The FHA bankruptcy and credit guidelines set forth waiting periods that state how long a person or family would need to wait to do an FHA loan. Bankruptcy waiting periods are two years with reestablished credit, and a good explanation of why it happened. This is a blessing that they are allowing you to borrow money, and you have to understand why they do it. They are insuring your loan and they back if when the borrower defaults, so they make the rules and we just have to abide by them.
FHA credit guidelines state that on a foreclosure, the waiting period is five years, and that is usually from the date of the sale of the property. With a good explanation this may be shortened, but there are no guarantees.
Guidelines were put in place to aid you in making decisions, and to help you know what you need to do to move forward. Unless you educate yourself on what the FHA credit guidelines are, you can’t effectively plan for the future. If you fail to plan, you plan to fail.
For more information how to manage your credit, and qualify through FHA, you can go to www.fhaloansnow.net.
-Mayer Dallal
Showing posts with label fha credit guidelines. Show all posts
Showing posts with label fha credit guidelines. Show all posts
Tuesday, June 29, 2010
Saturday, June 12, 2010
FHA and the Electricity Guidelines for your Home!
If you have ever done an FHA loan, you know that FHA has very specific things they are looking for when checking out the electricity. FHA and electricity do work together….well maybe they do and maybe they don’t. What does your inspector say?
The last thing you want to worry about when you buy your home, is whether or not your electricity is working properly. In order to make sure that you aren’t in a complete lemon, FHA electricity guidelines state that a single main shut-off breaker should exist. If more than one breaker has to be tripped to disconnected power, then the service panel must be replaced.
FHA electricity guidelines were put into place to help you get the most from your new home. The inspector is there to see if there are any problems, not to work against you. However, if you feel like there is a challenge, you need to bring it up right then and there. There is nothing wrong with asking questions, and it’s essential to making sure that you get what you need from your new home.
For more information on this and other FHA guidelines, please visit my website at www.fhaloansnow.net.
-Mayer Dallal
The last thing you want to worry about when you buy your home, is whether or not your electricity is working properly. In order to make sure that you aren’t in a complete lemon, FHA electricity guidelines state that a single main shut-off breaker should exist. If more than one breaker has to be tripped to disconnected power, then the service panel must be replaced.
FHA electricity guidelines were put into place to help you get the most from your new home. The inspector is there to see if there are any problems, not to work against you. However, if you feel like there is a challenge, you need to bring it up right then and there. There is nothing wrong with asking questions, and it’s essential to making sure that you get what you need from your new home.
For more information on this and other FHA guidelines, please visit my website at www.fhaloansnow.net.
-Mayer Dallal
FHA Energy Efficient Home Loans
Not many people are aware of the financing available for FHA energy efficient financing. While it is not common in many areas, there are families that will opt for it. Part of the battle is just having a professional that will make you aware of all of your options.
FHA’s energy efficient financing can be worked into the loan whether it’s a purchase or a refinance. The key here is determine to what extent you need the work done. The FHA energy efficient financing can be used in conjunction with the 203b program. This program is what allows you to get repairs done on the home when you purchase, or get them done during a refinance. Even with a purchase, it is worked into the loan, and if it isn’t and your improvements are minimal, then at some point you can do a Title I HUD loan.
Title I HUD loans can only be done by a bank that is approved to do them, and they are usually smaller loan amounts of $5-$8,000. These can be done at anytime, and are a good idea for those who might end up with some expenditures they weren’t expecting.
I know families that have used FHA Energy Efficient financing in the past for solar panels, energy efficient appliances and more. You might want to check it out if you are looking at buying a home that needs a little work.
For more information on FHA guidelines and products, you can visit my website at: www.fhaloansnow.net.
