House Hunting and Higher FHA Loans In 2019
January 6, 2019
Are you house hunting in the new year and hoping to take advantage of the higher FHA home loan limits in 2019? Whether you are a single career-minded homebuyer or a new family looking to purchase a starter home, 2019 may be a very good year to apply for a home loan thanks to higher FHA loan limits in most counties nationwide.
What should you consider in the new year when searching for a new home?
FHA Home Loans Can Help You Build a House From the Ground Up
The FHA One-Time Close mortgage loan is a construction loan that offers a single loan application and closing date so you can have a house built to suit. Construction loans that are NOT One-Time Close type mortgages (also known as Construction-to-Permanent Mortgages) may require the borrower to apply for TWO loans, get TWO credit checks, and have two closing dates.
Naturally, a borrower will be concerned that the second loan application, credit check, and loan approval process will go smoothly-it doesn’t pay to get approved for one loan only to encounter complications with the second one.
The FHA One-Time Close construction loan does away with the second application and approval process. If you do not want to search for an existing construction home, the FHA One-Time Close option is worth discussing with a loan officer.
FHA Home Loans Can Be Used to Purchase Fixer-Upper Properties
Using an FHA Rehabilitation loan, you can buy and improve a home you intend to live in as your full-time residence. These loans, like all other FHA Single-Family Mortgage loans discussed here, have an occupancy requirement and are intended for owner-occupiers.
FHA Loans Can Be Purchased Using Qualifying Income From a Variety of Source
If you are a single parent receiving alimony or child support, if you are a seasonal worker with an employment record that shows your seasonal work is reliable and likely to continue, if you are a self-employed person or someone who works on commission, FHA home loans are for you.
Your income must meet FHA and lender minimum requirements, and it helps greatly to have a debt-to-income ratio that is low on debt and higher on income. But these employment categories are not an automatic liability for an FHA loan applicant.
Talk to a participating FHA lender about how an FHA mortgage loan can help you get into your first home, a larger home, a condo unit, and more.
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RELATED VIDEOS:
Annual Income Requirements for FHA Loans
Good Credit History Helps Get FHA Loans
Stay Informed About Your Mortgage Closing Costs
What should you consider in the new year when searching for a new home?
FHA Home Loans Can Help You Build a House From the Ground Up
The FHA One-Time Close mortgage loan is a construction loan that offers a single loan application and closing date so you can have a house built to suit. Construction loans that are NOT One-Time Close type mortgages (also known as Construction-to-Permanent Mortgages) may require the borrower to apply for TWO loans, get TWO credit checks, and have two closing dates.
Naturally, a borrower will be concerned that the second loan application, credit check, and loan approval process will go smoothly-it doesn’t pay to get approved for one loan only to encounter complications with the second one.
The FHA One-Time Close construction loan does away with the second application and approval process. If you do not want to search for an existing construction home, the FHA One-Time Close option is worth discussing with a loan officer.
FHA Home Loans Can Be Used to Purchase Fixer-Upper Properties
Using an FHA Rehabilitation loan, you can buy and improve a home you intend to live in as your full-time residence. These loans, like all other FHA Single-Family Mortgage loans discussed here, have an occupancy requirement and are intended for owner-occupiers.
FHA Loans Can Be Purchased Using Qualifying Income From a Variety of Source
If you are a single parent receiving alimony or child support, if you are a seasonal worker with an employment record that shows your seasonal work is reliable and likely to continue, if you are a self-employed person or someone who works on commission, FHA home loans are for you.
Your income must meet FHA and lender minimum requirements, and it helps greatly to have a debt-to-income ratio that is low on debt and higher on income. But these employment categories are not an automatic liability for an FHA loan applicant.
Talk to a participating FHA lender about how an FHA mortgage loan can help you get into your first home, a larger home, a condo unit, and more.
------------------------------
RELATED VIDEOS:
Annual Income Requirements for FHA Loans
Good Credit History Helps Get FHA Loans
Stay Informed About Your Mortgage Closing Costs
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