Tag Archive for: fha loans

How to Use Your 401k to Buy a House

Your 401k isn't just a retirement savings vehicle; it can also be a source of funds when making significant life decisions, like purchasing a home. However, it's essential to understand the methods available to tap into these savings and their respective implications.Read More

All The Loans Banks Don’t Have: Non-QM, No Income Verification, Rental Income Only, Bank Statement, Hard Money, & Renovation

I am blogging about Non-QM and other unusual loan products again because a borrower came to us recently after being told by a commercial bank that there were no mortgage options for him because he lacked the required income verification – when the borrower in fact qualified for several viable non-QM loans, one of which he readily and happily accepted.Read More

Why So Many Lenders Have Rates Below the National Average (it’s not what you think)

We got the JOLTS report yesterday and the ADP report today, and among other things, we are seeing: (1) slower job creations; (2) the creation of part-time jobs instead of full-time jobs, making new jobs data much less rosy; (3) the double counting of new jobs because of the way openings are posted online; (4) “quiet cutting” where employers shift employees into lower-paying jobs; (5) much less job switching; and (6) less confidence in employers, based on employee surveys.Read More

How to Get a Mortgage as a Self-Employed Person with 1 Year of Income

Absolutely! While there are certain nuances that can make purchasing a home slightly more challenging for self-employed individuals to obtain a mortgage compared to traditionally employed individuals, it’s definitely possible. Lenders typically assess your financial stability and ability to repay the loan. The key lies in demonstrating your income and financial health convincingly.Read More

A Comprehensive Guide for Self-Employed Homebuyers: Navigating the Path to Homeownership

Are you a self-employed individual dreaming of buying a home? Congratulations on taking this exciting step! As a self-employed homebuyer, you may have unique considerations and questions regarding the process. […]Read More

Why I HATE 40-Year Mortgages

There has been a lot of hubbub recently about FHA’s 40-year mortgages. But – it is all for naught, as FHA is ONLY offering 40-year mortgages for loan modifications for […]Read More

Jumbo Loans In Peril Because Of Commercial Bank Issues

The former owner of RPM Mortgage (now merged with Cross Country) told me about a particularly harrowing ordeal he went through in 2008. His company had locked tens of millions of dollars of loans with the intention of selling them to particular investors when they closed.Read More

Are FHA Loan Appraisals Public?

If you are one of the many homebuyers looking to qualify for an FHA loan to purchase a primary residence, you will need to get an appraisal. An FHA appraisal establishes the value of the property you are purchasing and makes sure that it is safe for its new occupants.Read More

In Defense of FHA! Misconceptions Persist!

FHA financing is ideal for first-time homebuyers or borrowers with low credit and limited savings. FHA loans have lower rates than conforming (Fannie/Freddie) loans. This is especially the case for borrowers with low credit scores (under 680).Read More

5 Reasons Why The New FHA Loan Limits Will DESTROY Our Economy!

A first-time homebuyer can now buy a $1 million home with only 3.5% down! This is because the FHA just released its new loan limits for 2022: (1) Low Balance […]Read More

Conventional vs. Conforming vs. Government vs. Jumbo Loans; Bias For Action

CINNABON STORY – BIAS FOR ACTION I heard this story on a podcast a few months back and just had to share it. When Cinnabon first started, they could only […]Read More

How To Qualify For A Mortgage If You Owe Taxes

OWING TAXES: BAD NEWS & GOOD NEWS I recently blogged about why borrowers should sometimes file extensions instead of tax returns and briefly touched on whether or not borrowers can […]Read More

5-Step Guide To Applying For An FHA Loan

Applying for an FHA loan is easy and can be accomplished in 5 simple steps. The FHA application form includes five pages that need to be filled in, followed by four pages of directions and details. However, there is a broader process than just the forms, and that's what we will outline today.Read More

Buy A House With As Little As 3.5% Down Using FHA Loans

Federal Housing Administration (FHA) loans are a popular financing option among home buyers - especially those in the Bay Area who are contending with high property prices. One of the major appeals to this program is the minimum required down payment. FHA financing allows you to purchase with 3.5% up to the County loan limit. Given this, it is very popular amongst cash-strapped buyers.  Read More