You may have heard of an FHA loan, and you probably weren’t sure if you were eligible for one. FHA loans are insured by the Federal Housing Administration which is a part of the United States Department of Housing and Urban Development.
If you have an FHA loan, it includes special mortgage insurance which helps to protect lenders from a loss should the loan be defaulted on.
Due to the extra insurance lenders can offer these loans at an lower interest rates. These loans are also easier to qualify for. This makes affordable housing more accessible.
The minimum credit score depends upon the type of loan that you need.
If you have a credit score of 580 or higher, you can provide a down payment as little as 3.5% with an FHA loan.
If your credit score is lower than 580, you are required to make a down payment of at least 10%.
If your score is lower than 500, you may be ineligible for an FHA loan all together.
FHA loans require a low down payment, which is why it is so enticing to buyers. While these types of loans may have limited availability, it’s good to do your research and see if you’re eligible.
Generally, buyers use their own savings to make a down payment on a home. Some states have government assistance programs that provide grants to be used for a down payment on a home.
The Federal Housing Administration has special provisions to allow sellers, builders and lenders to pay for some of the other costs incurred while buying a home including the closing costs, appraisal, credit report, or title expenses. This allows builders and sellers to provide incentives to entice buyers. This could have an effect on the interest rates associated with the loan if the lender agrees to pay these costs. Buyers can compare rates with different lenders for these purposes.
The Federal Housing Administration is a provider of insurance and not a lender. You must be sure that you go with an FHA approved lender in order to get your loan in check. This is where it’s important to shop around for benefits, loan standards and rates.
The re are 2 required insurance premiums for FHA loans. The upfront premium is about 1.75% of the loan amount. This is paid at the time the loan is secured and can be financed as part of the loan amount. The second premium is the annual premium which is paid monthly and varies based on factors such as the length of the loan.
As you can see there’s many benefits for home buyers who need additional mortgage insurance and assistance in buying a home. Talk to your lender about how you can secure an FHA loan today and make buying a home a reality.
Bonsai is a Japanese artform that originates from the ancient Chinese practice of potting trees. Although it is an art that has existed for centuries, bonsai needn’t be inaccessible to the average person looking for a new household hobby.
To successfully grow and care for a bonsai, all you need are a few tools and a lot of patience. In this article, we’ll cover bonsai basics to help you get started in this craft. Keep in mind, however, that there are thousands of resources and communities to help you out along the way.
The two most common ways to start a bonsai tree are to buy a pre-cultivated tree online or at a greenhouse, or to cultivate one yourself with seeds or cuttings. Many beginners elect to buy a pre-cultivated tree to decide if they enjoy the hobby before devoting years to cultivating a tree from seed. If you enjoy caring for plants and think you’re up to the challenge, starting from seed or cuttings could be more rewarding.
A third option is to collect a tree from nature that has been stunted by natural conditions. These types of trees are called yamadori and can be difficult to collect because their roots may be in a precarious location. Also keep in mind that it is illegal to remove plants from some parks and forests.
Once you obtain a bonsai your work has only just begun. The real challenge of bonsai is caring for and shaping your tree. That means clipping off growth, repotting, watering, moving it indoors and outdoors, and shaping/training its branches to grow a certain way.
Every tree is different and will require different care. An important thing to remember about bonsai is that many of them will need to be brought outside to mimic their natural conditions. Trees survive winters because they have prepared for it through the process of dormancy. By bringing your tree outdoors, it will keep its internal clock on time to prepare for winter. In this way, cold-climate bonsai trees can handle the harsh temperatures and weather that comes with the winter time.
Aside from subjecting it to different temperatures and weather, your bonsai will also need to be pruned and wired. Pruning thick branches that grow high up on your tree will help you maintain the natural look of its larger counterparts out in nature. Similarly, wiring helps you transform your tiny tree to look fully-grown and weathered.
Just like other plants, your tree will need water, sunlight, and fertilizer. The amount of each will depend on the type of the tree, so you’ll want to do that research before you ever buy, cultivate, or collect a bonsai to make sure you can adequately care for the tree in your area.
Want to find your dream house quickly and effortlessly? You're not alone. In fact, many homebuyers across the United States browse the real estate market regularly in the hopes of finding their perfect residence.
Fortunately, there are numerous ways for homebuyers to accelerate the process of purchasing a house, and here are three tips to help homebuyers discover their dream houses without delay.
1. Set Realistic Expectations for Your Home.
When it comes to finding a residence, it is important to note that every house has its strengths and weaknesses. Thus, you'll want to set realistic expectations before you begin your search for the perfect home and differentiate the must-haves from the must-wants.
