Many first time home buyer's ask "What is an FHA Loan?" without ever getting a clear concise answer, we'll give that to you
here -
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Part of the stimulus package of
2009 includes the homebuyer tax credit. This credit is intended to help buyers
with a credit to be applied on -
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In numerous housing markets
across the nation, the increase in housing prices doesn't match the areas
average household -
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The Foreclosure process is
different in all 50 states. If you are having a hard time making your -
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With a long list of charges at
settlement, it's important to know what to expect. The Real Estate Settlement
Procedures Act (RESPA) requires your -
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FHA Disaster Program
Section 203(h)
Section 203(h) provides FHA insurance to qualified disaster victims
who have lost their homes and are in the process of rebuilding or buying
another. Individuals are eligible for this program if their homes are
located in an area that was designated by the President as a disaster
area and if their homes were destroyed or damaged to such an extent that
reconstruction or replacement is necessary.
Section 203(h) features:
- The borrower is eligible for 100 percent financing as no down
payment is required. Closing cost
expenses must be paid by the borrower
in the way of cash, premium pricing through the lender (a higher
interest rate equals bigger profits for the lender, allowing them to pay
all or part of your closing cost) or seller concessions up to 6 percent.
- May only be used for the purchase or reconstruction of a one-family
home that will be the principal residence of the homeowner.
- Many closing costs can be financed into your FHA mortgage loan.
With most conventional mortgages, the borrower must pay, at the time of
closing, costs equivalent to 2-3 percent of the price of the mortgage
loan. By allowing the borrower to finance many of these charges, the
borrowers upfront costs are reduced significantly when buying a home.
- FHA rules put limits on some of the fees charged by your lenders.
For example, the mortgage origination fee charged by the lender may not
exceed 1% of the amount of the mortgage and the
tax service fee
is not allowed.