-Mayer Dallal
FHA’s energy efficient financing can be worked into the loan whether it’s a purchase or a refinance. The key here is determine to what extent you need the work done. The FHA energy efficient financing can be used in conjunction with the 203b program. This program is what allows you to get repairs done on the home when you purchase, or get them done during a refinance. Even with a purchase, it is worked into the loan, and if it isn’t and your improvements are minimal, then at some point you can do a Title I HUD loan.
Title I HUD loans can only be done by a bank that is approved to do them, and they are usually smaller loan amounts of $5-$8,000. These can be done at anytime, and are a good idea for those who might end up with some expenditures they weren’t expecting.
I know families that have used FHA Energy Efficient financing in the past for solar panels, energy efficient appliances and more. You might want to check it out if you are looking at buying a home that needs a little work.
For more information on FHA guidelines and products, you can visit my website at: www.fhaloansnow.net.
-Mayer Dallal
Thursday, June 10, 2010
FHA and Your Debt to Income Ratio
FHA looks very closely at your debt to income ratio. Debt to income ratio is a term used to describe your level of outgoing monthly obligations to your income. It’s important before you decide to buy a home that you already know what your debt to income ratio is, and that you have it under control.
FHA would like to see your debt to income ratio at no more than 31%, and that is with your new monthly mortgage payment with principal and interest, and taxes and insurance. There are some cases in which FHA will allow you to go up to 43%, including other obligations, but FHA will look closely at new accounts you have opened. FHA simply wants to ensure that you have not opened up any new accounts in order to help you fund your down payment or pay off other debts prior to your application.
Your debt to income ratio is important, and you need to be responsible to keep your credit and your debts in order. For more information on the FHA guidelines, and to use the FHA calculator, visit www.fhaloansnow.net.
-Mayer Dallal
FHA would like to see your debt to income ratio at no more than 31%, and that is with your new monthly mortgage payment with principal and interest, and taxes and insurance. There are some cases in which FHA will allow you to go up to 43%, including other obligations, but FHA will look closely at new accounts you have opened. FHA simply wants to ensure that you have not opened up any new accounts in order to help you fund your down payment or pay off other debts prior to your application.
Your debt to income ratio is important, and you need to be responsible to keep your credit and your debts in order. For more information on the FHA guidelines, and to use the FHA calculator, visit www.fhaloansnow.net.
-Mayer Dallal
Monday, June 7, 2010
Is An FHA Short Term Loan Beneficial?
The FHA bridge loan is not something that you hear a lot about, but that is because when it first came out it wasn’t being talked about by FHA. FHA wanted to keep this one under their hat until the bridge loan was perfected, and the plan they came up with is fine, but is it really a good idea?
I think it depends on the person or family. As with anything in life, it’s all about being responsible, and for those who are irresponsible and don’t save, it may be a bad idea. The short term bridge loan with FHA was designed for those who didn’t have the down payment money for their new purchase. Then, once filing with the IRS, you would know what you are getting back, but it won’t go against your tax credit. So, making sure that you will have the money later is a key factor. Generally speaking, if someone is pretty responsible then changes are they will have the funds to use for a down payment on the home, but if not then the short term bridge loan can be effective.
As with anything, educate yourself and don’t do it just because someone else did or suggested it. When you hear about the FHA short term bridge loan, do some research and look it up for yourself, but what you really need is an expert. For more information, go to www.fhaloansnow.net, and talk to your FHA expert today.
-Mayer Dallal
I think it depends on the person or family. As with anything in life, it’s all about being responsible, and for those who are irresponsible and don’t save, it may be a bad idea. The short term bridge loan with FHA was designed for those who didn’t have the down payment money for their new purchase. Then, once filing with the IRS, you would know what you are getting back, but it won’t go against your tax credit. So, making sure that you will have the money later is a key factor. Generally speaking, if someone is pretty responsible then changes are they will have the funds to use for a down payment on the home, but if not then the short term bridge loan can be effective.
