Buying a House? How About a Fixer-Upper?

FHA-203k-home-repair

Are you having a hard time finding a property in your price range?
Have you considered a fixer-upper?

Finance House and Repairs

If you find a house with potential on the lower end of your budget, an FHA 203K rehabilitation loan allows you to finance repairs and the house purchase in one loan.

A bedroom addition, a family room extension, an upgraded kitchen and a bathroom remodel are a few of the options available to you with an FHA 203K rehabilitation loan.

Five Reasons to Consider FHA 203K Loan

  1. Turn an average home into a dream home. Qualifed homebuyers can improve less-than-perfect homes in desirable locations or address property shortcomings immediately without draining savings.
  2. Make the home your own – removing the previous owner’s style. Everyone has different tastes – you don’t have to live with the previous owner’s choices.
  3. Fix things the previous owner may have ignored – windows, roof repairs, etc.
  4. Get more house for the money. REOs and foreclosures are still a large part of the real estate inventory. Buyers can take advantage of reduced home prices.
  5. Rolling rehabilitation costs into the mortgage allows borrowers access to repair funds at lower rates.

FHA 203K Program Eligibility

  1. Down Payment – 3.5% of total amount of purchase plus costs of repairs – gift funds allowed
  2. Seller contributions – seller may contribute 6% of purchase prices toward closing cost and prepaids
  3. Purchase of owner occupied primary residence that have been completed for at least one year.

More Information on FHA 203K Loans

Contact a licensed Inlanta Mortgage loan originator for more information on FHA 203K rehabilitation loans. Use our branch locator to find an office near you – or apply online now.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recipient of a 2012 Top Workplace Award and wasn’t recently named a Top 100 Mortgage Banking Company in America 2012.

Rent or Buy? You May Want to Decide Soon

Rent or Buy

If you are considering a home purchase and don’t have a ton of money for a down payment, now may be the best time to apply. Why now?

Changes to Mortgage Insurance

When buyers, especially first time home buyers, don’t have a lot for a down payment they often opt for an FHA loan. FHA loans are government backed loans that require borrowers to pay mortgage insurance. Mortgage insurance on FHA loans typically drops off once you have enough equity in your home and have a established a good payment history. So what’s the big change? On June 1, 2013 – mortgage insurance will no longer drop off. As of that date, mortgage insurance will be required for the life of the loan.

What does that mean to you? More money out of your pocket.

House Prices on the Rise

Home affordability continues to remain high – but home prices have begun their inevitable rise with high demand and scarce home inventory levels. Home prices rose 9.7 percent in January from a year ago, according to data released today by CoreLogic. This is the biggest annual gain since April 2006.

Why should you care? The obvious answer is that you will pay more for a home. Another reason to care is that once that home is yours – you will appreciate the increasing value of your property in the form of long term wealth accumulation.

Rent or Buy –  Which is Better?

Ultimately, the decision to rent or buy is based upon a number of factors. Maybe you’re ready to be a home owner, maybe your not. However, it never hurts to understand your options. Consult a licensed mortgage loan officer today to discuss your specific home financing needs. Consultations and mortgage loan pre-approvals are free.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

FHA Refinance Loans Available to More Borrowers!

Lower FICO Score Requirement for FHA Refinance

Borrowers with credit scores 620 and above may now be eligible to refinance their homes using an FHA loan.

Do you want to refinance your home using a FHA loan program? Due to new lower credit score requirements, you may now have the opportunity to qualify for an FHA refinance loan despite a few black marks on your credit report.

Lower FICO Score

Borrowers with FICO scores 620 and above may now be able to qualify for an FHA regular or streamline refinance loan. This reduced FICO score may help borrowers who pay their bills on time take advantage of near record low mortgage rates.

Contact a licensed Inlanta Mortgage loan professional for more details regarding FHA refinancing.

In case you missed it, you may be interested in knowing there are important deadlines for FHA borrowers. Check out our recent blog post FHA Borrowers Face Deadline to see why applying for an FHA loan before March 28th is so important.

Why Refi?

The number one reason to refinance is to get a lower mortgage rate. Use our calculator to input a lower interest rate and to estimate how a reduced mortgage rate could lower your monthly payment. Contact a licensed mortgage loan officer near you to discuss your refinancing options.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Lower Credit Score Requirements for FHA Borrowers

Lower FICO Score Requirement for FHA

Borrowers with credit scores 620 and up may now be eligible to finance a home using an FHA loan.

Are you seeking to purchase a home using the FHA loan program? Due to new lower credit score requirements, you may now have the opportunity to qualify for an FHA loan despite a few black marks on your credit report.

Lower FICO Score

Borrowers with FICO scores 620 and above may now be able to qualify for an FHA loan. This reduced FICO score may help borrowers who pay their bills on time but have experienced a credit hiccup or two in their past.