For example, you will need electricity, hot water and other utilities at your new home. On the other hand, you may want a house that features an indoor swimming pool, a fenced-in backyard and other deluxe amenities, but you need to keep in mind that you can live without these features as well.
Make a checklist of what you need and what you want from a future house. By doing so, you can simplify your home search and move one step closer to checking out houses that fulfill your needs perfectly.
2. Get Pre-Approved for a Mortgage.
What good is finding your dream home if you are unable to afford it? Instead, get pre-approved for a mortgage before you start your home search – you'll be glad you did. This will allow you to establish a budget for your home search and browse properties accordingly.
Don't forget to consult with multiple lenders as you explore your mortgage options. If you meet with a variety of banks and credit unions, you can find out about all of the financing options that are available.
Furthermore, be sure to check your credit score and get a copy of your credit report from each of the three major reporting bureaus (TransUnion, Equifax and Experian). You are entitled to a free copy of your credit report from each of the major reporting bureaus annually. And if you obtain a copy of your credit report, you can find out your credit score, work to improve it and boost your chances of securing a mortgage.
3. Employ a Real Estate Agent.
Hiring a real estate agent is essential for those who want to accelerate the homebuying process, and for good reason. With a friendly, professionally trained real estate agent at your side, you can learn about new homes that are available, submit offers on residences and more.
Your real estate agent will act as a liaison between you and a home seller. As such, he or she will work on your behalf to ensure you can purchase your dream home as quickly as possible.
Find a real estate agent to help you move along the homebuying process. This housing market expert will be happy to respond to your homebuying concerns and queries, and ultimately, make it easy to navigate each step of the homebuying journey.
After a home seller accepts your offer on a home, the next step usually involves a home inspection.
At this point, you'll hire a home inspector who will walk through the home you'd like to buy and offer expert insights into the residence's strengths and weaknesses. Then, you'll be able to assess potential issues with a home and determine whether to move forward with a home purchase.
A home inspection can be stressful, particularly for a first-time homebuyer. Lucky for you, we're here to help you take the guesswork out of home inspections.
Ultimately, there are many questions to consider after a home inspection is completed, including:
1. What did the home inspection reveal?
A home inspection offers unparalleled insights into a residence. It enables you to look beyond a house's surface and find out whether major repairs will be required both now and in the future.
Hiring an experienced home inspector is paramount for homebuyers. With an experienced home inspector at your disposal, you'll be better equipped than others to identify "hidden" problems within a house.
Also, don't forget to review a home inspection report closely. With this information at your disposal, you'll be able to understand whether a residence meets your expectations.
Be sure to consider the long-term value of a property as well. Remember, a home that you plan to purchase should be able to serve you well for years to come. But if you encounter myriad home issues during a property inspection, you may want to consider rescinding your offer on a residence and restarting your search for the ideal house.
2. Are there major home issues?
As a homebuyer, it is important to be able to identify the differences between major and minor home issues.
For example, if there are tiny cracks and chips in the paint on a kitchen's walls, these issues are minor. In fact, you may be able to repair such issues quickly and effortlessly.
On the other hand, an old, inefficient furnace can cause major headaches. Without a properly functioning furnace, you may struggle to heat your home in winter. Meanwhile, it may cost several thousand dollars to replace this furnace.
If you encounter problems with a residence during a home inspection, consider the costs associated with these issues. By doing so, you'll be able to determine how much you may need to spend to correct such problems and can proceed with a home purchase accordingly.
3. What should I do next?
An informed homebuyer will be equipped with the knowledge and insights needed to make a great decision.
Consider the problems that were discovered during a home inspection. If you can fix home issues without having to commit substantial time and resources to complete various home maintenance projects, you may want to consider moving forward with a home purchase.
If you encounter major home issues, you can always ask a home seller to perform home repairs. Or, you may want to remove your offer on a home altogether.
Working with a real estate agent is ideal, especially for homebuyers who want help with home seller negotiations. With assistance from a real estate agent, you should have no trouble determining how to proceed after a home inspection.
The benefits of owning a dog are immense, but the importance of training them effectively and from the beginning can't be overstated.
Assuming you're adopting a healthy, happy puppy from a reputable breeder or pet shop, then training should only require some basic knowledge and a lot of patient repetition.
Well treated puppies and dogs are not only eager to please their owners, but are often quite intelligent and relatively easy to train.
If you're not an experienced dog owner, there are several options for making sure your dog gets the proper training it needs.
There are effective and ineffective ways to train your dog and curb undesirable behaviors, so it pays to do some online research, get a dog training manual or DVD, take classes with your dog, and/or hire a professional dog trainer. If you just try to train your dog based on logic, general knowledge, and intuition, both you and your dog will end up feeling frustrated with the process and the outcome.