As with anything, educate yourself and don’t do it just because someone else did or suggested it. When you hear about the FHA short term bridge loan, do some research and look it up for yourself, but what you really need is an expert. For more information, go to www.fhaloansnow.net, and talk to your FHA expert today.
-Mayer Dallal
Saturday, June 5, 2010
The FHA Front-End Ratio
The term FHA front-end ratio is a term you will hear when going to apply for your FHA loan. Unfortunately, many times you are bombarded by a ton of financial jargon that doesn’t make a lot of sense to you. I don’t like that loan officers do that, but I can only be accountable for what I do, and how I treat people. I might use those terms too, but I will explain them; that’s just part of being a professional.
The front-end ratio is what the lender will use to qualify you for a loan, so that you know how much you can afford. The lender will take your monthly income, and what your proposed payment would be with principal, interest, taxes and insurance. This total payment can be no more than 31%. This is simply a guide, so that you aren’t getting overextended, although you may want a lower payment. It’s all about watching your cash flow, and doing what is best for you and your family.
The back-end ratio is what the lender looks at when including your new monthly mortgage payment, and all of your recurring debt every month. So, they look at your new monthly payment, plus your car payment and credit card payments, you can be at no more than 43%. This is important, and gets us back to the basics. With these guidelines in place, we shouldn’t be headed down the same path that we were headed down before. For more information on how you can qualify and to use my FHA calculator, please visit my website at www.fhaloansnow.net.
-Mayer Dallal
The front-end ratio is what the lender will use to qualify you for a loan, so that you know how much you can afford. The lender will take your monthly income, and what your proposed payment would be with principal, interest, taxes and insurance. This total payment can be no more than 31%. This is simply a guide, so that you aren’t getting overextended, although you may want a lower payment. It’s all about watching your cash flow, and doing what is best for you and your family.
The back-end ratio is what the lender looks at when including your new monthly mortgage payment, and all of your recurring debt every month. So, they look at your new monthly payment, plus your car payment and credit card payments, you can be at no more than 43%. This is important, and gets us back to the basics. With these guidelines in place, we shouldn’t be headed down the same path that we were headed down before. For more information on how you can qualify and to use my FHA calculator, please visit my website at www.fhaloansnow.net.
-Mayer Dallal
Friday, June 4, 2010
My Desire to See You Succeed
My desire to see you succeed in life is nothing short of genuine. I have been in the mortgage and banking industry over 19 years, and every day I see different scenarios, wondering what is next, what is going to change, and could this market get any worse?
The mortgage and banking industry has been failing over the past several years, and it has failed in different ways. The industry began to fail us when we were allowing banks to do loans for those who were low income, but yet they had five homes; one to live in and four to rent. The shame in this is startling because lenders were giving out money to anyone and everyone who wanted a property, and it became like a hobby and was very frightening.
Having real professionals in place will make a world of difference, and it only takes one right professional. In order for me to make headway in our current mortgage and banking industry, I had to figure out what innovative ways were available to assist my clients in more than one area. I wanted to see those who needed to list a short sale have those resources available. I want to help first time homebuyers get into their home and start a family, and I want to see people be able to repair the damage done to their credit and make better choices.
For more information, and to see what I have to offer, please visit my website:
www.fhaloansnow.net
-Mayer Dallal
The mortgage and banking industry has been failing over the past several years, and it has failed in different ways. The industry began to fail us when we were allowing banks to do loans for those who were low income, but yet they had five homes; one to live in and four to rent. The shame in this is startling because lenders were giving out money to anyone and everyone who wanted a property, and it became like a hobby and was very frightening.
Having real professionals in place will make a world of difference, and it only takes one right professional. In order for me to make headway in our current mortgage and banking industry, I had to figure out what innovative ways were available to assist my clients in more than one area. I wanted to see those who needed to list a short sale have those resources available. I want to help first time homebuyers get into their home and start a family, and I want to see people be able to repair the damage done to their credit and make better choices.
