprofit housing services organization that helps low to moderate income families in America find and purchase homes that they would never have been able to afford with a conventional, FHA, or HUD loan. How does NACA do this, you ask? NACA insures homeowner success by providing one-on-one counseling sessions. A NACA mortgage consultant will be with you every step of the way, no matter how long it takes, for you to obtain a home. This…

Why an FHA Financing is a Great Option Even though today's mortgage rates continue to be low, there are many buyers not able to qualify for home loans. Past credit histories, student loans, and other issues pose roadblocks that are difficult to overcome. However, one option buyers can use to finance a home is an FHA loan. If you've been told you don't qualify for a conventional loan, it may be time to carefully explore the many advantages of an FHA 203(b) loan. Credit Scores, Down Payments,…

for no down payment home loans and 100 percent financing. Today, the tide has drastically changed and loans with no down payment requirements are hard to come by. However, it is not impossible to find a lender willing to finance an entire loan without a down payment. Low and No Money Down Mortgages It is a common misconception among many potential borrowers that all banks offering conventional mortgages require 20 percent down. Although it is normal in the industry to put 20 percent down, it…

FHA 203(k) Loans Come as Two Types with Their Own Features The FHA 203(k) loan program solves a difficult problem for first-time home buyers who need a mortgage and a home renovation loan. When buying a home that needs repairs, banks will not grant a mortgage until repairs are complete. But, until you own the home, repairs cannot be made. The FHA 203(k) program is a loan for home renovation combined with an FHA-insured mortgage. This means you make one application and pay one monthly payment. As…

Currently, the two most common mortgages are conventional and FHA. FHA is nothing more than a big insurance program for lenders. FHA is not lending you any money, they are just insuring the lender that you are obtaining your loan through against default. When choosing between an FHA and conventional mortgage you must ask yourself a few questions.... Is my credit good? Even though the minimum credit score requirement on a conventional mortgage is 620, there are extra fees charged to you if your…

First, I would go over the variety of the loan on the market and explain the deference between Conventional, FHA and VA loan. However, because my client is a US military veteran it’s more beneficial for him, to go with the VA loan. I would be explaining deeply about the advantage and disadvantage of the VA loan and going over the bury market in the area he/she is looking home. I would explain that this type of loan is just for eligible service members and veterans, which is the provided by…

probably aren't well-versed in the different types of home loans available to you. Therefore, we are going to give you the five most common home mortgage loan options and explain how they work. The Five Most Common Types of Home Loans 1. FHA Loan Federal Housing Administration (FHA) loans are extremely popular and generally offer more favorable terms than their counterparts. An FHA loan will in many cases offer down payments as low as 3.5 % of the purchase price, lower closing costs and can be…