FHA Loan benefits and things you should know
We recently spoke to one of our preferred local lenders, Treg Adams, and asked him about FHA loans. He gave us some general information that may answer some questions you have.
First you should know that FHA is currently the best loan product available in today’s market. They have recently readjusted loan limits that will expire December 21,2008. The current FHA loan limit in Sussex county Delaware is currently $375,000 and approved borrowers can get a loan with as little as 3% down.
Some other highlites of an FHA loan are:
- FHA allows for higher than average debt to income ratios and loan to values as well as below 600 credit scores
- There is No reduction in LTV for properties in declining areas such as Fannie and Freddie
- FHA offers a 95% LTV for cash out refinances as long as the occupants have occupied and made all house payment on time for the last 12 months
- FHA allows for alternative forms of credit – such as car insurance, cable bills, electric bills, etc
- Every company that originates an FHA mortgage must be an FHA approved company
- FHA is a full doc loan
We know the world of financing can be very confusing if you don’t know all the terminology and such. That is why we recommend you always talk with a lending professional if you have any questions or concerns. If you need help finding the right lender for you, contact the Dream Team and we can point you in the right direction. The gentleman that provided this information is a good start.
Treg Adams works with First Horizon Home Loans and has over 11 years of banking experience. Treg’s philosophy is to listen to the customer’s needs, and respond to those needs efficiently and effectively.
If you would like to contact Treg with questions or to start the loan process here’s how you can do it.
- Email - Tregadams@fhhlc.com
- Cell - (302) 858-1332
- Toll Free - (800) 238-6662 - extension: 31
This is useful information. Thanks for the post.
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Today’s Most Popular Fha Loans
What is fha loans with bad credit ?
Fha loans are the most popular consumer mortgage loans you can possibly have today.
Also fha bad credit loans are done by the government, basically the government have created these loans years ago and it was actually very popular.
Fha bad credit loans also called fha hud loans have their fha guidelines and fha requirement.
So for you to get a consumer mortgage and an fha approval you need to know the guidelines.
1.Fha fees- fha fees are not so much different than any other conventional mortgage loans you had in the past.
The problem is that some of us that apply to have a consumer mortgage are being charged high points in conventional mortgage loans.
If you will read the fha guidelines you will understand that with fha lending it’s a much safer way to go because there are some restriction with the fha fees.
2.Fha appraisal- fha appraisal is also not so different from a normal appraisal you will have to get done in a conventional mortgage.
But here the appraiser that will appraise your home will have to be fha approved to get you an fha appraisal done.
3.Fha conventional- fha conventional is not a normal term but some people are using this term for some reason.
Fha conventional is not related to one another, fha is fha and conventional is conventional.
4.Fha lenders- there are not a lot of fha lenders and fha brokers.
A lot of people think that every mortgage broker can help them with their fha Home mortgage, no.
Only a few Mortgage brokers out there are really fha approved, so before you make a decision about the next mortgage broker you will use make sure they’re approved.
5.Fha loan limits- the fha loan limits have changed recently. Until march of 2008 the fha limits were up to $417,000, because of states like California, New york and Florida the fha loan limits have changed to $729,000.
The new loan limits will help many homeowners to refinance their homes and avoid foreclosure.
6.Fha pmi- fha pmi is the mortgage insurance you required to pay.
Please read the fha requirements, in conventional loans you will pay pmi only if your loan is more than 80% ltv.
Since fha programs don’t offer a second loan on your mortgage they will make you pay pmi instead, which is good because paying pmi is much better then a second loan.
7.Fha rates- fha rates are much better then conventional interest rates.
Conventional banks have a higher interest rates because they charge to the index of your loan a margin. Fha interest rates have no margin since the fha program is done by the government.
Fha rates are lower then conventional rate loans.
So again learn the fha guidelines and the fha requirements.
↓ Quote | Posted August 8, 2008, 12:27 pmnow you will know the fha loan limits.
1. you will probably have to pay fha pmi.
3. The fha rates shouldn’t be higher then conventional rate loans.
Now go find fha lenders or an fha broker, get your refinance or mortgage done and save your home.
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