You think you can afford a mortgage, right? You head into the lender and fill out an application. A few hours later you learn that you cannot afford what you thought. What made the difference? Chances are it was your DTI or debt-to-income ratio. This little number has a large bearing on whether you Read more
What are FHA Kiddie Condo Loans?
The name of the FHA Kiddie Condo Loans is a little deceiving. As the name suggests, you would think the program is for parents buying a condo for their kids. While this could be the case, it’s not the sole purpose of the program. It’s actually a program for any relative (blood or marriage) to help Read more
What are FHA Inducements to Purchase?
FHA loans are rather lenient regarding gift funds and other contributions when buying a home. However, they do regulate what sellers or other interested parties can and cannot contribute. They call them inducements to purchase. In other words, it’s like bribing the buyer to buy the home. The FHA Read more
FHA Loan Limits Increased for 2018
2017 Recap For 2017, the maximum FHA loan limit in low-cost areas (floor) is $275,665 for a standard, single-unit home. This was increased from 2016's $271,050.In high-cost areas (ceiling), the limit is $636,150 for a one-unit property. This was a leap from the $625,500 ceiling for Read more
2018 HECM Loan Limits: FHA-Backed Reverse Mortgage Amounts Increase
Senior borrowers see higher 2018 HECM loan limits as announced by the FHA this December.Homeowners aged 62 and above can borrow up to $679,650 next year as the Federal Housing Administration (FHA), which insures reverse mortgages called Home Equity Conversion Mortgages (HECMs), increased their Read more