FHA mortgage loans offer lower down payment options than conventional mortgage loans. Contact a licensed Inlanta Mortgage loan professional more details on this loan program.

In case you missed it, you may be interested in knowing there are important deadlines for FHA borrowers. Check out our recent blog post FHA Borrowers Face Deadline to see why applying for an FHA loan before March 28th is so important.

Time to Buy

Fixed mortgage rates continue to hover around record lows helping keep house affordability high as we head into the spring home buying season.  Contact a licensed Inlanta Mortgage loan professional to discuss your unique financing needs. Inlanta Mortgage offers FHA, FHA 203K, USDA, VA and conventional loan programs.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Deadline for FHA Borrowers

FHA Deadlines

Borrowers should be aware of some important FHA deadlines.

Many of us rely on low down payment mortgage options when seeking to become a home owner. FHA mortgages, backed by the Federal Housing Administration, are one low down payment mortgage loan option.

Increasing Monthly Insurance Premiums

While the 3.5% minimum down payment option will continue, monthly payments for borrowers who opt for an FHA mortgage will soon be facing higher monthly payments. Why? The FHA is changing its policies and will increase the monthly insurance premium borrowers pay. To avoid this increase in monthly insurance premiums, borrowers must apply for an FHA mortgage loan no later than March 28th and the lender they apply with must obtain a valid case number by March 29th.

If you are considering a home purchase and think the 3.5% down payment option would be your best option – contact a licensed mortgage loan officer as soon as possible so you are not subject to the premium increase in effect beginning April 1st.

Another FHA Mortgage Insurance Premium Change

Another policy change that may encourage you to begin your loan application sooner (than later) is the FHA’s decision to make mortgage insurance mandatory for either a minimum of 11 years or the life of the mortgage loan based on the Loan-to-Value (LTV) at the time of the loan closing effective for all case numbers assigned on or after June 3rd. Currently, the insurance fee is dropped once the outstanding balance falls to 78 percent of the home’s value or 5 years from the date when the money was borrowed.

We don’t mean to pressure! We just want those in the market for a new home to realize the cost savings that can be realized by getting an application in before March 28th.

Inlanta Mortgage loan officers can answer your specific questions and help you determine if an FHA mortgage loan is right for you.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

 

 

Fixed Mortgage Rates Move Higher Again

Fixed Mortgage Rates Increase for Third Straight Week

Fixed Mortgage Rates Increase for Third Straight Week

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending August 16, 2012, the 30-year fixed-rate mortgage (FRM) averaged 3.62 percent – up from last week when it averaged 3.59 percent. Last year at this time the 30-year FRM averaged 4.15 percent.

15-Year Fixed Rate Mortgages

The 15-year fixed rate mortgages also increased. The 15-year fixed rate  mortgage averaged 2.88 percent for the week – up slightly from 2.84 percent. Last year at this time, the 15-year FRM averaged 3.36 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) decreased to 2.76 percent – dropping slightly from last week when it averaged 2.77 percent.  A year ago, the 5-year ARM averaged 3.08 percent.

1-Year Adjustable Rate Mortgages

The one-year Treasury-indexed ARM averaged 2.69 percent, up from last week when it averaged 2.65 percent. Last year at  this time, the 1-year ARM averaged 2.86 percent.

Don’t miss out! Contact a licensed mortgage loan professional to take advantage of these historically low mortgage rates. Find an Inlanta Mortgage professional near you

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“The latest economic indicators point toward low inflation but gradually stronger economic activity which placed further upward pressure on long-term Treasury yields and, in turn, fixed mortgage rates. For example, inflation remains in check with 12-month growth in the core consumer price index falling for a second month to 2.1 percent in July. At the same time, industrial production rose 0.6 percent in July compared to a 0.1 percent increase in June and retail sales jumped 0.8 percent in July from a 0.7 percent decline in June.” 

Original Source: Freddie Mac Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products,  as well as a full suite of jumbo and portfolio programs. The company is  fully delegated HUD-FHA including FHA 203K, VA, and USDA approved.  Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

 

FHA Loan Requirements

FHA Mortgage Loans

FHA loans have helped millions achieve their goal of home ownership.

What is an FHA loan?

A Federal Housing Administration (FHA) loan is a government insured loan. Since an FHA home loan is insured by the government, FHA-approved lenders like Inlanta Mortgage can often offer you a better deal including:

  • Low down payments
  • Low closing costs
  • Less restrictive credit qualifications

Are you a first time home buyer?

With an FHA home loan, your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. FHA loans are available on 1-4 unit properties.

What are the FHA loan requirements?

FHA insured loans require mortgage insurance premiums (MIP) to protect lenders against losses that result from defaults on home mortgages.

FHA lending limits vary by housing types and state. Contact a licensed Inlanta Mortgage professional to find out the limits that would apply in your area.

