FHA Mortgage Calculator – How Much Can I Afford? #auto #24


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Required Annual Income:

This does not include upfront mortgage insurance if needed. Your salary must meet the following two conditions on FHA loans:

  • The sum of the monthly mortgage and monthly tax payments must be less than 31% of your gross (pre-taxes) monthly salary.
  • The sum of the monthly mortgage, monthly tax and other monthly debt payments must be less than 43% of your gross (pre-taxes) monthly salary.

DISCLAIMER: The figures above are based upon current FHA program guidelines. FHA requires a 3.5% down payment as well as an upfront and monthly mortgage insurance in many cases. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. See upfront and monthly calculations: FHA Mortgage Insurance Requirements .

Helpful Answers are Ready:

Can I remove MIP from my FHA if my home value goes up?

My home value has risen enough within the last year to where what I owe is 80% of the current value of the home.

I had a bankruptcy not long ago. How long do I have to wait before applying for an FHA loan?

I put in an offer on a home and the contract was accepted. The processing of our loan took longer than necessary and the appraisal in now 90 days old.

Can I pay my FHA loan in full without being penalized or charged for early payoff of the loan?

I obtained an FHA loan in 2010 and recently inherited some money from my dad’s estate. It’s enough to pay off my mortgage loan.


FHA Mortgage Calculator – How Much Can I Afford? #auto #city


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Required Annual Income:

This does not include upfront mortgage insurance if needed. Your salary must meet the following two conditions on FHA loans:

  • The sum of the monthly mortgage and monthly tax payments must be less than 31% of your gross (pre-taxes) monthly salary.
  • The sum of the monthly mortgage, monthly tax and other monthly debt payments must be less than 43% of your gross (pre-taxes) monthly salary.

DISCLAIMER: The figures above are based upon current FHA program guidelines. FHA requires a 3.5% down payment as well as an upfront and monthly mortgage insurance in many cases. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. See upfront and monthly calculations: FHA Mortgage Insurance Requirements .

Helpful Answers are Ready:

Can I remove MIP from my FHA if my home value goes up?

My home value has risen enough within the last year to where what I owe is 80% of the current value of the home.

I had a bankruptcy not long ago. How long do I have to wait before applying for an FHA loan?

I put in an offer on a home and the contract was accepted. The processing of our loan took longer than necessary and the appraisal in now 90 days old.

Can I pay my FHA loan in full without being penalized or charged for early payoff of the loan?

I obtained an FHA loan in 2010 and recently inherited some money from my dad’s estate. It’s enough to pay off my mortgage loan.


FHA Loan Calculator – FHA Mortgage Calculator with Taxes and Insurance, fha loan and pmi.#Fha #loan #and #pmi


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FHA Mortgage Calculator

Calculator currently updated with lower FHA Mortgage Insurance Premiums Jan. 26th, 2015*

FHA Loan Calculator – Buying a home using a FHA home mortgage? Calculate the PITI mortgage payment with taxes and insurance for a FHA loan. This FHA mortgage calculator also provides the down payment, monthly FHA mortgage insurance (FHA MIP) and the FHA upfront mortgage insurance premium (UFMIP) of a FHA home loan. Lastly, view the minimum income required to qualify for the home’s sales price and calculated FHA loan amount with this free, simple, FHA loan calculator with taxes and insurance.

Fha loan and pmiMortgage Calculator Instructions

Step 1: Enter Sales Price, Mortgage Rate and Term

Step 2: Select Property type, Taxes and Insurance

Step 3: Click “Calculate FHA Loan”

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* Maximum FHA loan amount used by this FHA mortgage calculator is based on current FHA loan limit ceilings as per current HUD mortgagee letter. Updated: FHA mortgage insurance calculations based on most current HUD FHA guidelines: http://portal.hud.gov/hudportal/documents/huddoc?id=13-04ml.pdf Updated Jan 8th., 2015: http://portal.hud.gov/hudportal/documents/huddoc?id=15-01ml.pdf

Note: A FHA mortgage calculator with PMI: The equivalent of PMI (Private Mortgage Insurance) for a FHA loan is simply: “mortgage insurance”, since the mortgage insurance of a FHA loan is not funded by a private mortgage insurance company.


FHA Loan Program: Requirements, Rates, Limits – Guidelines #fha #loan #refinancing


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A Guide to FHA Insured Mortgages

Understanding FHA Home Loans

Millions of Americans have been helped by the Federal Housing Administration (FHA) and millions of Americans have been able to secure their dream of becoming homeowners since the FHA began in 1934.

What the FHA provides is mortgage insurance on loans that are created by approved lenders throughout the United States and the territories owned by the United States. Whether for multifamily, single family, hospitals, or manufactured homes, the FHA aids in the issuance of mortgages and is the world’s largest insurer or mortgages and has a number of different programs.

