Expand the description and view the text of the steps for this how-to video. Check out Howcast for other do-it-yourself videos from CinemaSlam and more videos in the Home Finance category. You can contribute too! Create your own DIY guide at www.howcast.com or produce your own Howcast spots with the Howcast Filmmakers Program at www.howcast.com If your home has an FHA-insured mortgage, learn how to get a lower fixed-rate FHA streamlined refinance loan. To complete this How-To you will need: Current FHA loan documents Your credit score A lender A loan application Escrow statements (optional) Closing statements (optional) Step 1: Find out if you have an FHA mortgage Locate your loan documents and look for a 10-digit FHA case number to find out if have an FHA-insured mortgage. Your current mortgage must be FHA insured to qualify for an FHA streamlined mortgage refinance. Tip: FHA case numbers can also be found on escrow account statements and original mortgage closing statements. Step 2: Contact lender Contact your original FHA mortgage lender and ask if they originate FHA streamlined mortgage refinances. If they don’t, contact other lenders. Step 3: Find out your FICO credit score Find out your FICO credit score, a factor in determining if you qualify for an FHA streamlined mortgage refinance. Tip: 720 or higher is an excellent score. 660 to 719 is good. 620 to 659 is average. 619 and below is below average. Step 4: Complete application Choose a lender and fill out an FHA …
Duane
January 25, 2011
How To Streamline Your FHA Mortgage
January 3, 2011
FHA Mortgage Loans with Cash Out Refinancing
Nationwide Mortgage Loans provides low rate FHA loans with Cash Out refinancing options for borrowers looking to raise capital and consolidate debt. Take advantage of record low interest rates and get access to cash with 95% FHA home loans. HUD now requires 2 appraisals with all cash out loans between 85% and 95%. FHA underwriters are more critical than ever evaluating appraisals because of the foreclosure crisis. Lock into record low 30-year fixed mortgage loans with interest rates dipping below 5%. Visit us online at www.bdnationwidemortgage.com and to learn more about the FHA home loan program guidelines, go to www.bdnationwidemortgage.com and we appreciate the opportunity to earn your refinance business.
David
January 1, 2011
First-Time Home-Buyer Loans Advice
With a First Time Home Buyer Loan, people on a middle or low income find it is possible to buy their own home. The low economy is a major factor in people not thinking about buying a new home at present, and yet they are not considering that property prices are also very low right now.
People who are experiencing economic difficulty and need to buy a home are the ones who benefit the most from First Time Home Buyer Loans. They are able to save wasted money going into rent; instead it can go towards paying off their loan and eventually fully owning their home. There are different options of loans available, whether people are looking to buy their first home or whether they have owned one before.
There is a first time home buyers loan which is known as a FHA loan. For people who are buying a home for the first time this is the best loan. The down payment is only 3.5%. And a very big plus is that a person can have a credit statement which shows a ratio of very high debt against their income and it will not affect their eligibility. In addition to the low down payment the monthly payments for insurance on these loans are also lower since the FHA will charge a buyer a percentage on a monthly basis. This is also what is called MIP funding fee.
To find out about these loans, which actually are a government loan program, you will need to visit a mortgage company or bank. The best idea is to find a mortgage company that specializes in FHA loans and sign up with them. They will have a much larger portfolio and should have better rates than a general mortgage company.
Some advice if you are looking to sign up for one of these loans, is to do your research well and to work out your finances to make sure you can easily afford not only the down payment but also the ongoing payments of the loan. You may be enticed by the low down payment but it is wise to also factor in the possibility of a change in your economic circumstances.
If you have some money saved up and are wanting to buy your first home, the first time home buyer loans are the best way to have a good investment. However you don’t want to end up having to forfeit your home because you over stretched your finances, as tragically we have seen happen for many people over this last couple of years.
The lender you consult with will be able to advise you on which type of loan best suits you. First time home buyers loans are great in every way and are one of the cheapest home loans available.
