The FHA is generally more flexible than conventional loan lenders when considering credit history in its home loan qualification guidelines. As we show you in this video, the FHA allows you to re-establish credit if: two years have passed since a bankruptcy has been discharged all judgments have been paid any outstanding tax liens have […]

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The video puts this in more visual terms, but 203(b) is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines limited lender’s fees, and a maximum loan amount. 203(k) loans enable homebuyers to finance both the purchase and rehabilitation of a home through a single mortgage. A portion of […]

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There are some great tips in this video, like: Call or write to your lender as soon as possible. Clearly explain the situation and be prepared to provide financial information. If you fall behind – Keep living in your home to qualify for assistance. Contact a HUD-approved housing counseling agency and cooperate with the counselor/lender […]

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Remember these points from the video: The FHA works to make homeownership a possibility for more Americans. With the FHA, you don’t need perfect credit or a high-paying job to qualify for a loan. The FHA also makes loans more accessible by requiring smaller down payments than conventional loans. In fact, an FHA down payment […]

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As we show you in this video, FHA loan limits vary throughout the country, from $115,200 in low-cost areas to $208,800 in high-cost areas. The amount varies for limits in Georgia by county and an average limit in 2016 is $271,050 for a single family residence. The loan maximums for multi-unit homes are higher than those […]

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Watch this video and take a few notes: seasonal pay child support retirement pension payments unemployment compensation VA benefits military pay Social Security income alimony, and rent paid by family all qualify as income sources. Part-time pay, overtime, and bonus pay also count as long as they are steady. Special savings plans-such as those set […]

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The (2015) limits for FHA debt-to-income ratios are 31% for housing-related debt, and 43% for total debt. But there are exceptions to these general rules. So don’t be discouraged if you’re slightly above those numbers.. With a conventional loan, this qualifying ratio allows only 28% toward housing and 36% towards housing and other debt. You […]

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While this video simplifies things to help you remember, except for the addition of an FHA mortgage insurance premium, FHA closing costs are similar to those of a conventional loan. As of 2013, the FHA requires a single, upfront mortgage insurance premium equal to 2.25% of the mortgage to be paid at closing (or 1.75% […]

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The video puts this in more visual terms, but yes! You can assume an existing FHA-insured loan, or, if you are the one deciding to sell allow a buyer to assume yours. Assuming a loan can be very beneficial since it is a streamlined process and less expensive compared to that for a new loan. […]

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FHA Loans vs Conventional Loans   For the majority of house hunters out there you will end up choosing between FHA home loans and Conventional home loans. Since this is one of the biggest decisions you will make financially, we will go through a recent loan experience so that you can make an informed and […]

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