Comparing FHA Loans to Conventional Mortgages

The standard FHA loan is quite popular because it only requires a 3.5% down payment, rather than the 20% down payment required by a conventional fixed-rate mortgage. To offset the increased risk from a smaller initial down-payment, FHA loans require two mortgage insurance premiums. One of these is a monthly charge, and the other can be paid upfront or rolled into the loan.

  • Annual Mortgage Insurance Premium – This is a monthly charge which goes into your mortgage payment. Calculation of it is based upon loan size, loan length and the borrower’s loan-to-value (LTV). The annual premium ranges from 0.45% for short duration loans with over 10% equity to 1.55% for longer duration loans with almost no equity.
  • Upfront Mortgage Insurance Premium – This is an upfront charge which is 1.75% of the home loan. This can be rolled into the mortgage or paid upfront at closing.

Do you qualify for an FHA loan? Use our free FHA loan qualification calcualtor .

In addition to their general loan program, a few of their other more specific programs are described below.

CHDAP Down Payment Assistance

CHDAP. or California Housing Down Payment Assistance Programs, assist the homebuyer in buying a home without putting money down through the use of an FHA loan and 3% CHDAP silent second.

The CHDAP silent second defers payments until the property is refinanced or sold, but it is never completely forgiven.

The CHDAP loan program has some basic qualifications:

  • The household income of the borrower cannot exceed the median income for that area.
  • FHA loans limit the maximum sales price
  • Only California properties are covered
  • The Borrower cannot have owned a home in their name within the past three years.
  • Must qualify for an FHA loan

Good Neighbor Next Door

The Good Neighbor Next Door program is the new merged name for the next two categories available to law enforcement officers and teachers. In addition, the program is available to firefighters and emergency medical technicians.

Officer Next Door Program

The Officer Next Door Program, or OND. is an initiative that offers HUD-acquired homes for single families to public police officers. The officers may be eligible for these benefits:

  • A discount of 50% off of the appraised value of the home
  • A down payment of $100

Through the Officer Next Door program, homes are offered by HUD in designated revitalization areas. These areas are usually in low-and moderate-income neighborhoods, contain many properties that are vacant, and have high crime rates, but these areas are considered to be good candidates for improvement and economic development.

Homes that are for sale in the program were insured through the FHA at one time and then foreclosed upon for some reason. HUD also lowers the amount of the down payment to $100 if the home is purchased through an FHA insured mortgage.

Below are the requirements Officers must meet in order to be eligible for the program:

  • The property must be their sole residence for a minimum of three years after the purchase of the property.
  • The officer must be a sworn law enforcement officer who works full-time for a city, state, county, or Federal law enforcement agency. The officer must have the power to arrest-not just be limited to a particular facility or building.

The officer should be pre-approved and have a letter of commitment in order to be approved for the loan and purchase an Officer Next Door Home.

Teacher Next Door Program

The Teacher Next Door, or TND. program offers single family homes offered by HUD to public school teachers. Teachers can acquire a 50% discount off of the home’s appraised value and only be required to pay a $100 down payment.

Through the Teacher Next Door Program, the homes offered by HUD are located in areas needing revitalizations. These areas are typically in low-and moderate-income neighborhoods, there are many vacant properties, and the crime rate tends to be high. These areas are considered to be good candidates for improvement and economic development.

Homes that are for sale in the program were insured through HUD at one time and then foreclosed upon. HUD only requires a down payment of $100 if the home is acquired through an FHA insured mortgage.

Below are the requirements that teachers must meet in order to use this particular program:

  • The property must be the teacher’s sole residence for a minimum of three years after purchasing the home.
  • A teacher is a person who is employed full-time by a public, private, Municipal, county, state or Federal educational institution. They must be a state-certified teacher for the classroom or an administrator for the grades K-12.

In order for a teacher to purchase a Teacher Next Door Home, the teacher must be pre-approved and have a letter of commitment in order for the loan to be approved.

Nehemiah Down Payment Assistance Program

Nehemia was canceled in 2008.

A gift of up to 3% of the final sales price will be given by Nehemian to a qualified buyer for the down payment. This allows the buyer to purchase the home without a down payment combined with the FHA loan. This program does require the cooperation of the home seller.

The Nehemiah Down Payment Assistance Program is a private California non-profit housing corporation and is not a government program. The program gives money or “gifts” to qualified buyers to purchase what are called Nehemiah properties all over the United States.

Before the schedule of a Nehemiah transaction is scheduled, Nehemiah delivers the buyer 3% gift money taken from a pool of existing funds and delivers that money to the closing company. The seller of the home then makes a contribution only after the deal has been closed. Nehemiah uses its own money from an already existing trust fund.

There are two simple steps when using the Nehemiah program to acquire a home:

  1. Pre-approval for the FHA loan.
  2. Once the loan is approved, a home must be found and the Realtor write up the offer by using the Nehemiah program

HART Down Payment Assistance Program

HART was canceled in 2008.

