FHA Home Mortgage Loan Interest Rates

Geting a Home Loan May be Less Stressful

September 2nd, 2010

Prospective homebuyers and homeowners don’t know what to do, lenders are nervous, and lawmakers must get a bill passed to resolve the situation. The national economy is on the decline

As most of us know firsthand, banks have made lending guidelines tougher which makes it more hard for individuals to qualify for loans. But, financial experts claim that once the bailout plot is completed, it should pave the way to an simpler loan process.

Most loan companies say they are still quite busy but the number of approvals has declined due to the lenders’ guidelines. Most feel the bail out will be beneficial for everybody. Although experts state that lending’s will resemble what it was 10 to 15 years ago. No more of those exotic home loans, a term Alan Greenspan used for No Job or Asset verification loans, the 1 percent pick a payment loan with deferred interest. These were never around 10 to 15 years ago. Washington Mutual who carried many of those just recently went under due to major losses from those terribly performing loans.

Everyone tends to agree the plot is necessary and will help to stabilize the financial sector wit more money flow along with stringent guidelines. No more business as usual from three years ago. The improvement will not be overnight. But, most financial experts feel the housing market and the economy will show improvement in six months.

So, as the money flow increases guidelines may become slightly less stringent but don’t expect any 90 to 100 percent limited documentation loans for a long time. Some helpful tips on how to improve your credit score, which helps your home loan approval chances are:

These items will help you expedite the loan approval process.

Tags: alan greenspan, asset verification loans, bailout plan, documentation loans, fha home loan, financial experts, financial sector, flow increases, Geting, helpful tips, home, home loan approval, home loans, housing market, how to improve your credit score, lawmakers, Less, loan, loan companies, loan process, money flow, national economy, prospective homebuyers, Stressful, stringent guidelines, washington mutual

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AllRegs Academy’s FHA Recent Changes: Products, Guides and Policies

September 1st, 2010

For more information on how to view the full course recording, visit www.AllRegs.com or call (800) 848-4904. This is a preview of AllRegs Academy’s FHA Recent Changes: Products, Guides and Policies recorded audio course, originally presented on October 16, 2009. The original 90-minute audio course recording discusses HUD’s goals and objective the year, what to expect for upcoming trends, and gives an update of FHA’s 2009 fiscal year ending September 30, 2009. This update also includes production volume and significant changes with FHA single family programs.

Tags: Academy's, allregs, Changes, changes products, FHA, FHA Mortgage, fiscal year ending september, Guides, HUD, objective, policies, production volume, products, Recent, single family

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Va Jumbo Loans Home Loan Limits for 2008

September 1st, 2010

VA Loan Limits for 2009

The update VA loan limits have been updated a distributed by the VA. The chart below represents the maximum 100% VA loan limit by county for 2009. All other counties not listed below will remain at the conforming limit of $417,000.

Please keep in mind that it is still possible through VA to get a home loan above and beyond these current limits. But, a 25% down payment is required on the difference. For example, if a qualified veteran borrower buys a house for $600,000 the minimum required down payment would be calculated as such:

1. $600,000 (Buy Price) minus the $417,000 (maximum 100% limit for a normal cost area) = $183,000

