Today I am going to discuss How to beat the bank on an FHA loan by avoiding the upfront mortgage insurance.
FHA charges 1.75% of the loan amount – which is typically added to your base loan amount.… more
As an experienced loan officer operating in the Greater Boston area, I’m often approached by prospective home buyers. More and more people are interested in FHA loans, and rightly so: they boast better interest rates, minimal down payments, and lenient credit qualifications.… more
If you’re thinking about securing a mortgage in the Greater Boston area, you’d be wise to consider an FHA loan. A loan insured by the Federal Housing Administration (FHA) offers tremendous benefits, including lower down payments, better interest rates, and easier credit qualifications.… more
All mortgage loans from the Federal Housing Administration require Mortgage Insurance Premiums, which is equivalent to the Private Mortgage Insurance charged by private lenders. In the past, the payment of these premiums could be dropped after a certain period of time, paying off a certain amount of the loan.… more
The real estate crisis which occurred a few years back has caused a record number of foreclosures in Greater Boston. Many of these foreclosed homes now lie in very bad shape (due to the lack of care), and will require you to spend a considerable amount of money on repairs — money which you may not necessarily have.… more
One of the questions home buyers must ask before securing a loan is if an FHA loan or conventional loan is the better deal. This question is very important to potential home owners in the Boston area who may have less than perfect credit.… more
The popularity of the government backed mortgage programs (notably FHA loans) continues to increase every year. If you are planning on applying for a mortgage loan in Boston, you’ll have noticed that FHA mortgage loans have superior stats compared to standard home loans: in terms of the interest rate which is charged, the down payment which is required, and the ease of acceptance of the loan.… more
The FHA 203k Loan will allow you to get yourself a single mortgage loan which will pay both for the purchase of a specific piece of property in and around Boston, as well as the costs of renovations to the property after purchase.… more
The former head of LendAmerica has been banned from originating, marketing or submitting claims for FHA mortgages, according to a recent Reuters report.
Michael Ashley is also never able to seek employment in any form for any company connected to the FHA, not even as a strategist or consultant.… more
The Federal Housing Administration mortgage insurance program is a vital part of the American housing fabric and has never been more essential than it is in today’s market, according to NAR President Vicki Cox Golder.… more