Potential Extra Charges to Consider When Buying an Indiana Home
If you are buying a home in Indiana for the first time, you are probably full of excitement! There are a lot of things that can be exciting about this time. You get to think about the style home that you want and all the ways that you will be able to put your personal touches on it. However, there are things that can stress people out when they are looking for a new home. One of the main things that stress out a new home owner is the extra costs that they will have to incur on top of their mortgage rate. This article will discuss what some of these fees can be. By knowing what to expect you can feel a little better by being prepared when you purchase your Indiana home. Click here to see if you qualify for an Indiana mortgage. Home Inspection Maybe...
Read MoreGreat News Indiana! FHA Lowers Mortgage Insurance Premiums For Some Refinancing!
Great News Indiana! FHA Lowers Mortgage Insurance Premiums For Some Refinancing! The Federal Housing Administration will lower mortgage insurance premiums for borrowers who refinance their loans as part of President Barack Obama’s plan to improve the housing market. The FHA will reduce up-front premiums to 0.01 percent of total loan amount from 1 percent under the plan announced by Obama. Annual fees will be cut to 0.55 percent from 1.15 percent for borrowers with FHA loans made before June 1, 2009, according to a fact sheet distributed by the Obama administration. ”I’m not one of those people who thinks we should just sit by and wait for the housing market to hit bottom,” Obama said at a recent news conference. “There are...
Read MoreFHA To Raise Mortgage Insurance Premiums On April 1,2012
Because of the continuing decline of the FHA insurance fund, not to mention projected futher losses; the Federal Housing Administration has decided to increase their monthly fee as well has the upfront mortgage insurance premiums. FHA will, once again, raise its mortgage insurance premiums April 1, 2012. All FHA mortgage applicants; first time buyers and repeat buyers will incur the higher upfront and monthly fees. Click here to see if you qualify for an FHA mortgage loan It has recently been announced by President Obama that the FHA Streamline is not going away, as previously rumored. The FHA Streamline is a program that lets borrowers who pay their mortgage on time to take advantage of lower interest rates without having go through the qualification...
Read MoreIndiana Mortgage Relief: Obama Announces Help for Homeowners
Indiana Mortgage Relief: Obama Announces Help for Homeowners WASHINGTON — President Barack Obama is aiming mortgage relief at members of the military as well as homeowners with government-insured loans, the administration’s latest efforts to address a persistent housing crisis. On the heels of economic crisis, any Indiana mortgage relief is a welcome sight! In his first full news conference of the year Tuesday, Obama announced plans to let borrowers with mortgages insured by the Federal Housing Administration refinance at lower rates. That could save the average homeowner more than $1,000 a year. Under the housing plans Obama announced Tuesday, FHA-insured borrowers would be able to refinance their loans at half the fee that the FHA...
Read MoreCan I Get Appliances With A 203K Mortgage?
The purchase of a house that needs repair is often a catch-22 situation, because the bank won’t lend the money to buy the house until the repairs are complete, and the repairs can’t be done until the house has been purchased. As covered in previous articles, the streamlined loan covers light repairs. Unlike the 203(k) loans, the streamlined version does not require homeowners to hire licensed architects, contractors or engineers. The streamlined 203(k) loan involves significantly less paperwork than the non-streamlined version. The loans are not limited to a specific housing type or geographic area. Projects covered by a streamlined 203(k) include: • Roofs and gutters • Heating, venting and air conditioning • Plumbing and electrical • Minor...
Read More203K Loan Requirements
An FHA 203k loan can be an excellent option for anyone looking to purchase and rehabilitate an older house, or for those looking to refinance and/or remodel their existing home. Before embarking on the application process for one of these loans, however, it is important to know the ins and outs of 203k loan requirements. An awareness of the qualifications for loan eligibility can better prepare potential borrowers to meet with lenders and contractors. 203K Loan Requirements : The Basics In a nutshell, a 203k loan is a federally backed construction loan that is overseen by the Federal Housing Association, part of the U.S Department of Housing and Development. The loans aim to improve appearance and livability of single- family homes, or extended family homes of up...
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