Mortgage Buz

“When looking to purchase our new home in 2006, I had the pleasure of meeting Joel Lobb. Not only was he personable and easy to reach, he was extremely knowledgable in his field and made sure to find us the best rate and a top notch mortgage company. We were able to complete the process in less than 3 weeks with his expertise. I find Joel to have the utmost high integrity and I recommend him to anyone who say’s they are need of mortgage assistance. He is also fantastic and keeping everyone up to date on the latest in the housing industry through his twitter posts. He provided great results for our family and we still communicate to this day!” August 21, 2010
Source: kentuckyfirsttimehomebuyer.com

Video: Fha Loan Requirements – Fha Mortgage Loans Are Simpler Compared With Conventional!

FHA Rates Fall to Record Lows

*All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, one points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice.
Source: totalmortgage.com

What Are the FHA Mortgage Insurance Requirements

An Act passed by Congress known as the Housing and Economic Recovery Act of 2008 allows some relief to home purchases. A single-year, temporary exemption on FHA premiums based on risk of the borrower went into effect with this Act. If you are a home owner and you think you are eligible for this benefit call your lender and see if you qualify. If your loan was closed and assigned a case number on or after October 1, 2008, your premium for mortgage insurance will be calculated differently than other loans by FHA. The FHA will no longer figure your premium based on your credit score and your loan-to-value ratio. The loan-to-value ratio is the ratio that is determined by dividing the cost of the home by the amount invested in the home.
Source: boiseburn.com

FHA Mortgage Requirements for Louisville Ky First Time Home Buyers

As a life-long Kentucky resident, I have helped over 589 families buy or refinance their home over the last 13 years. You can trust me for your next mortgage loan. I deliver on what I say and I will give you honest, up-front personal attention you deserve for your home loan. I have several advantages over the big- mega banks in town. First, I can shop your loan thru different mortgage companies across the country to get you the best deal out there, whereas most banks will offer offer you there one and only deal. I have access to over 15 different mortgage companies to broker your loan thru. My rates and fees are just as good or better than local banks and you will not get lost in the shuffle like most borrowers do at the mega banks; your just not a number at our company, you are a person and we will treat you like one throughout the entire process. Free pre-approvals within 2 hours and get your loan closed within 15 days. Give us a try or let us compare what you have now. Call me locally at 502-905-3708; this is my personal cell phone and I carry it on me at all times. Free credit reports and approvals. Stop by and see my at 107 South Hurstbourne Pky Louisville Ky 40222- or email me at kentuckyloan@gmail.com nmls# 57916
Source: louisvillekentuckymortgagerates.com

JeffEsterkes.com: Why FHA Loan Limits Matter

On November 18, President Obama signed legislation to restore higher limits for mortgage loans backed by the Federal Housing Administration. While this news was met with little fanfare in the media, it’s an important milestone in the continuing recovery of the real estate market. The intent of the higher limit is to provide greater accessibility to home mortgages, especially in high-cost residential areas. The FHA ceiling of $729,750 has been extended through 2013. Previously, the limit was $625,500. With as many as one-third of U.S. mortgages backed by the FHA, the broadening of loan limits creates a rising tide that should, in theory, help lift all boats. This is important considering the restrictive credit environment that has anchored much of the market. Without higher FHA mortgage limits, borrowers in areas such as San Francisco, Washington D.C., and New York City could find themselves looking at a jumbo mortgage. Jumbo mortgages usually require a large down payment, which prevents otherwise-qualified buyers from attaining home ownership. As a result, more properties could linger on the market, stagnating buying activity at all price levels. FHA-backed mortgages provide home financing with as little as 3.5% down. In return, they require monthly mortgage insurance premiums which become part of the mortgage payment. This mortgage insurance protects the lender in the event of default. With the down payment on jumbo mortgages hovering around 20%, FHA loans are the more affordable option. FHA mortgage loan limits vary by market, and not all areas are eligible for the $729,750 ceiling. If you’re curious, you can visit the FHA guide at HUD.gov and see how your area shapes up. Better yet, talk to an experienced mortgage professional who can find the best mortgage loan for your needs! While FHA loans play an important role in the market, there is no one-size-fits-all for home financing. Mortgage underwriting guidelines can be a moving target! Good mortgage planning in advance will pay off for years to come. Contact me today, and I’ll create a financial strategy for you.
Source: blogspot.com

FHA loan limits restored to higher levels

In areas with expensive costs, homeowners who wanted to refinance a mortgage above $625,000 (the previous FHA loan limit in high cost markets) and homebuyers were forced to take out a jumbo loan, which typically has higher mortgage rates and tighter credit requirements, as well as a down payment or home equity of at least 20 percent. Now, borrowers in those high cost real estate markets will be allowed to borrow up to $729,750 with a down payment or home equity of just 3.5 percent with an FHA-insured loan.
Source: rebuild.org

Minimum Credit Scores on FHA Mortgage Loans

3.         Minimum 500 Credit Score Lenders. Ноmе buyers whо hаvе credit scores bеlоw 600 mау stіll hаvе аn opportunity tо buy а hоmе bу finding оnе оf thе fеw FHA mortgage lenders whо manual underwrite thеіr loans. Вut hоmе buyers beware: nоt оnlу аrе thеsе loans mоrе expensive thаn standard FHA loans (уоu will рrоbаblу gеt а rate аbоut оnе half tо оn full percentage point higher), gеttіng approved іs nоt thаt easy. Тhе FHA program іs nоt thе sub-prime loan program оf sеvеrаl years ago. Аnd еvеn thоugh lower credit scores аrе accepted, thаt dоеs nоt mеаn thаt bad credit іs acceptable. Fоr example, а borrower wіth а poor credit history whо hаs paid thеіr debts аnd іs lооkіng fоr а fresh start іs а candidate fоr thіs type оf FHA mortgage loan. А borrower whо hаs multiple outstanding unpaid charge-offs іs lеss lіkеlу tо gеt аn approval.
Source: fhahomeloanrefinancing.com

Related posts:

1. What Are the FHA Mortgage Insurance Requirements
2. USDA Rural Development Home Loan Programs can help Lenders, Home Buyers
3. Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Foreclosure prevention, N.Ky.
4. The Chicago Real Estate Local: Chicago area FHA, conventional mortgage rates 4.5% to 5%
5. first time home buyers  

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