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You must educate yourself about mortgage financing options!!
FHA loans are available to individuals currently in a chapter 13 bankruptcy-this applies to purchases or refinancing. You have to have made the past 12 months of payments on time. This is unlike conventional loan products which require a minimum waiting period from the bankruptcy discharge date. How many borrowers have you met that either are in a chapter 13 BK or have just recently had one discharged? How many borrowers have been told buy their loan officer that they had to wait or accumulate more of a down payment before they could buy a home?
If you want to sell more homes, you need to know and learn about the financing. Don't rely on what on what one mortgage company may tell you. Many banks and mortgage brokers do not finance with FHA loans. The approval requirements are higher and not everyone can or wants to go through the process. As such, you may never hear about the FHA options. You need to at least explore FHA-the down payment requirement is only 2.25% on a purchase. Total buyer contributions must be 3%. BUT, the contributions can be from a gift-of which there are down payment assistance programs available that can provide the gift. I could write a book about all the cool things FHA can do. Go to hud.gov to learn more.
I have been selling homes in MInnesota since 1986-http://www.selling.mn and a Minnesota broker associate since 1988. I have been financing homes as a Minnesota mortgage broker since 1995-http://www.ventureloanapp.com I am able to structure transactions with the maximum number of options for the borrower and seller. Too often, buyers don't know what is available. The housing crisis can be resolved quicker with better eposure to the complete set of mortgage loan financing options.
Make sure whomever you select to provide the financing that they are experienced and knowledgable about loan product choices.
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RE: Chapter 13 FHA Mortgage Financing|Minnesota Mortgage Broker Helps Realtors Sell Homes
Posted by: yanni raz
Date: Aug. 8, 2008
Today's Most Popular Fha Loans
What is fha loans with bad credit ?
Fha loans are the most popular consumer mortgage loans you can possibly have today.
Also fha bad credit loans are done by the government, basically the government have created these loans years ago and it was actually very popular.
Fha bad credit loans also called fha hud loans have their fha guidelines and fha requirement.
So for you to get a consumer mortgage and an fha approval you need to know the guidelines.
1.Fha fees- fha fees are not so much different than any other conventional mortgage loans you had in the past.
The problem is that some of us that apply to have a consumer mortgage are being charged high points in conventional mortgage loans.
If you will read the fha guidelines you will understand that with fha lending it's a much safer way to go because there are some restriction with the fha fees.
2.Fha appraisal- fha appraisal is also not so different from a normal appraisal you will have to get done in a conventional mortgage.
But here the appraiser that will appraise your home will have to be fha approved to get you an fha appraisal done.
3.Fha conventional- fha conventional is not a normal term but some people are using this term for some reason.
Fha conventional is not related to one another, fha is fha and conventional is conventional.
4.Fha lenders- there are not a lot of fha lenders and fha brokers.
A lot of people think that every mortgage broker can help them with their fha Home mortgage, no.
Only a few Mortgage brokers out there are really fha approved, so before you make a decision about the next mortgage broker you will use make sure they're approved.
5.Fha loan limits- the fha loan limits have changed recently. Until march of 2008 the fha limits were up to $417,000, because of states like California, New york and Florida the fha loan limits have changed to $729,000.
The new loan limits will help many homeowners to refinance their homes and avoid foreclosure.
6.Fha pmi- fha pmi is the mortgage insurance you required to pay.
Please read the fha requirements, in conventional loans you will pay pmi only if your loan is more than 80% ltv.
Since fha programs don't offer a second loan on your mortgage they will make you pay pmi instead, which is good because paying pmi is much better then a second loan.
7.Fha rates- fha rates are much better then conventional interest rates.
Conventional banks have a higher interest rates because they charge to the index of your loan a margin. Fha interest rates have no margin since the fha program is done by the government.
Fha rates are lower then conventional rate loans.
So again learn the fha guidelines and the fha requirements.
now you will know the fha loan limits.
1. you will probably have to pay fha pmi.
3. The fha rates shouldn't be higher then conventional rate loans.
Now go find fha lenders or an fha broker, get your refinance or mortgage done and save your home.
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