Indiana 203K Blog
A Run Down Of HUD’s 203k Streamline Mortgage
The 203k streamline mortgage is not the same as the 203k mortgage. The FHA 203(K) Streamline obtained its name because it simplifies the loan process by not requiring the extra cost and details found in its counterpart, the FHA 203(K) loan. Eligible Borrowers This loan program is available only to people who plan to use the properties for which they are getting the loans as their primary residences. If a current homeowner needs to rehab his existing home, he can use this program. Nonprofit organizations can also qualify for this loan...
read moreWhat’s Going On With Your Credit Score?
What’s Going On With Your Credit Score? Is your credit score good? Don’t feel bad if you don’t know. Many people don’t understand the credit scoring process; or even what these numbers actually mean. Here’s a breakdown of how credit score numbers measure up : 760-850 Excellent 700-759 Very Good 660-699 Good 620-659 Fair 580-619 Poor 500-579 Very Poor If you’re looking to obtain a mortgage, you should shoot for a credit score of 640 or higher. Most lenders require a credit score of at least...
read morePotential 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...
read moreTips on House Hunting in Indiana
The real estate market can be confusing. With some basic knowledge, it can be a little less intimidating. Following are some tips on house hunting in Indiana that we hope you will find helpful in the home buying process. Before you begin house hunting, talk to a mortgage adviser about getting pre-qualified first. click here to see if you’re eligible for pre-qualification If you are not planning on staying long term, don’t buy a home that backs or faces a busy road. Although you may not mind the noise in this location, you...
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...
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...
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