Housing Action Resource Trust, or Hart, is a 501 (c)(3) non-profit community development and housing corporation in California. It services selected communities all over the United States.

HART provides individuals and families with down payment assistance in the for of a “gift” while adhering to the following guidelines:

  • HART will provide a gift of up to $15,000 for down payment and the closing costs.
  • The gift does not require repayament
  • The homebuyer only needs to provide 1% of the sales price on their own.
  • 1-4 unit homes can be purchased through the HART program
  • Pre-purchase counseling must be completed.

HART does require the cooperation of the seller in this type of transaction.

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For 13+ years, The HOUSE Team has helped clients find the best home loan at the best possible interest rate. Our hands on approach helps each of our clients understand the mortgage process while feeling like we are right by their side each step of the way. Now more than ever it is important to have an experienced Arizona mortgage team helping you through the home loan process. The HOUSE Team is here to do just that.

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FHA Mortgage Calculator – How Much Can I Afford? #auto #window #decals


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Required Annual Income:

This does not include upfront mortgage insurance if needed. Your salary must meet the following two conditions on FHA loans:

  • The sum of the monthly mortgage and monthly tax payments must be less than 31% of your gross (pre-taxes) monthly salary.
  • The sum of the monthly mortgage, monthly tax and other monthly debt payments must be less than 43% of your gross (pre-taxes) monthly salary.

DISCLAIMER: The figures above are based upon current FHA program guidelines. FHA requires a 3.5% down payment as well as an upfront and monthly mortgage insurance in many cases. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. See upfront and monthly calculations: FHA Mortgage Insurance Requirements .

Helpful Answers are Ready:

Can I remove MIP from my FHA if my home value goes up?

My home value has risen enough within the last year to where what I owe is 80% of the current value of the home.

I had a bankruptcy not long ago. How long do I have to wait before applying for an FHA loan?

I put in an offer on a home and the contract was accepted. The processing of our loan took longer than necessary and the appraisal in now 90 days old.

Can I pay my FHA loan in full without being penalized or charged for early payoff of the loan?

I obtained an FHA loan in 2010 and recently inherited some money from my dad’s estate. It’s enough to pay off my mortgage loan.


FHA Refinance Loans for Homeowners #public #auto #auction


#auto loan refinance
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FHA Refinance

Learn About Your Mortgage Options

Homeowners enjoy the benefits of investing in their property year after year. For some, there comes a time when that investment can come in handy. Refinancing with an FHA loan can prove to be an effective way to put that equity to work. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.

FHA Cash-Out Refinance

This refinancing option is especially beneficial to homeowners whose property has increased in market value since the home was purchased. A Cash Out refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe.

FHA Streamline Refinance

This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

FHA Loan Articles

Does it hurt a borrower s chances when applying for an FHA mortgage loan if there s a debt owed to the federal government? Can unpaid federal taxes become a barrier to an FHA mortgage loan? The FHA recognizes two types of circumstances tax debt and non-tax debt.

There are sometimes legal issues that arise as a result of applying for an FHA refinance loan. Those issues give way to frequently asked questions and in many cases the best advice is to seek legal advice for a lawyer and avoid taking legal guidance or tips from a non-lawyer.

First time FHA borrowers or refinance loan applicants are sometimes confused when it comes to the specifics of FHA home loan policies versus the standards of their participating FHA lender. One common question where this happens involves the loan rules that cover a borrower s employment status.

Your debt to income ratio is a very important factor in the FHA loan application process. Do you wonder how existing debts affect your chances? What about debts that are scheduled to be paid off at some point in the near future?

There s a question that comes up from time to time from borrowers who may owe federal taxes and want to apply for an FHA loan. Does the simple fact that a borrower has a tax lien exclude them from applying for an FHA home loan?

All FHA borrowers should be prepared to include tax information with the mortgage loan application. The actual requirement can vary depending on lender standards, state law, and whether the borrower is self employed or not.

The FHA offers something called a 203(k) Rehab loan for borrowers who want to purchase and rehab a property. This is a great loan offering, but what about borrowers who don t need to do extensive rehab work to a home?

In 2010, the FHA offered a program designed to help those who were underwater on their home loans, owing more on the loan than the property was worth. That program was called FHA Refinance Of Borrowers In Negative Equity Positions.

Home Equity Conversion Mortgages are for eligible borrowers age 62 or older, and feature no monthly mortgage payment for the borrower. Changes were announced effective June 2014.

Are you thinking about refinancing your home loan with an FHA loan? There are several options available, and depending on the circumstances you may qualify for an FHA Streamline Refinance or an FHA Cash-Out refinance loan.


