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FHA Loan Qualifications – FHA Home Loans Are Easier Than Conventional!

admin — Sun, 25 Apr 2010 13:20:48 +0000

FHA home loans are by far the most popular mortgage loans available. FHA stands for Federal Housing Administration and is a government agency. These FHA home loans are generally loans that are funded by a federally qualified lender, but are insured by the Federal Housing Administration. Although a FHA Home Loan is easier to get than a conventional mortgage loan there are certain FHA Loan Qualifications.

FHA home loans are so popular because they will allow you to finance your home purchase with having much less than the traditional twenty percent down. You can have as little as three and a half percent. This really allows more people to be able to own their own home.

Once you have decided that this might be the way to finance your home purchase, you need to make sure you can meet the FHA loan qualifications.

Even though FHA home loans are the easiest type of loan to qualify for, you need to be able to meet these basic FHA loan qualifications.

1. The first FHA loan qualification is at least two years of consistent income. Most preferably from the same employer. Once you can prove your employment history, lenders also like to see that your last two years of income has at least stayed the same or even better if it has increased.

2. The next qualification is that your credit report should not have any more than two thirty day late payments in the last two years. Lenders would ideally like to so no late payments on your credit, but one or two will still be allowable.

3. Have a bankruptcy? Don’t worry, one of the FHA loan qualifications covers this area. If you have any bankruptcies on your credit, you might want to wait at least two years since it’s been discharged.

While you are waiting for your two years, you need to also show perfect credit since the bankruptcy too. As for previous foreclosures, lenders would like to see a minimum of three years of perfect credit since the foreclosure.

4. And lastly, your new mortgage payment shouldn’t be more than thirty percent of your gross income.

Those are the FHA loan qualifications on a very superficial level. Generally, these loans are the most popular because the FHA loan qualifications are so easy to meet. They are specifically designed for the average American that is really looking to purchase a home. They do not need to have ton of money down and you don’t have to have absolutely perfect credit to qualify.

So if you are looking to purchase a home and you are looking for a mortgage loan, your best chance is a FHA Home Loan because it is the FHA Loan Qualifications are more lenient than a conventional loan.

By: Al Hardy

Bad Credit Home Loans – Another Chance

admin — Tue, 13 Apr 2010 04:13:10 +0000

Are you having difficulty securing a home loan due to a poor credit history? A bad credit home loan is for people that are in this situation. You shouldn’t give up the thought of that perfect home just yet. A home loan is much easier to find today than ever before. This is partially due to online banking. There are becoming more online banks that offer bad credit home loans to people with poor credit. You can sit in the comfort and privacy of your own home and get a list of lenders that may offer you a bad credit home loan regardless of your situation. The bleak gray sky that was hanging over you because of bad credit now has a sliver of hope in regards to you being approved for a bad credit home loan.

Home loans were designed to help individuals gain home ownership and also improve their credit rating. Most of these individuals have the ability to repay. But for some reason they had some financial problems and got into some credit issues. The idea was that these individuals should be offered another chance. This also opened a new market niche for companies by dealing with individuals the traditional bank or Mortgage Company would not.

The poor credit home loan market has grown significantly over the past few years. Many online loan companies realized they can make a better profit than some banks by working with people these banks would ignore. It was a win/win situation. They make some nice profits from bad credit home loans and the borrower is able to get into a home and continue to improve their credit rating.

A couple of reasons bad credit home loans have become a niche for online mortgage companies is because people know they will pay a bit more for having this company assume the extra risk. Then there is also the fact that the overhead is much lower for an online mortgage company. They don’t need large offices, a large number of employees and some of the other issues a traditional bank would have.

Bankruptcy, late credit card payment, a past loan default, collections and other factors are all contributors to bad credit. These will all make you a candidate for a home loan. Your credit rating will decline instantly with one failed payment. This makes it imperative if you have a payment pending be sure to make that today. If you do not this could mar your vision of owning that dream home.

Getting a poor credit home loan is not unheard of but it is to your advantage if you receive one to do your best to improve your credit. This will make it possible to then maybe refinance and not pay a company higher interest for the risk they are taking and giving you the opportunity to be a home owner.

By: Blake C. Hendrickson

New Home Loans – Grab Your Dream Home

admin — Mon, 12 Apr 2010 17:32:04 +0000

The prospect of having a home is every individual’s desire and dream. An individual spends his entire savings only for this reason. But with the entire savings purchasing a home is not possible. It may look easy for the one who are affluent but for some other individual, arranging the necessary finance is a daunting task. With the upward tilt in the prices of real estate, it becomes even more difficult. Now, to assist borrowers in buying their prospective homes, lenders and banking institutions are providing new home loans.

