Expert and Impartial Real Estate Advice and Consultation.
Real Estate Advice.
Buying a home.
Real Estate consulting.
Real Estate Investments Advice.
Arrows Real Estate:
the best real estate advice in the world.
Learn the secrets of how to sell or buy your residential real estate
or commercial real estate or farm and ranch property using strategic
planning and impartial third-party advice through Arrows Real Estate to
make more money now!
Do you want economic freedom?
We are here for you
to discuss your questions with you about buying or selling real estate.
Real Estate Advice:
Home.
Calculate the real estate fee.
Conforming
and
non-conforming loans.
Email
the President,
Senators and
Congressmen and women.
How
to get the most money
for your home.
Mortgage
Calculators
Mortgage
Calculators2
Mortgage, and
Financial Advice.
Mortgage
Information.
Mortgage
Payment
Presidents of the United States.
Arrows
Real Estate!
Home Buyer's Tips
94. Where do I get the money for the down payment and the closing costs of an FHA loan?
Besides your own funds, you may use cash gifts or money from a private savings club. If you can do certain repairs and improvements yourself, your labor may be used as part of a down 8 payment (called -sweat equity"). If you are doing a lease purchase, paying extra rent to the seller may also be considered the same as accumulating cash.
95. How my credit history impact my ability to qualify
The FHA is generally more flexible than conventional lenders in its qualifying guidelines. In fact, 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 made to establish a repayment plan with the IRS or state Department of Revenue.
three years have passed since a foreclosure or a deed-in-lieu has been resolved
96. Can I qualify for an FHA loan with no credit history?
Yes. If you prefer to pay debts in cash or are too young to have established credit, there are other ways to prove your eligibility. Talk to your lender for details.
97. What closing costs are there with FHA insured loans?
Except for the addition of an FHA mortgage insurance premium, FHA closing costs are similar to those of a conventional loan.
The FHA requires a single, up-front mortgage insurance premium equal to 2.25% of the mortgage to be paid at closing (or 1.75% if you complete the HELP program.). This initial premium may be partially refunded if the loan is paid in full during the first seven years of the loan term. After closing, you will then be responsible for an annual premium, which is paid monthly, if your mortgage is over 15 years or if you have a 15-year loan with an LTV greater than 90%.
98. Can I include closing costs in my FHA loan?No. Though you can't roll closing costs into your FHA loan, you may be able to use the amount you pay for them to help satisfy the down payment requirement. Ask your lender for details.
99. Are FHA loans assumable?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 stream- lined and less expensive compared to that for a new loan. Also, assuming a loan can often result in a lower interest rate. The application process consists basically of a credit check and no property appraisal is required. And you must demonstrate that you have enough income to support the mortgage loan. In this way, qualifying to assume a loan is similar to the qualification requirements for a new one.
100. What should I do if I cannot make my payment on a mortgage loan?
Call or, Write to your lender as soon as possible. Clearly explain the situation and be prepared to provide him or her with financial information.
101. Are there any options if I fall behind on my mortgage loan payments?
Yes. Talk to your lender or a HUD-approved counseling agency for details. Listed below are a few options that may help you get back on track. For FHA loans:
Keep living in your home to qualify for assistance.
Contact a HUD-approved housing counseling agency (1-800-569-4287 or TDD: 1-800-877-8339) and cooperate with the counselor/lender trying to help you. - HUD has a number of special loss mitigation programs available to help you: - Special Forbearance: Your lender will arrange for a revised repayment plan which may Include temporary reduction or suspension of payments; you can qualify by having an Involuntary reduction in your Income or Increase In living expenses. - Mortgage Modification: Allows refinance debt and/or extend the term of the your mortgage loan which may reduce your monthly payments; you can qualify if you have recovered from financial problems, but net Income Is less than before. - Partial Claim: Your lender maybe able to help you obtain an interest-free loan from HUD to bring your mortgage current. - Pre-foreclosure Sale: Allows you to sell your property and pay off your mortgage loan ,to avoid
RMS is also available from the FHA.
102. What is mortgage insurance?Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. it's required primarily for borrowers making a down payment of less than 20%.
Mortgage insurance does not protect the borrower.
103. How does mortgage insurance work?
Like home or auto insurance, mortgage insurance requires payment of a premium, is for protection against loss, and is used in the event of an emergency. If a borrower can't repay an insured mortgage loan as agreed, the lender may foreclose on the property and file a claim with the mortgage insurer for some or most of the total losses.
