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LoanDanny Staff
What Are Lender Credits and How Can I Use Them to Lower My Closing Costs?
A lender credit is money offered by a mortgage lender to help borrowers cover closing costs. Sometimes the lender
credit is enough to cover all of the lender's closing costs. Any leftover credit may be used for non-lender closing costs like
prepaid taxes and homeowner's insurance, but cannot be used as part of a down-payment.
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LoanDanny Staff
LoanDanny Staff
A Consumer Financial Protection Bureau report reveals that cash-out refinance mortgage borrowers experienced an initial sharp improvement in credit scores
LoanDanny Staff
A HELOC, also known as a "home equity line of credit", is an "open-end" line of credit that allows you to borrow repeatedly against your home equity. It lets you borrow a percentage of the appraised value of your home, minus the amount you owe on your mortgage.
LoanDanny Staff
Should you refinance your mortgage if rates drop? When you refinance into a mortgage with a lower interest rate, it usually results in a lower minimum monthly payment. However, if you are refinancing into a new 30-year mortgage, you're paying interest for longer.
LoanDanny Staff
Unlike traditional loans such as FHA and conventional mortgages, a No income no ratio mortgage focuses mostly on your assets, credit score, and loan-to-value (LTV) to qualify.
LoanDanny Staff
While the name "FHA 203(b)" sounds complicated, it ironically stands for something called a Basic Home Mortgage Loan. The "203(b)" is just legal talk that describes what federal law it falls under.
LoanDanny Staff
The great news about the FHA 203(b) Basic Home Mortgage is that you can put down as little as 3.5 percent if your credit score is above 580! For example, a $100K house would require a $3,500 down payment.
LoanDanny Staff
FHA 203(b) maximum loan limits vary by county and location in the U.S. In this article we feature 3 big metropolitan areas: Los Angeles, Washington DC, and Miami. Find out what's the max FHA mortgage loan possible in these pricy areas.
LoanDanny Staff
Am I eligible for the FHA 203(b) Basic Home Mortgage Loan program? What are the requirements and how can I make sure that I qualify? Do I have to be a first-time homebuyer to take advantage of the FHA program? What if I have a bankruptcy on my record?
LoanDanny Staff
If you have an open collection account that you're still making payments to, it is still possible to be approved for an FHA loan. FHA does not require that the collection account be paid off. However, FHA does require that the lender analyze your collection accounts in detail to make sure you have the ability to repay the mortgage.
LoanDanny Staff
Do I need to get "PMI" mortgage insurance if I get an FHA loan? Yes, and no. PMI is short for "Private Mortgage Insurance" and doesn't apply to FHA loans. Instead, with an FHA mortgage loan, you will need to get FHA mortgage insurance. You'll pay an FHA mortgage insurance premium up front at the time of closing. Then, you'll pay a premium each and every year afterwards.
LoanDanny Staff
Are FHA 203(b) loans and 203(k) loans the same thing? What's the difference and why are they named so similarly? People often get these two HUD sponsored FHA loan programs confused because there's literally a 1-character difference in the name (a "b" versus "k"). But in reality, they are very different types of programs.
More blog articles
- HomeReady First Mortgage - a down payment assistance mortgage program
- Do I qualify for a U.S. government-backed mortgage?
- Low Income Loan Programs: HomeReady and HomePossible
- Bank Statement Loan
- P&L Loan (Profit and Loss Loan)
- DSCR Loan
- No Income No Ratio Loan
- What is a "HELOAN"? (aka Home Equity Loan)
Learn about FHA mortgage loans.
What is an FHA loan? Is the FHA part of the government? What qualifications do I need to get approved for an FHA loan? Are FHA mortgages a good fit for first-time home buyers? Are the closing costs high?
Learn about FHA Loans