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4 Things I Wish I’d Known Before I Got an FHA Loan

Realtor.com

Michail_Petrov-96/iStock A few years back, my husband and I got an FHA loan. An FHA loan—which allows the buyer to put down as little as 3.5%—sounded We found an FHA-approved lender, and in no time, we were on our way to buying our first home with a government-backed loan. “Mortgage insurance?”

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RenoFi targets homeowners who don’t qualify for HELOCs

Housing Wire

“The types of homeowners who will find RenoFi’s new home loans helpful are those who recently bought a home and have not yet built a meaningful amount of equity to tap,” RenoFi founder Justin Goldman told HousingWire. Could renovated foreclosure resales help solve the nation’s increasingly complex affordable housing puzzle?

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Inside Fairway’s bold plan to boost reverse purchase business

Housing Wire

Last week, Fairway Independent Mortgage Corporation announced the hiring of Tane Cabe as its new reverse business development manager with a focus on Home Equity Conversion Mortgage (HECM) for Purchase (H4P) business. So real estate agents automatically get nervous [about a HECM being] an FHA loan. Harlan Accola.

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UWM will partially refund borrowers for late appraisals

Housing Wire

United Wholesale Mortgage ( UWM ) unveiled a new policy this week, telling brokers that appraisals will be completed within 10 business days or they’ll refund 50% of the appraisal cost back to the customer. A week ago, it said it will offer 61 basis points on conventional loans through March 8.

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What Is the Role of a Mortgage Underwriter

Realty Biz

A real estate underwriter plays a critical role in the mortgage industry by evaluating loan applications and assessing real estate investment-associated risks. They work for lending institutions, such as banks and mortgage companies. Property inspections involve examining the investment’s physical condition.

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How Does an FHA Mortgage Work and What Are Its Pros and Cons?

Point2Homes

Buying a home with a low credit score isn’t impossible, and a FHA mortgage can certainly help low income earners realize their homeownership dreams. However, it’s important to know exactly what applying for an FHA mortgage entails. How Does an FHA Mortgage Work? FHA Mortgage Pros.

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FHA proposes changes to 203(k) program

Housing Wire

The 203(k) Rehabilitation Mortgage Insurance Program helps borrowers purchase a home or refinance an existing mortgage and includes the cost of repairs or rehabilitation into one new mortgage. Changes also include increases to the maximum amount for other allowable fees, including for draw inspection, which is $375.