FHA Refinance Loans for Homeowners #auto #car #sales


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FHA Refinance

Learn About Your Mortgage Options

Homeowners enjoy the benefits of investing in their property year after year. For some, there comes a time when that investment can come in handy. Refinancing with an FHA loan can prove to be an effective way to put that equity to work. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.

FHA Cash-Out Refinance

This refinancing option is especially beneficial to homeowners whose property has increased in market value since the home was purchased. A Cash Out refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe.

FHA Streamline Refinance

This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

FHA Loan Articles

Does it hurt a borrower s chances when applying for an FHA mortgage loan if there s a debt owed to the federal government? Can unpaid federal taxes become a barrier to an FHA mortgage loan? The FHA recognizes two types of circumstances tax debt and non-tax debt.

There are sometimes legal issues that arise as a result of applying for an FHA refinance loan. Those issues give way to frequently asked questions and in many cases the best advice is to seek legal advice for a lawyer and avoid taking legal guidance or tips from a non-lawyer.

First time FHA borrowers or refinance loan applicants are sometimes confused when it comes to the specifics of FHA home loan policies versus the standards of their participating FHA lender. One common question where this happens involves the loan rules that cover a borrower s employment status.

Your debt to income ratio is a very important factor in the FHA loan application process. Do you wonder how existing debts affect your chances? What about debts that are scheduled to be paid off at some point in the near future?

There s a question that comes up from time to time from borrowers who may owe federal taxes and want to apply for an FHA loan. Does the simple fact that a borrower has a tax lien exclude them from applying for an FHA home loan?

All FHA borrowers should be prepared to include tax information with the mortgage loan application. The actual requirement can vary depending on lender standards, state law, and whether the borrower is self employed or not.

The FHA offers something called a 203(k) Rehab loan for borrowers who want to purchase and rehab a property. This is a great loan offering, but what about borrowers who don t need to do extensive rehab work to a home?

In 2010, the FHA offered a program designed to help those who were underwater on their home loans, owing more on the loan than the property was worth. That program was called FHA Refinance Of Borrowers In Negative Equity Positions.

Home Equity Conversion Mortgages are for eligible borrowers age 62 or older, and feature no monthly mortgage payment for the borrower. Changes were announced effective June 2014.

Are you thinking about refinancing your home loan with an FHA loan? There are several options available, and depending on the circumstances you may qualify for an FHA Streamline Refinance or an FHA Cash-Out refinance loan.


FHA Refinance Loans for Homeowners #lee #auto #mall


#auto loan refinance
#

FHA Refinance

Learn About Your Mortgage Options

Homeowners enjoy the benefits of investing in their property year after year. For some, there comes a time when that investment can come in handy. Refinancing with an FHA loan can prove to be an effective way to put that equity to work. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.

FHA Cash-Out Refinance

This refinancing option is especially beneficial to homeowners whose property has increased in market value since the home was purchased. A Cash Out refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe.

FHA Streamline Refinance

This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

FHA Loan Articles

Does it hurt a borrower s chances when applying for an FHA mortgage loan if there s a debt owed to the federal government? Can unpaid federal taxes become a barrier to an FHA mortgage loan? The FHA recognizes two types of circumstances tax debt and non-tax debt.

There are sometimes legal issues that arise as a result of applying for an FHA refinance loan. Those issues give way to frequently asked questions and in many cases the best advice is to seek legal advice for a lawyer and avoid taking legal guidance or tips from a non-lawyer.

First time FHA borrowers or refinance loan applicants are sometimes confused when it comes to the specifics of FHA home loan policies versus the standards of their participating FHA lender. One common question where this happens involves the loan rules that cover a borrower s employment status.

Your debt to income ratio is a very important factor in the FHA loan application process. Do you wonder how existing debts affect your chances? What about debts that are scheduled to be paid off at some point in the near future?

There s a question that comes up from time to time from borrowers who may owe federal taxes and want to apply for an FHA loan. Does the simple fact that a borrower has a tax lien exclude them from applying for an FHA home loan?

All FHA borrowers should be prepared to include tax information with the mortgage loan application. The actual requirement can vary depending on lender standards, state law, and whether the borrower is self employed or not.

The FHA offers something called a 203(k) Rehab loan for borrowers who want to purchase and rehab a property. This is a great loan offering, but what about borrowers who don t need to do extensive rehab work to a home?

In 2010, the FHA offered a program designed to help those who were underwater on their home loans, owing more on the loan than the property was worth. That program was called FHA Refinance Of Borrowers In Negative Equity Positions.

Home Equity Conversion Mortgages are for eligible borrowers age 62 or older, and feature no monthly mortgage payment for the borrower. Changes were announced effective June 2014.

Are you thinking about refinancing your home loan with an FHA loan? There are several options available, and depending on the circumstances you may qualify for an FHA Streamline Refinance or an FHA Cash-Out refinance loan.


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