Conventional loans are extremely stringent, so unless you have perfect pay in every single account you have, and have a wallet full of cash then an FHA mortgage may be the best option for you. With the economy the way it is, it does offer some good buys for homeowners, but it’s best to keep in mind that we need to be lending and borrowing responsibly. Regardless of the proposal for the home you are looking at, if you are not comfortable with anything regarding the process you need to say so.
Remember, FHA itself is not guaranteeing that every consumer will get a loan, and they aren’t granting the loan themselves. FHA simply insures the loan, meaning they promise to pay the loan when the borrower defaults on the loan. This insurance to the lender doesn’t guarantee that everyone will be approved for an FHA mortgage; those who apply will still need to qualify based on their income, credit and abide any FHA guidelines regarding the property.
For more information on FHA loans, and how to qualify, you can go to www.fhaloansnow.net.
-Mayer Dallal
Showing posts with label conventional loans. Show all posts
Showing posts with label conventional loans. Show all posts
Monday, June 28, 2010
Friday, May 28, 2010
FHA Rates
With rates being at an all time low, it is amazing how low they really are. Every day, I have families coming to me that are looking to buy a home. There are some that qualify, and there are also a large number of people that don’t qualify.
FHA loan rates are at their best, and so it encourages you to start looking for a home. If you are searching for a home, look at your income and the level of obligations you have. Just because the rates are low, that doesn’t mean that you will pre-approved to buy a home. FHA rates don’t make you qualify, because there are many other determining factors.
It used to be that your credit was the standard for most lenders on what rate you would qualify for. Borrowers were having to look at how they fit “into the box”, and how high their scores were, or how low they were. With FHA rates, that is not the case. FHA utilizes common sense underwriting, so that you don’t have to sit and think about it. If you don’t qualify for a loan, then I will tell you why.
FHA rates are at an all time low, so to get more information on the programs and rates, be sure to visit. www.fhaloansnow.net.
-Mayer Dallal
FHA loan rates are at their best, and so it encourages you to start looking for a home. If you are searching for a home, look at your income and the level of obligations you have. Just because the rates are low, that doesn’t mean that you will pre-approved to buy a home. FHA rates don’t make you qualify, because there are many other determining factors.
It used to be that your credit was the standard for most lenders on what rate you would qualify for. Borrowers were having to look at how they fit “into the box”, and how high their scores were, or how low they were. With FHA rates, that is not the case. FHA utilizes common sense underwriting, so that you don’t have to sit and think about it. If you don’t qualify for a loan, then I will tell you why.
FHA rates are at an all time low, so to get more information on the programs and rates, be sure to visit. www.fhaloansnow.net.
-Mayer Dallal
Thursday, May 27, 2010
FHA Requirements
FHA is a great loan for anyone, whether they are buying or refinancing. FHA does have requirements though, and I actually wrote about those today in my article.
It’s just simple stuff, and it’s easy to understand. The great thing about buying with an FHA loan is they only require 3.5% down! A conventional loan is going to require a down payment of anywhere from 5% to 30%, and not a lot of families have that kind of money just lying around.
The other great thing about the FHA requirements is they don’t expect you to be perfect. While they don’t want to see a current bankruptcy or large amounts of delinquent debt, they are more lenient on old derogatory credit. So, don’t let another slow pay sneak up on you if you have had them in the past. Just be sure that you have made notes on why you had them, and we can move on.
FHA requirements aren’t hard, but it’s just commonsense. This is what makes doing an FHA loan so great. I do them every day, and I get to help families do things that otherwise they couldn’t do because they weren’t working with the right professional.
Knowing FHA requirements means that you need someone who knows the industry thoroughly, and pays attention to the details. You don’t want to commit to thousands of dollars and have everything mishandled. This is your money, your life and your family.
FHA requirements take a professional like me to help you. This is important. For more information, visit my website at www.fhaloansnow.net, or email me at mdallal@fhaloansnow.net.
-Mayer Dallal
It’s just simple stuff, and it’s easy to understand. The great thing about buying with an FHA loan is they only require 3.5% down! A conventional loan is going to require a down payment of anywhere from 5% to 30%, and not a lot of families have that kind of money just lying around.
The other great thing about the FHA requirements is they don’t expect you to be perfect. While they don’t want to see a current bankruptcy or large amounts of delinquent debt, they are more lenient on old derogatory credit. So, don’t let another slow pay sneak up on you if you have had them in the past. Just be sure that you have made notes on why you had them, and we can move on.
FHA requirements aren’t hard, but it’s just commonsense. This is what makes doing an FHA loan so great. I do them every day, and I get to help families do things that otherwise they couldn’t do because they weren’t working with the right professional.
Knowing FHA requirements means that you need someone who knows the industry thoroughly, and pays attention to the details. You don’t want to commit to thousands of dollars and have everything mishandled. This is your money, your life and your family.
FHA requirements take a professional like me to help you. This is important. For more information, visit my website at www.fhaloansnow.net, or email me at mdallal@fhaloansnow.net.
-Mayer Dallal
Tuesday, May 25, 2010
FHA vs. Conventional
FHA is now on the rise with more families looking into buying a home. With the housing market holding at low prices and a homebuyer tax credit, it is incentive for families to want to jump into the homeownership pool. There are some differences between FHA and other conventional programs with lenders.
FHA purchases are the most common FHA loans, and their credit restrictions are a little less stringent. What does this mean to you? In reality, it means that while FHA is not a license to go out and ruin your credit rating, it does overlook some collections and past derogatory credit. However, it does look very closely at your rent history over the past 12 to 18 months, as well as your installment debt, such as your car loan. Conventional loans are very stringent, considering your history on all credit over the past two years.
The other main difference is that FHA only requires that you have at least 3.5% down, while many conventional loans require 20% down. These are the two main differences between FHA and conventional loans. Look to the experts in FHA loans, by visiting, www.fhaloansnow.net.
-Mayer Dallal
FHA purchases are the most common FHA loans, and their credit restrictions are a little less stringent. What does this mean to you? In reality, it means that while FHA is not a license to go out and ruin your credit rating, it does overlook some collections and past derogatory credit. However, it does look very closely at your rent history over the past 12 to 18 months, as well as your installment debt, such as your car loan. Conventional loans are very stringent, considering your history on all credit over the past two years.
The other main difference is that FHA only requires that you have at least 3.5% down, while many conventional loans require 20% down. These are the two main differences between FHA and conventional loans. Look to the experts in FHA loans, by visiting, www.fhaloansnow.net.
-Mayer Dallal
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