New home loans have got popularized within a short span of time. At present it is the most sought after loan by borrowers who are in the process of buying a new home. . The loan is worthy of its name. It is estimated that transaction worth billions of pounds has taken place from banking and financial institutions and the numbers are increasing by the day. New home loans are of two types. They are -

o Fixed rate new home loan

o Variable rate new home loan.

Fixed rate new home loan:

The rates of interest are fixed in the case of fixed rate new home loans. If you avail the loan, the rate of interest will be kept same for the whole repayment period. Even if the interest rate goes up, you have the benefit to pay the same interest rate.

Variable rate new home loan:

In the case of variable rate new home loan, the interest rate you get is initially lower. Depending on the fluctuations on the market, if the interest rate increases, you have to pay the new interest rate.

New home loan is designed such that you get the loan at affordable rates of interest. The growing popularity of the loan has compelled the lenders to provide new home loans through online. The online mode helps the borrower to access the loan in a fast paced manner. By just clicking a few buttons and sitting in your home or office, you can access the loan.

New home loans beckon a ray of hope for borrowers who cannot afford to buy a home on their means.

By: Meghna Arora

Bad Credit Home Improvement Loan – For Boosting Value Of Home

admin — Mon, 12 Apr 2010 02:01:01 +0000

Bad credit home improvement loan can give you required amount of finance. But these loans are approved only for those people, who can win back the lenders’ faith. These may be especially tailored loans for all those people, who have host of problems like late payments, CCJs, arrears and payment defaults, still the approval is not that easy is usually though.

Only those borrowers, who have proved that they are worth or credit, usually get the approval of these loans. This means that such people must have shown progress towards paying off old debts on time in past few months at least. Such a measure gives assurance to the lender that the borrower’s intention is good towards repaying the new loan on time. Check your credit report to make it fully error-free, before applying for the loan.

If you need only smaller amount of 5000 to 25000, for making improvements on your home, then such a loan can be taken without putting your home at risk., as you can opt for the unsecured bad credit home improvement loan. But, rate of interest will be kept on higher side for covering the risks. You can repay the loan in 5 to 15 years.

If your retirement is of greater loan, and you want it at lower rate of interest, then you should opt for the secured loan, which is given against your home or any other property. But make the repayment on time for avoiding sale of the property in case of payment default. The loan can be repaid in 5 to 30 years, depending on the borrowed amount.

Instead of rushing to the first offer of bad credit home improvement loan you see, better apply for the rate quotes. This will enable you in comparing number of such offers. You should select a deal that comes at lower rate and fewer charges and fees.

By: Dina Wilson

Buying A Home After Bankruptcy – Get A Mortgage Loan After Bankruptcy

admin — Mon, 05 Apr 2010 15:21:37 +0000

If you have a recent bankruptcy on your credit and are looking to get financing for a home, there is hope. Buying a home with bad credit will just put more emphasis on the other two factors needed to get a mortgage loan, which are; income verification and a down payment.

After bankruptcy most lenders want you to wait at least 2 years from the time of the bankruptcy discharge before they will consider you for a mortgage loan. After the two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually achieve this as long as at least most of your payments have been reported to the credit bureau as having been paid on time since the discharge of your bankruptcy.

If you are looking to get a mortgage loan after bankruptcy sooner than the 2 years from the time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge. Also, you may need to have a down payment. If you have even 3-5% to use as a down payment, that may be enough to help you get approved.

There are ways to get a down payment for your mortgage besides having the money saved in the bank. Here are some ideas of ways to do that:

1. Borrow or ask for a gift from relatives. After you have financed the house, you can usually go and take out a 2nd or 3rd mortgage up to the full value of your house, and then you could repay the relatives. Keep in mind that if you intend the money to be as a loan only from the relatives, you would need to disclose that to the lender before you close. Lenders usually have regulations about where the down payment is coming from and if you are not honest, it could be considered defrauding a lender.

2. There are down payment assistance programs like Neighborhood Gold or the Nehemiah program. These programs basically aid the seller in helping you with a down payment. Receiving a down payment from the seller of the property is illegal, but through these programs, it is legal. There are also other down payment assistance programs which are grants and do not need to be repaid or paid for by anyone. To find out about these, do a search on “down payment assistance” with your favorite search engine.

3. You could cash out a 401K or another investment and like in the first example, repay yourself with a 2nd or 3rd mortgage after the loan has closed.

Mortgage loans after bankruptcy are getting to be much easier to obtain these days. If you would like to see a list of our preferred bad credit mortgage lenders, visit this page: After
Bankruptcy Mortgage Lenders.

By: Carrie Reeder