FHA Down Payment Gets Adjusted
In January, FHA made adjustments to the down payment requirements. This change in the FHA down payment requirements threw some borrowers for a loop, while others weren’t greatly affected by it. Let me explain.
The FHA down payment guidelines, allows home buyers to put as little as 3.5% down, and up to 3% in seller concessions. Prior to the changes the seller was able to contribute up to 6% in seller concessions, so for those who were planning to buy and hadn’t started the process yet, had to back off until they could come up with more money.
Fore more information, you can visit my website at http://www.fhaloansnow.net/. There you can find information on purchasing and refinancing too.
-Mayer Dallal
Showing posts with label fha loan qualification. Show all posts
Showing posts with label fha loan qualification. Show all posts
Thursday, July 22, 2010
Friday, July 2, 2010
Steps to a Quick FHA Loan Process
Getting things done quickly is so important when you are in the process of buying and refinancing a home. You don’t want this to drag on forever, and neither does your mortgage professional. Believe me when I say that there is nothing worse than a loan that never ends. I push for things to get done, and there are days when it seems that I have those families that just don’t get the paper work I need. Having all this up front can give you a quick FHA loan process.
A quick FHA loan process makes for a happy mortgage professional, happy homeowner or buyer, and happy underwriters. Underwriter’s want to get loans approved too, but they have to be absolutely sure that they have everything they need in your file. Keep in mind, that no one gets paid until your loan closes, no matter what, so no one is out to get you. There is a process for everything, and it’s critical that you know and understand this.
In order to put yourself in a position to have a quick FHA loan process, it is best for you to follow my instructions during the loan application process. I can tell you what to prepare for, and what this all means, but I can’t force you to do it. Keep a folder with everything in it, that way you can remain organized and on top of your paperwork. Having everything in line is vital to the entire process, and we aren’t going to ask for things unless we need them.
For more information, you can go to www.fhaloansnow.net, and use our easy online form, and it only takes a few minutes. No matter what state you’re in, I can help you!
A quick FHA loan process makes for a happy mortgage professional, happy homeowner or buyer, and happy underwriters. Underwriter’s want to get loans approved too, but they have to be absolutely sure that they have everything they need in your file. Keep in mind, that no one gets paid until your loan closes, no matter what, so no one is out to get you. There is a process for everything, and it’s critical that you know and understand this.
In order to put yourself in a position to have a quick FHA loan process, it is best for you to follow my instructions during the loan application process. I can tell you what to prepare for, and what this all means, but I can’t force you to do it. Keep a folder with everything in it, that way you can remain organized and on top of your paperwork. Having everything in line is vital to the entire process, and we aren’t going to ask for things unless we need them.
For more information, you can go to www.fhaloansnow.net, and use our easy online form, and it only takes a few minutes. No matter what state you’re in, I can help you!
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