2. 25% of $183,000 is $45,750, or just 7.6% of the buy price

3. The applicable VA funding fee over the $417,000 limit would need to either be paid by the veteran borrower or seller.

VA Loan Limits for 2009 – for 100% financing

STATE

COUNTY

2009 VA LIMIT

Alaska

ALEUTIANS EAST

$ 625,500.00

Alaska

ALEUTIANS WEST

$ 625,500.00

Alaska

ANCHORAGE

$ 625,500.00

Alaska

BETHEL

$ 625,500.00

Alaska

BRISTOL BAY

$ 625,500.00

Alaska

DENALI

$ 625,500.00

Alaska

DILLINGHAM

$ 625,500.00

Alaska

FAIRBANKS NORTH

$ 625,500.00

Alaska

HAINES

$ 625,500.00

Alaska

JUNEAU

$ 625,500.00

Alaska

KENAI PENINSULA

$ 625,500.00

Alaska

KETCHIKAN GATEWAY

$ 625,500.00

Alaska

KODIAK ISLAND

$ 625,500.00

Alaska

LAKE AND PENINSULA

$ 625,500.00

Alaska

MATANUSKA-SUSITNA

$ 625,500.00

Alaska

NOME

$ 625,500.00

Alaska

NORTH SLOPE

$ 625,500.00

Alaska

NORTHWEST ARCTIC

$ 625,500.00

Alaska

PRINCE OF WALES

$ 625,500.00

Alaska

SITKA

$ 625,500.00

Alaska

SKAGWAY-HOONAH-ANGOO

$ 625,500.00

Alaska

SOUTHEAST FAIRBANKS

$ 625,500.00

Alaska

VALDEZ-CORDOVA

$ 625,500.00

Alaska

WADE HAMPTON

$ 625,500.00

Alaska

WRANGELL-PETERS

$ 625,500.00

Alaska

YAKUTAT CITY

$ 625,500.00

Alaska

YUKON-KOYUKUK

$ 625,500.00

California

ALAMEDA

$1,094,625.00

California

ALPINE

$ 503,750.00

California

CONTRA COSTA

$1,094,625.00

California

EL DORADO

$ 516,250.00

California

LOS ANGELES

$ 737,500.00

California

MARIN

$1,094,625.00

California

MONO

$ 575,000.00

California

MONTEREY

$ 525,000.00

California

NAPA

$ 643,750.00

California

NEVADA

$ 518,750.00

California

ORANGE

$ 737,500.00

California

PLACER

$ 516,250.00

California

SACRAMENTO

$ 516,250.00

California

SAN BENITO

$ 937,500.00

California

SAN DIEGO

$ 593,750.00

California

SAN FRANCISCO

$1,094,625.00

California

SAN LUIS OBISPO

$ 610,000.00

California

SAN MATEO

$1,094,625.00

California

SANTA BARBARA

$ 656,250.00

California

SANTA CLARA

$ 937,500.00

California

SANTA CRUZ

$ 805,000.00

California

SOLANO

$ 435,000.00

California

SONOMA

$ 566,250.00

California

VENTURA

$ 650,000.00

California

YOLO

$ 516,250.00

Colorado

BOULDER

$ 437,500.00

Colorado

EAGLE

$ 887,500.00

Colorado

GARFIELD

$ 450,000.00

Colorado

HINSDALE

$ 460,000.00

Colorado

LAKE

$ 887,500.00

Colorado

OURAY

$ 456,250.00

Colorado

PITKIN

$1,094,625.00

Colorado

ROUTT

$ 690,000.00

Colorado

SAN MIGUEL

$ 962,500.00

Colorado

SUMMIT

$ 785,000.00

Connecticut

FAIRFIELD

$ 556,250.00

District of Columbia

DISTRICT OF COLUMBIA

$ 812,500.00

Florida

COLLIER

$ 487,500.00

Florida

MONROE

$ 575,000.00

Georgia

GREENE

$ 560,000.00

Guam

GUAM

$ 625,500.00

Hawaii

HAWAII

$ 625,500.00

Hawaii

HONOLULU

$ 783,750.00

Hawaii

KALAWAO

$ 656,250.00

Hawaii

KAUAI

$ 775,000.00

Hawaii

MAUI

$ 681,250.00

Idaho

BLAINE

$ 497,500.00

Idaho

TETON

$1,000,000.00

Massachusetts

BARNSTABLE

$ 441,250.00

Massachusetts

BRISTOL

$ 463,750.00

Massachusetts

DUKES

$ 736,250.00

Massachusetts

ESSEX

$ 506,250.00

Massachusetts

MIDDLESEX

$ 506,250.00

Massachusetts

NANTUCKET

$1,094,625.00

Massachusetts

NORFOLK

$ 506,250.00

Massachusetts

PLYMOUTH

$ 506,250.00

Massachusetts

SUFFOLK

$ 506,250.00

Maryland

ANNE ARUNDEL

$ 537,500.00

Maryland

BALTIMORE

$ 537,500.00

Maryland

BALTIMORE CITY

$ 537,500.00

Maryland

CALVERT

$ 812,500.00

Maryland

CARROLL

$ 537,500.00

Maryland

CHARLES

$ 812,500.00

Maryland

