FHA Mortgage Rates In Texas — Berkshire Lending

FHA is the most credit-friendly loan in the marketplace.
At the time of this report, most lenders will go down to a 620 middle credit score for FHA. There are still a few lenders doing manually underwritten FHA loans down to a 580 credit score. We can do FHA down to a 500 credit score! Chapter 7 Bankruptcy: FHA has the friendliest bankruptcy seasoning guidelines of any mortgage program available. They will require two years out of a bankruptcy discharge before you can get a new loan. You will also need to re-establish credit after bankruptcy. Berkshire Lending FHA Mortgage Rates Chapter 13 Bankruptcy: You need to have at least 12 months of payment history on your Chapter 13 with no late payments. You will also need permission from the court or the trustee. Foreclosures: FHA wants 36 months of seasoning after a foreclosure before you can get a new FHA loan. Clear CAIVRS: The government doesn’t like it when you have defaulted on a government-insured loan. They have a database called CAIVRS that they check to see if you have ever defaulted on any government-insured loans. These can be student loans or other mortgages. Gifts: FHA underwriting guidelines will allow gifts from family members or close relatives for the entire down payment. Reserves: FHA generally does not require cash reserves after the loan closes. In other words, there isn’t a minimum monthly amount of funds required to be left in the bank after the loan closes. Mortgage Insurance: FHA charges their own mortgage insurance on every loan they make. For a 30-year mortgage, FHA will charge 1.35 of 1% of the loan amount, divided by 12 every month. So for a $100,000 loan your monthly mortgage insurance payment to FHA would be $104. FHA will also charge an upfront mortgage insurance fee that they call a funding fee. This is paid at closing. This funding fee at the time of this writing is 1.75% of the loan amount. This fee is added to the loan amount at the time of closing by FHA. It doesn’t come out of the buyer’s or the seller’s pocket at closing. Maximum Loan: For each county in each state FHA will have a maximum loan amount. You can find out the maximum loan amount for your country by going to this website: https://entp.hud.gov/idapp/html/hicostlook.cfm. To Check All Advantages and Disadvantages of FHA Mortgage Loans. Please visit our website Berkshire Lending or Click Here |FHA Mortgage Rates|

Comments

Post a Comment

Popular posts from this blog

How To Structure A Repair Escrow On An FHA Loan…

  Hello! You may not be aware of this but we do allow repair escrows on FHA 203b loans. (203b is the most common FHA loan) Repair escrows are monies that are set aside (out of seller’s proceeds) to make minor repairs on the home purchased after the closing has occurred. I wanted to let you know some of the items that are eligible for repair escrows, and some that are not allowed. These items are eligible for repair escrows: 1) Repair roofs, gutters and downspouts 2) Repair/Replacement/upgrade of existing HVAC systems 3) Repair/Replacement/upgrade of plumbing and electrical systems 4) Repair/Replacement of flooring 5) Painting, both exterior and interior 6) Weatherization, including storm windows and doors, insulation, weather stripping, etc. 7) Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens 8) Minor repair to exterior decks, patios, porches 9) Minor basement waterproofing 10) Minor mold remedia...
Read more

What Not To Do When Getting A Mortgage…

Image
Hello! Mortgage tip : If you are about to get into the loan process to buy or refinance a house — don’t go out and buy things on credit. It sounds simple, and you would think most people would know this without being told. I have a loan right now where a borrower got himself into trouble from doing just this very thing. There are two possible complications: 1) You have to explain the inquiries on your credit., and 2) It will raise your debt to income ratio if you take on additional credit. So, while you are in the loan process — don’t apply for anything that would involve credit (appliances, lawn equipment, etc.). That’s it for today.
Read more

Two Property Tax Issues Some People Face…

Image
  Tax Issues Hello! If you pay your property taxes apart from your mortgage payment, and you didn’t get them paid by the end of January they are now considered late with the county. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money but had to use it in an emergency. …or any number of other things. 2) Some people   have an escrow account on their mortgage — but their mortgage company didn’t collect properly. This often results in an arrearage… This means your payments go way up until the escrow is caught up. If you are in either one of these situations — there’s usually an easy fix for it. …Refinancing. We can often refinance someone in either one of these situations, and we pay the property taxes through the new refinance loan.. …Not only that but usually at a lower rate and payment than they have now. Please l...
Read more