Miguel
October 26, 2010
First Time Home Buyer Tax Credit, FHA Loans, Low Mortgage Interest Rate Program
Tax Credit for First Time Home Buyer Program, with Low Down Payment and Interest Rates thru Government Loan Assistance and FHA Mortgage. Buy Cheap Bank Foreclosures. Go To RealEstateMarketingThisWeek.com Part 7 (Excerpt) FHA Guidelines regarding foreclosures and first time home buyers; incredible home buying value Ok I was just checking because I thought this was a story about all the mortgage backed securities that were going under. It started at the top and it worked its way down. The reality of it is that people were buying homes, not reading what they were signing, not understanding how it worked and shame on the people who were putting it in front of them, knowing that they didnt know and we all need to take a little responsibility here for this past crisis. It is not just the Wall Street firms; its not just the mortgage companies and banks, the brokers have little in fact to do with it, we didnt create the loan products that people were buying, we were merely disseminating it to the public. I am glad to say I was not a part of any of that. I was able to stay away and do traditional, conventional type financing for people. So luckily I didnt have a lot of clients who got stuck into that nightmare. Speaking of that nightmare, Dan when we talk about the people who have had foreclosures, their lives have been turned around, turned over and they think that there is no where for them to go. One of the nice things about the Federal Housing Administration loan, the FHA loan …
Glen
April 28, 2010
FHA First Time Home Buyer Loan – The FHA Can Possibly Help First Time Home Buyers
If you have a bit of money or even no money at all for a deposit, risky credit and a lot of bills, the FHA mortgage could help you purchase your dream home.
The FHA or Federal Housing Administration, a vital part of the Housing and Urban Development, was founded 70 years ago to help FHA first time home buyer, particularly those individuals with low to middle income and minorities, obtain home mortgage they require.
The amount that you can have access to and the FHA will concur, has been significantly increased, letting more borrowers to benefit from these loans.
The new maximum value ranges from $271,050 for single family in not expensive locations to $729,750 in costly cities like San Francisco and New York. The maximum amounts are resolute by estimating 115% of a location’s middle home price.
That is consider a big improvement than that of the old limits which amounted to $200,160 to $362,790- a limitation that made the FHA mortgage insufficient all the way through the areas of California and parts of the Northeast.
As a first time buyer from FHA you might ask what you can benefit from them. Here’s a quick answer to this:
Benefit #1 – You are not required to provide a huge deposit and the lender get help you searching for it.
The FHA will ask from you to deposit at least 3%. Therefore that will cost to about $30 for every $1000 that you intend to borrow.
If you don’t have the amount, it will never be a problem. If can be a donation from your friends, a relative or an association that give financial aid.
The FHA is known to work with the local state programs that extend their help through deposit, closing costs and low interest rate mortgage. Your lender should be more willing to explain how these function.
Benefit #2- Your credit score does not have to be too ideal.
You credit rating is not really that important as the FHA do not make use of it to know if you qualify for a loan or not.
There are over 22 factors that go with computing your credit rating which includes how much credit you have, how much credit you normally utilize and how you apply for a credit. The FHA is not really concern on that issue when it comes to identifying whether you will get the mortgage or not.
Benefit #3- You can still acquire more debts.
The ratio of your debt-to-income can be significantly higher for a FHA mortgage that that of the traditional mortgage. And even the FHA boundaries have been extended to provide home ownership to a lot of individuals.
To know where you must stand, calculate your entire mortgage payments such as hazard insurance, interest, taxes, principal and mortgage insurance to your regular monthly responsibilities like auto loans, credit card debts, child support, and student loans. Then divide the total by the amount of your monthly gross income.
You can be eligible for the FHA mortgage even if it’s your first time to purchase a home provided that your monthly debt disbursements do not exceed 43% of your revenue.
Louise
February 5, 2010
Do we still qualify for the First-Time Home Buyer Tax Credit if we use a non-occupant co-borrower?
My wife and I have are buying a home, and used my mother in law as a non-occupant co-borrower. It is our first home, and we received an FHA loan. Can we still qualify for the First-Time Home Buyer Tax Credit even though we have a non-occupant co-borrower who owns a house already?
Jackie