Definition of FHA Loan The FHA (Federal Housing Administration) offers mortgage insurance on any loan made by lenders approved by the FHA. They insure loans on multi and single family homes and have insured millions of properties since their creation in the year 1934. It is critical to understand that the FHA doesn’t issue home … Read more
Definition of Conventional Loan A conventional loan is a type of mortgage, but not insured or guaranteed or backed by the FHA or any governmental agency for that matter. The rate and terms are pre-defined and fixed. Purpose There comes a time in all our lives when you would be considering taking a loan from … Read more
If you’re reading this with a view for a guide to purchasing a new home after previously renting; congratulations! You’re finally getting ready to take the huge step on to the property ladder. No longer will you be spending ‘dead’ money on rent. Instead, every payment you make will go towards eventual ownership of the … Read more
In some cases, loan limts on VA loans are higher in areas where the housing market is more valuable…
Concerns that the economy may be headed back toward a recession have caused mortgage rates to fall to the lowest levels of the year. For a renewed wave of refinancing, however, rates may have to fall even more. The average rate on a 30-year fixed mortgage was down to 4.39% at the end of last … Read more
The Obama Administration could help the housing market a great deal by working out a way to lower the standards required for homeowners to be able to…
FHA 203(k) loans. These loans, also administrated by the FHA, allow borrowers to purchase homes that need substantial renovation. By rolling the renovation costs into…
October 1st marked the first day of the newly-lowered FHA loan limits, which are expected to impact the borrowing abilities of buyers in some of the nation’s most expensive housing districts. FHA loans, which are essentially loans guaranteed by the federal government via the Federal Housing Administration, are popular loan choices with individuals who are … Read more
The 30-year fixed-rate mortgage average did not change over last week and the 15-year fixed-rate mortgage average edged up slightly over the prior week’s average, according to the data released by Freddie Mac in their latest survey on mortgage rate averages. Mortgage rates commonly track Treasury yields. Treasury yields move inversely to Treasury prices. Therefore, … Read more
The average for the 30-year fixed-rate mortgage has hovered around 4.5% for four consecutive weeks. The rates have largely remained unchanged due to conflicted data surrounding…