The FHA has established debt-to-income ratios that homebuyers must meet before they can qualify for an FHA home loan. An FHA loan applicant’s past credit performance that demonstrates good credit history and a solid track record of timely payments will likely be eligible for the mortgage. Contact a licensed Inlanta Mortgage professional to find out if you are eligible for an FHA loan.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

FHA Revokes Credit Dispute Rule

FHA Revokes Credit Dispute Rule

In April, we posted about the proposed Federal Housing Administration (FHA) rule that would have prevented home buyers from getting FHA backed (insured) mortgages if they had an ongoing credit dispute exceeding $1,000. In that post, we reported that the FHA had elected to delay enforcing the rule until July.

Realtors, mortgage professionals and potential home buyers will be happy to hear that the FHA has now elected to revoke the controversial rule altogether. The rule faced serious objections from housing finance professionals.

“FHA killing off the rule is not a surprise when you take into account the resounding objection from the housing finance community and their concern that this would overly constrain credit,” Edward Mills, senior vice president at FBR Capital Markets, told HousingWire. “This action shows how it can be incredibly difficult to make choices that move towards protecting the insurance fund over keeping mortgage credit available.”

Opponents to the rule felt that it would have the greatest impact on young, first time home buyers who may be looking to take advantage of high home affordability and historically low interest rates.

View the FHA Mortgagee Letter 2012-10 detailing this rule revocation here.

With this hurdle to home ownership no longer a pending obstacle and rates still hovering below 4 percent  – homeowners should consult a mortgage professional to learn more about the loan programs Inlanta Mortgage offers. Afterall, now is the time to buy! Click here to locate a licensed mortgage professional near you.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

FHA Streamline Refinancing More Affordable

 

Save on FHA Streamline Refinancing

Fee reductions for FHA Streamline Refiancing effective today.

 

Streamline refinancing just became more affordable for people with FHA mortgages endorsed prior to May 31, 2009. Effective today, the Federal Housing Administration reduced upfront mortgage insurance payments and reduced monthly insurance premiums.

The new FHA Streamline Refinance annual premium, which is paid monthly by the borrower, is now .55% on a streamline refinance of any loan endorsed on or before May 31, 2009. This is a much lower premium rate than the previous FHA Streamline rate of 1.2% – 1.25%. The upfront mortgage insurance premium (UFMIP) is a one-time fee collected by FHA and added to the loan balance. FHA increased UFMIP to 1.75% on April 1st, but as of today this new FHA Streamline Refinance UFMIP rate is only .01% when the previous loan was endorsed on or before May 31, 2009.  All other streamline refinances will still be subject to the UFMIP rate of 1.75%.

FHA Streamline Refinances are the fastest, simplest way for homeowners with FHA mortgages to refinance. Another defining characteristic of the FHA Streamline Refinance program is that a home appraisal is optional. Instead of a new home appraisal, the FHA will allow you to use the original loan’s appraised value as your home’s current value, regardless of what your home is worth today. This may be quite helpful to homeowners who suffered reductions in home values since 2007.

A licensed mortgage loan officer can help you determine if you meet the requirements to be eligible for the reduced premiums available and if a FHA Streamline Refinance is right for you. Click here to find a mortgage loan professional near you.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

FHA Streamline Refinancing – Fee Reductions on Horizon

FHA Streamline Refinance Mortgage Insurance Fees Going Down

On June 11, 2012, the Federal Housing Administration will provide relief to certain homeowners with existing FHA mortgages that want to refinance using the FHA’s Streamline Refinance program. This relief will come in the form of reduced upfront mortgage insurance payments and reduced monthly insurance premiums.

The new FHA Streamline Refinance annual premium, which is paid monthly by the borrower, will now be .55% on a streamline refinance of any loan endorsed on or before May 31, 2009. This is a much lower premium rate than the current FHA Streamline rate of 1.2% – 1.25%. The upfront mortgage insurance premium (UFMIP) is a one-time fee collected by FHA and added to the loan balance. FHA recently announced an increase of UFMIP to 1.75% starting April 1st, but as of June 11th this new FHA Streamline Refinance UFMIP rate is only .01% when the previous loan was endorsed on or before May 31, 2009.  All other streamline refinances will still be subject to the UFMIP rate of 1.75%.

FHA Streamline Refinances are the fastest, simplest way for homeowners with FHA mortgages to refinance. Another defining characteristic of the FHA Streamline Refinance program is that a home appraisal is optional. Instead of a new home appraisal, the FHA will allow you to use the original loan’s appraised value as your home’s current value, regardless of what your home is worth today. This may be quite helpful to homeowners who suffered reductions in home values since 2007.

A licensed mortgage loan officer can help you determine if you meet the requirements to be eligible for the reduced premiums available and if a FHA Streamline Refinance is right for you. Click here to find a mortgage loan professional near you.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.