For more information, and to see what I have to offer, please visit my website:
www.fhaloansnow.net
-Mayer Dallal
FHA Waiting Period on Short Sales
With short sales having become so prevalent over the past five years, is it any wonder that so many are having to wait before they can do another mortgage loan? Perhaps the numbers are staggering, but FHA waiting periods on short sales are simply put in place to prevent the problems we are having today.
While FHA has no waiting period on short sales of their own accord, Fannie Mae does now require a two year waiting period before they will allow you to do a loan FHA. Keep in mind that standard credit guidelines will apply to anyone who chooses to apply for an FHA loan. So, with that in mind, the payment history on your current mortgage must not show any late payments over the past 12 months. It is critical that you understand these guidelines before getting into the application process, because it involves everyone’s time and can be very frustrating.
For more information on this, you can visit one of my two websites:
www.fhaloansnow.net
www.inlandempireshortsaleresource.com
-Mayer Dallal
While FHA has no waiting period on short sales of their own accord, Fannie Mae does now require a two year waiting period before they will allow you to do a loan FHA. Keep in mind that standard credit guidelines will apply to anyone who chooses to apply for an FHA loan. So, with that in mind, the payment history on your current mortgage must not show any late payments over the past 12 months. It is critical that you understand these guidelines before getting into the application process, because it involves everyone’s time and can be very frustrating.
For more information on this, you can visit one of my two websites:
www.fhaloansnow.net
www.inlandempireshortsaleresource.com
-Mayer Dallal
My Thoughts on FHA Credit and Bankruptcy Guidelines
Over the years, I have been people refinance and buy homes with me, and every family has a different story, but I have seen families refinance to pay off their debt, and then they end up in the same situation they were in before. This is why I have a personal opinion about the FHA bankruptcy and credit guidelines.
FHA bankruptcy and credit guidelines were put into place to help people understand that for poor decisions there would be consequences. Every borrower needs to understand the ramifications of the decisions they made, and how they will affect their future. This isn’t to say that there are people out there that have fallen on hard times, but no matter what the situation is, you can learn from it.
The FHA bankruptcy and credit guidelines set forth waiting periods that state how long a person or family would need to wait to do an FHA loan. Bankruptcy waiting periods are two years with reestablished credit, and a good explanation of why it happened. This is a blessing that they are allowing you to borrow money, and you have to understand why they do it. They are insuring your loan and they back if when the borrower defaults, so they make the rules and we just have to abide by them.
FHA credit guidelines state that on a foreclosure, the waiting period is five years, and that is usually from the date of the sale of the property. With a good explanation this may be shortened, but there are no guarantees.
Guidelines were put in place to aid you in making decisions, and to help you know what you need to do to move forward. Unless you educate yourself on what the guidelines are, you can’t effectively plan for the future. If you fail to plan, you plan to fail.
-Mayer Dallal
FHA bankruptcy and credit guidelines were put into place to help people understand that for poor decisions there would be consequences. Every borrower needs to understand the ramifications of the decisions they made, and how they will affect their future. This isn’t to say that there are people out there that have fallen on hard times, but no matter what the situation is, you can learn from it.
The FHA bankruptcy and credit guidelines set forth waiting periods that state how long a person or family would need to wait to do an FHA loan. Bankruptcy waiting periods are two years with reestablished credit, and a good explanation of why it happened. This is a blessing that they are allowing you to borrow money, and you have to understand why they do it. They are insuring your loan and they back if when the borrower defaults, so they make the rules and we just have to abide by them.
FHA credit guidelines state that on a foreclosure, the waiting period is five years, and that is usually from the date of the sale of the property. With a good explanation this may be shortened, but there are no guarantees.
Guidelines were put in place to aid you in making decisions, and to help you know what you need to do to move forward. Unless you educate yourself on what the guidelines are, you can’t effectively plan for the future. If you fail to plan, you plan to fail.
-Mayer Dallal
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