L. Sampson asked:




If looking for a no money down or 100 percent mortgage financing, you have several options. Understandably, many homebuyers have little cash on hand for a down payment. Because of the increase in home prices, saving the typical 20% is practically impossible. Fortunately, FHA home loan programs offer 100 percent mortgage financing, which eliminates the need for a large down payment. Here are a few tips on qualifying for a FHA home mortgage loan.

Employment Guideline for Getting a FHA Mortgage Loan

FHA loans are very flexible. Still, before approving a homebuyer for a FHA loan, the lender will carefully review several factors to determine whether they are an ideal candidate for a mortgage loan.

To acquire a FHA loan, lenders require steady employment. Usually, this involves two years of continuously working. It helps to maintain the same employer throughout the two years.

Individuals who change employers every four to six months or those who only held employment for half of the 24 months may have a hard time getting approved for a FHA loan. If unemployment was due to layoffs, illness, or other legitimate excuses, the lender may consider the applicant for approval.

Credit Guidelines for FHA Loans

When reviewing a homebuyer’s application for a mortgage loan, the lender will look at all credit activity that has occurred within the last two to three years. Concerning late payments, applicants cannot have more than two 30 days late payments within a two year period.

Bankruptcies must have a discharged date of at least two years. Furthermore, foreclosures must be at least three years old. In both cases, mortgage lenders require that homebuyers have begun re-establishing credit and building a good credit history.

Income Guidelines for FHA Loans

To qualify for a FHA mortgage loan, lenders will evaluate combine household incomes and other consumer debts (auto loan, credit cards, student loans, etc) to ensure that the mortgage payment does not exceed 30% of income. However, FHA loan lenders are flexible in this regards. Because of rising home prices and modest incomes, lenders may approve loans that exceed 30% of the homebuyer’s income.

Emma

Jane Hale asked:




Shopping around for a new home can be a long and tiresome process. Between overpriced housing markets and potential bidding wars, it is easy for a home buyer to become frustrated. However, the process of finding a good mortgage lender should not be stressful. Choosing a good lender is critical. For this reason, home buyers must avoid rushing the process or making haste decisions. If buying a home in Alabama, buyers should consider three factors when selecting a mortgage lender. Consider the following helpful tips for locating a reputable and trustworthy home loan lender.

Home Loan Lender’s Reputation

When applying for a home loan, buyers have many different lenders at their disposal. They may choose to apply for a loan with their personal bank, credit union, or use a mortgage company. Regardless of method, the lender chosen must have a good reputation. According to Alabama’s Fair Housing Act, mortgage lenders cannot refuse a loan application because of a person’s race, nationality, gender, or religion. On the other hand, some agents will discourage the seller from accepting bids or offers from buyers who have been pre-approved by an unknown or shady lender. Before choosing a mortgage lender, do your research. Contact the Alabama Better Business Bureau and inquire about complaints. If possible, choose a lender by referral

Online Home Mortgage Brokers

Another effective method for choosing a good lender is to submit an application with a mortgage broker. In a nutshell, brokers are middlemen. They do not lend money. Rather, they match home buyers with lenders and home loan programs. Because brokers have access to a wide assortment of loan programs, this is perfect for first time homebuyers, bad credit applicants, etc. Do you need down payment or closing costs assistance? Did you experience a bankruptcy or foreclose? If so, a mortgage broker can help.

Compare Mortgage Rates from Different Lenders

Currently, Alabama home mortgage rates are slightly higher than the national average. With this said, it is important to obtain mortgage rates from more than one lender, and make a thorough comparison. Many homebuyers mistakenly apply with a single lender, and accept their quote without shopping around. In some instances, this results in paying more for a loan. Fraudulent mortgage lenders earn a huge profit by charging unreasonably high rates. To avoid dishonest practices, get quotes from at least three lenders.

Tamara

AccessNational asked:


Thanks to the GI Bill, qualified veterans from New York are guaranteed to get mortgages with no-money down – and federally insured – through New York VA Home Loan Programs. To get access to the programs, you just need to get an assist from a helpful and knowledgeable New York VA Mortgage lender.

What kind of home can the New York VA Home Loan Programs get you into?

Nearly every type of home is available to qualified veterans through a New York VA Mortgage lender, such as the programs offered by Access National Mortgage, so long as the home meets a certain qualification. This provision requires that the home being purchased is occupied by the veteran buyer. And if the home meets this provision, then the New York VA Home Loan programs offer a long list of property types that can be purchased.

The New York VA home loan programs offer buyers these type of properties:

•Single-family homes

•Townhouse, or condo units in approved projects

•The building of a new home

•Improvements of existing homes

•Energy efficient improvements to a home

•Manufactured homes or lots (which are subject to certain standards)

•Farm properties (as long as there is a house which is the primary home for the qualifying veterans) •Refinancing

How to find your New York VA Home Loan Programs

The first lesson a veteran needs to learn is that their right to a VA loan through a New York VA mortgage lender is automatic, but qualification for a loan is not. Veterans still must meet certain qualifications for a loan through a New York VA mortgage lender, as set by the Veteran’s Administration. What do you need to get this loan through your New York VA mortgage lender? A good credit rating, income to support the loan, and a VA certificate of eligibility about your qualified service.

To get your certificate of eligibility, use the online Automated Certificate of Eligibility program. Your New York VA mortgage lender is the only one who can provide this service, or you can use the mail to get VA Form 22-1880.

Once your New York VA mortgage lender has your certificate, the process for putting together your mortgage and determining your eligibility can start. From there, your New York VA mortgage lender will need a veteran to apply for a loan just like a typical applicant. After that, the New York VA mortgage lender will work to see which of the New York VA home loan program you qualify for and what terms the New York VA mortgage lender can work out.

New York VA home loan programs are a tremendous benefit for state veterans, from the no-money down program, which allows veterans to get into a home with little savings and helpful down-payment allowances which can get a veteran into a bigger a better home. But to find out about the best VA home loan programs, you will always need the help of a skilled and trustworthy New York VA mortgage lender.



STEFAN