What Are 203(B) And 203(K) Loans?

What Are 203(B) And 203(K) Loans? Unlimited Mortgage Lending

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 […]

How Can The FHA Assist Me In Buying A Home?

How Can The FHA Assist Me In Buying A Home? Unlimited Mortgage Lending

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 could […]

What Are The Steps Involved In The FHA Loan Process?

What Are The Steps Involved In The FHA Loan Process? Unlimited Mortgage Lending

The video puts this in more visual terms, but with the exception of a few additional forms the FHA loan application process is similar to that of a conventional loan. With new automation measures FHA loans may be originated more quickly than before. And, if you don’t prefer a face-to-face meeting, you can apply for […]

How Does My Credit History Impact My Ability To Qualify?

How Does My Credit History Impact My Ability To Qualify? Unlimited Mortgage Lending

The FHA is generally more flexible than conventional lenders in its qualifying 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 been satisfied or appropriate arrangements have been […]

Are FHA Loans Assumable?

Are FHA Loans Assumable? Unlimited Mortgage Lending

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 the process is streamlined and less expensive compared to that for a new loan. Also, […]

What Is The Debt-To-Income Ratio For FHA Loans?

What Is The Debt-To-Income Ratio For FHA Loans? Unlimited Mortgage Lending

Remember the pointers from this video: as of 2013, the FHA allows you to use 29% of your income towards housing costs and 41% towards housing expenses and other long-term debt. With a conventional loan, this qualifying ratio allows only 28% toward housing and 36% towards housing and other debt. You may qualify to exceed […]