FREDERICK

$ 812,500.00

Maryland

HARFORD

$ 537,500.00

Maryland

HOWARD

$ 537,500.00

Maryland

MONTGOMERY

$ 812,500.00

Maryland

PRINCE GEORGE’S

$ 812,500.00

Maryland

QUEEN ANNE’S

$ 537,500.00

MP

NORTHERN ISLAND

$ 570,000.00

MP

ROTA

$ 446,250.00

MP

SAIPAN

$ 575,000.00

MP

TINIAN

$ 578,750.00

North Carolina

CAMDEN

$ 812,500.00

North Carolina

CURRITUCK

$ 498,750.00

North Carolina

DARE

$ 425,000.00

North Carolina

HYDE

$ 525,000.00

North Carolina

PASQUOTANK

$ 812,500.00

North Carolina

PERQUIMANS

$ 812,500.00

New Hampshire

ROCKINGHAM

$ 506,250.00

New Hampshire

STRAFFORD

$ 506,250.00

New Jersey

BERGEN

$ 747,500.00

New Jersey

CAPE MAY

$ 450,000.00

New Jersey

ESSEX

$ 747,500.00

New Jersey

HUDSON

$ 747,500.00

New Jersey

HUNTERDON

$ 747,500.00

New Jersey

MIDDLESEX

$ 747,500.00

New Jersey

MONMOUTH

$ 747,500.00

New Jersey

MORRIS

$ 747,500.00

New Jersey

OCEAN

$ 747,500.00

New Jersey

PASSAIC

$ 747,500.00

New Jersey

SOMERSET

$ 747,500.00

New Jersey

SUSSEX

$ 747,500.00

New Jersey

UNION

$ 747,500.00

New York

BRONX

$ 747,500.00

New York

KINGS

$ 747,500.00

New York

NASSAU

$ 747,500.00

New York

NEW YORK

$ 747,500.00

New York

PUTNAM

$ 747,500.00

New York

QUEENS

$ 747,500.00

New York

RICHMOND

$ 747,500.00

New York

ROCKLAND

$ 747,500.00

New York

SUFFOLK

$ 747,500.00

New York

WESTCHESTER

$ 747,500.00

Pennsylvania

PIKE

$ 747,500.00

Rhode Island

BRISTOL

$ 463,750.00

Rhode Island

KENT

$ 463,750.00

Rhode Island

NEWPORT

$ 463,750.00

Rhode Island

PROVIDENCE

$ 463,750.00

Rhode Island

WASHINGTON

$ 463,750.00

Tennessee

CANNON

$ 427,500.00

Tennessee

CHEATHAM

$ 427,500.00

Tennessee

DAVIDSON

$ 427,500.00

Tennessee

DICKSON

$ 427,500.00

Tennessee

HICKMAN

$ 427,500.00

Tennessee

MACON

$ 427,500.00

Tennessee

ROBERTSON

$ 427,500.00

Tennessee

RUTHERFORD

$ 427,500.00

Tennessee

SMITH

$ 427,500.00

Tennessee

SUMNER

$ 427,500.00

Tennessee

TROUSDALE

$ 427,500.00

Tennessee

WILLIAMSON

$ 427,500.00

Tennessee

WILSON

$ 427,500.00

Utah

DAVIS

$ 423,750.00

Utah

MORGAN

$ 423,750.00

Utah

SALT LAKE

$ 652,500.00

Utah

SUMMIT

$ 652,500.00

Utah

TOOELE

$ 652,500.00

Utah

WEBER

$ 423,750.00

Virginia

ALBEMARLE

$ 475,000.00

Virginia

ALEXANDRIA

$ 812,500.00

Virginia

AMELIA

$ 582,500.00

Virginia

ARLINGTON

$ 812,500.00

Virginia

CAROLINE

$ 582,500.00

Virginia

CHARLES CITY

$ 582,500.00

Virginia

CHARLOTTESVILLE

$ 475,000.00

Virginia

CHESAPEAKE

$ 498,750.00

Virginia

CHESTERFIELD

$ 582,500.00

Virginia

CLARKE

$ 812,500.00

Virginia

COLONIAL HEIGHT

$ 582,500.00

Virginia

CUMBERLAND

$ 582,500.00

Virginia

DINWIDDIE

$ 582,500.00

Virginia

FAIRFAX

$ 812,500.00

Virginia

FAIRFAX IND

$ 812,500.00

Virginia

FALLS CHURCH

$ 812,500.00

Virginia

FAUQUIER

$ 812,500.00

Virginia

FLUVANNA

$ 475,000.00

Virginia

FREDERICKSBURG

$ 812,500.00

Virginia

GLOUCESTER

$ 498,750.00

Virginia

GOOCHLAND

$ 582,500.00

Virginia

GREENE

$ 475,000.00

Virginia

HAMPTON

$ 498,750.00

Virginia

HANOVER

$ 582,500.00

Virginia

HENRICO

$ 582,500.00

Virginia

HOPEWELL

$ 582,500.00

Virginia

ISLE OF WIGHT

$ 498,750.00

Virginia

JAMES CITY

$ 498,750.00

Virginia

KING AND QUEEN

$ 582,500.00

Virginia

KING WILLIAM

$ 582,500.00

Virginia

LANCASTER

$ 481,250.00

Virginia

LOUDOUN

$ 812,500.00

Virginia

LOUISA

$ 582,500.00

Virginia

MANASSAS

$ 812,500.00

Virginia

MANASSAS PARK

