FHA Home Loans are quickly becoming the best First Time Home Buyer Home Loan program available. FHA Mortgages offer low Mortgage Rates for home purchase or refinance. First Time Home Buyers can also take advantage of the $8000 First Time Home Buyer Tax Credit currently offered for anyone who hasn't owned a home for the past 3 years. If you currently have an FHA Home Loan, you can take advantage of the fast and easy FHA Streamline Refinance Loan to lower your payment today.

AUGUST 2008

FHA COUNTY LOAN LIMITS LINK

AUGUST, 2008

Where are FHA home loan limits in your county? Did the increase in FHA mortgage limits affect you?

You can find out yourself! Here is a link to the HUD FHA Mortgage Limits website.

Just plug in your state and county, and the online engine will tell you the limit in seconds!

Remember, the limit is the loan limit, not sales price limit, so if your limit is $200,000 for example, and ...

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August 25, 2008 11:00

:: FHA Guidelines :: ::

DID YOU KNOW? YOU CAN BUY MULTI-UNIT PROPERTIES THROUGH FHA

I have had a lot of questions lately about what types of properties a person can buy through FHA.

FHA will allow you to purchase a single-family residence, but also a duplex, triplex, or even a 4-plex! The caveat is that you must purchase the property as your primary residence, so must live in one of the units.

One other nice thing is that you can use the income from the other units ...

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August 25, 2008 10:45

:: FHA Guidelines :: ::

LIVE FHA HELP!

Have questions about FHA financing, the home buying process, or mortgages in general?

Then take advantage of our live chat help! Click on the icon in the upper-right of this blog. If we are not online, we will still receive your message and reply promptly. If we are online, you will be connected one of our experienced loan officer for a live chat session!

Please consider us a resource. We are here to ...

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August 21, 2008 4:56

:: FHA Guidelines :: ::

DOWN PAYMENT ASSISTANCE GONE OCTOBER 1ST

There is much press about the new HR 3221: Hope for Homeowners bill that was passed recently by Congress.

There are positives and negatives about the bill, and one of the negatives if you are a first time homebuyer is that you will no longer be able to take advantage of down payment assistance programs.

Down payment assistance programs have helped literally millions of homeowners buy a home through FHA. FHA requires a ...

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August 18, 2008 10:42

:: FHA Program News :: ::

$7500 FIRST TIME HOMEBUYER TAX CREDIT

One of the best aspects of the new HR 3221 Hope for Homeowners legislation is a $7500 tax credit for first time homebuyers.

This is the opportunity of a lifetime to buy a home and receive a substantial benefit!

The $7500 is a tax credit, not a tax deduction, meaning that if you qualify, you will receive a check for $7500 as part of your income tax filing next spring. The tax credit is actually a zero-interest loan that ...

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August 16, 2008 3:12

:: FHA Program News :: ::

THE HOME LOAN PROCESS

I had an email from a first time homebuyer this morning who is out looking for homes, and is confused about the process. "How does it work- where do we actually close? When do we actually own the house? What is done in-between?"

Your first time buying a home can be confusing and intimidating. After I got this email, I thought this would be a good blog topic for today.

Here is a ...

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August 12, 2008 10:31

:: FHA Pre-Qualification :: ::

FHA MORTGAGE INSURANCE PREMIUMS UPDATE

FHA is following suit with other major mortgage insurers, and has released a tiered mortgage insurance structure. The new structure will entail a higher up front and monthly premium for borrowers with lower credit scores and higher loan-to-value ratios, and a lower up front and monthly rate for borrowers with a larger down payment and higher credit scores.

Here is a summary of the new mortgage insurance rates (up-front premium/ monthly premium rate):

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August 07, 2008 8:05

:: FHA Guidelines :: ::

HR 3221 HOPE FOR HOMEOWNERS

The new HR 3221 Hope for Homeowners bill has been passed by congress and signed off on by the President. Here are some highlights about the new program that will help home owners who are upside-down on their mortgage refinance and erase negative equity:

Lack of capacity to pay existing mortgage: borrowers certify that they have not intentionally defaulted on the eligible mortgage or on any other debt (false statement = fine and/or 5 ...

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August 07, 2008 7:50

:: FHA Program News :: ::

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