Borrowers need to work with an FHA-approved lender and an FHA-approved appraiser.In general, borrowers must be two years out of bankruptcy and/or three years out of foreclosure and have re-established good credit.residency and must meet the minimum age requirements for mortgage application in their state. Borrowers must be able to show steady employment, a valid Social Security number, lawful U.S.Mortgage limits for FHA loans vary by state and county.Borrowers may hold only one FHA loan at a time, though there may be some exceptions in cases of divorce, relocation, etc.FHA loans are available only for a primary residence, and the property must meet certain minimum standards.Your loan officer will be able to provide additional details specific to your needs. Here is some basic information about FHA loans. This in turn enables lenders to offer borrowers loans with easier qualifying terms, lower down payments and lower closing costs. Since 1934, the Federal Housing Administration (FHA) has been offering mortgage insurance that protects lenders. One attractive option for many borrowers is the FHA loan. In recent years, between two-thirds and three-quarters of buyers sought financial assistance to make their purchase. Give us a call any time if you have questions or are considering a move.As you shop for a home, you are probably also shopping for a loan. Then mark your calendar for next year’s insurance review.Īt Sente Mortgage, we value your peace of mind. Once you have reviewed your policies and followed up with any appropriate changes, keep your insurance documents safe in a safe deposit box or fire safe. If your salary or savings have increased, you may be able to increase your deductibles to reduce your premiums. As you review each insurance policy, look carefully at your deductibles.In addition to your healthcare and life coverage, you may want to consider a long-term-care policy.If your health care is covered, in whole or in part, by your employer, make sure it reflects your current health status.A change to your life insurance could be triggered by job loss, marriage, divorce, or the addition of new dependents.Your vehicle insurance coverage should change to reflect the addition (or removal) of a driver, change of vehicle, and even a change of address.If you retrofit your home with safety equipment, such as fire sprinklers, a safe room, or anchor bolts for homes in earthquake-prone regions, you may be eligible for discounts on your home insurance.
If you live in a hazard zone-seismic, flood, etc.-damage to your home may not be covered under your standard policy.If you make improvements to your home, acquire valuables (such as electronics, jewelry, or artwork), or see an increase in your home’s appraised value, your homeowners policy should reflect those changes.Here are some considerations as you evaluate your insurance coverage: If there is disaster, we want every measure of protection.īy the same token, we should examine our insurance policies every year to make sure they will be there if we need them. Then there are the policies: health, home, vehicle, and life insurance.Ī smoke detector may never make a peep, a fire extinguisher may never be used, but we still change the batteries, recharge the cylinder. Smoke detectors and seatbelts, fire extinguishers and storm cellars, generators and evacuation routes are all measures we take to mitigate the effects of a disaster. There are a lot of different kinds of insurance.
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