$ 812,500.00

Virginia

MATHEWS

$ 498,750.00

Virginia

NELSON

$ 475,000.00

Virginia

NEW KENT

$ 582,500.00

Virginia

NEWPORT NEWS

$ 498,750.00

Virginia

NORFOLK

$ 498,750.00

Virginia

PETERSBURG

$ 582,500.00

Virginia

POQUOSON

$ 498,750.00

Virginia

PORTSMOUTH

$ 498,750.00

Virginia

POWHATAN

$ 582,500.00

Virginia

PRINCE GEORGE

$ 582,500.00

Virginia

PRINCE WILLIAM

$ 812,500.00

Virginia

RICHMOND IND

$ 582,500.00

Virginia

SPOTSYLVANIA

$ 812,500.00

Virginia

STAFFORD

$ 812,500.00

Virginia

SUFFOLK

$ 498,750.00

Virginia

SURRY

$ 498,750.00

Virginia

SUSSEX

$ 582,500.00

Virginia

VIRGINIA BEACH

$ 498,750.00

Virginia

WARREN

$ 812,500.00

Virginia

WILLIAMSBURG

$ 498,750.00

Virginia

YORK

$ 498,750.00

VI

ST. CROIX

$ 625,500.00

VI

ST. JOHN

$ 677,500.00

VI

ST. THOMAS

$ 625,500.00

Washington

KING

$ 550,000.00

Washington

PIERCE

$ 550,000.00

Washington

SAN JUAN

$ 525,000.00

Washington

SNOHOMISH

$ 550,000.00

West Virginia

JEFFERSON

$ 812,500.00

Wyoming

TETON

$1,000,000.00

What are the benefits of a VA Jumbo loan?

1. No punitive interest rate increase under VA Jumbo loans. Unlike conventional and FHA jumbo loans that can carry up to a full 1% increase or more; this can save you thousands of dollars.

2. No monthly mortgage insurance premiums (PMI) which are required on most mortgages without a 20% down payment which will save you hundreds of dollars per year.

3. Small to no down payment required, so you can keep more money in the bank.

4. VA Jumbo loans do not require perfect credit.

Tags: 2008, alaska anchorage, alaska fairbanks, alaska juneau, alaska kenai peninsula, alaska lake, alaska north slope, alaska northwest, alaska southeast, aleutians west, bristol bay, fairbanks north, fha home loan, home, hoonah, jumbo, kodiak island, limits, loan, loan limit, loans, matanuska susitna, prince of wales, southeast fairbanks, va loan limits, wade hampton, yakutat

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Refinancing Your Home With an FHA Mortgage

August 31st, 2010

In today’s loan market, many homeowners are seriously considering refinancing their existing home mortgage. With interest rates hovering at record lows, one of the most attractive programs in existence are those offered by the FHA or Federal Housing Authority. The combination of low rate and FHA programs make refinancing a mortgage nearly a no brainer.

Because the qualification requirements are more stringent for FHA loans than conventional ones, it is a excellent thought to become familiar with the basic components and qualification requirements needed to participate in the FHA loan program.

Debt to Income Ratio

First, you must calculate the percentage of income that currently goes towards your home mortgage costs. This would include the mortgage principal, interest, taxes and insurance for the home. Currently, FHA requires that these costs be less than 31% of your total income. Other debt, such as credit cards and car loans will also play a factor in qualifying for the program. Your total debt to income ratio must be at or below 43% of your total income to qualify. Obviously, the less debt you carry, the better your chances.

Credit History

As is the case with other mortgage loan programs, the FHA will place considerable importance on your past credit history. Although the FHA currently does not require an exact score to qualify, the higher your FICO score the better.

A score of 580 or better is a excellent range to be in. A lower score can be justified in writing if there are reasons or circumstances in the past that are beyond the scope of the prospective borrowers control. FHA will still deem you credit-worthy As long as past issues have been taken care of and the borrower is current on any outstanding debts.

Bankruptcy Issues

For borrowers who have gone through a past bankruptcy, eligibility for a loan may still be possible. Generally, if a personal bankruptcy is more than 24 months ancient, there is a excellent chance you will still be eligible to apply with FHA. For Chapter 13 bankruptcy, the FHA will check to insure all payments have been made on time for at least 12 months.

The Importance of Equity

The amount of equity in your home will directly affect your ability to secure an FHA refinance loan. In the current housing market, many homes are “under water”. This simply means that the house will appraise for less than the current mortgage on the property.

If your home contains negative equity, don’t plot on getting a new mortgage from any lender, including FHA unless your current lender agrees to “write off” the negative equity part of the current loan. With some equity, FHA will allow you to refinance up to 98% of the appraised value. For those that have considerable equity in the home, FHA will also allow for pulling cash out from the property as long as it is a primary residence and the loan does not exceed 85% of the appraised value.

The FHA loan program has given millions of people attractive solutions for refinancing their home mortgages. Contact your local mortgage broker for up to date information on this exciting governmental refinancing program.

Tags: attractive programs, bankruptcy issues, better your chances, chapter 13 bankruptcy, debt to income ratio, debts bankruptcy, federal housing authority, fha loan, FHA Loans, FHA Mortgage, fha programs, FICO score, home, loan market, mortgage, mortgage costs, mortgage loan programs, personal bankruptcy, principal interest, prospective borrowers, qualification requirements, record lows, refinancing, refinancing a mortgage

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Home Loans After Bankruptcy

August 31st, 2010

Home loans and bankruptcy are two terms that generally don’t fit well together. There is a lot of misinformation out there about bankruptcy and the ability to finance a home after you have been through this process so many people assume that once they have been through this process that they will never experience home ownership. The thing that you should know is that even if you have been through bankruptcy the hope of owning a home is not lost, you may just have to wait for a while to get the keys to your new home.

Applying for Home Loans after Bankruptcy

You could start applying for home loans any time after your bankruptcy but you are not going to be considered for any loans until at least two years after you have filed bankruptcy and your debts have been discharged. Most lenders will not even look at your application until at least four years after your debts have been discharged through bankruptcy. Many people are in a rush after they have been through this process to get back on their feet and they make buying a home a top priority but you should slow down a bit. The first chance you will have to apply for a loan after bankruptcy will be with an FHA loan and this will be two years afterward and a conventional loan will be at least four years.

You shouldn’t concentrate on home loans after you file for bankruptcy. Sure, home ownership can be a goal but what you should be concentrating on is getting your finances and your credit score in order. You should pay off any remaining debts that you have and start building excellent credit again. You can do this by spending the two to four years getting a credit card or two and using them regularly and paying them off as you go. If you are able to maintain a excellent standing with creditors it will prove to other creditors down the line that you are worthy of their financial help.

It can be hard to focus on other things when you really want to own a home but you will be well advised to spend the two to four years just getting your credit back together and starting over. When you concentrate on keeping your credit as perfect as possible you will really find that overcoming the bankruptcy later will be much simpler. It’s hard to focus on other things, but the effort that you will place into using credit wisely will pay off later when you are able to apply for home loans and really qualify for the financial help from the lenders.

Many lenders are waiting to help people come back from the bottom, and the bankruptcy is certainly one of the worst places to be where your credit and finances are concerned. Many lenders like to give people second chances and if you take the time that you have to wait to apply for the loans and build your credit back up you will give them the opportunity that they have been waiting for and they will extend you the credit that you need to buy a home. You could be one of the few people out there who are able to bounce back from a bankruptcy and really be better off than before!

Tags: after, bankruptcy, buying a home, conventional loan, credit card, credit score, creditors, debts, fha home loan, fha loan, financial help, first chance, getting your finances, home, home loans after bankruptcy, home ownership, hurry, lenders, loans, loans after bankruptcy, misinformation, owning a home, top priority

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FHA Home Mortgage Loan Interest Rates

Geting a Home Loan May be Less Stressful

AllRegs Academy’s FHA Recent Changes: Products, Guides and Policies

Va Jumbo Loans Home Loan Limits for 2008

Refinancing Your Home With an FHA Mortgage

Home Loans After Bankruptcy

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