Month: April 24, 2022

Have The Requirements For FHA Loan Increased Since The Beginning of COVID-19?

Based on my credit history, what are my chances of getting an FHA loan? This is a question that many people are asking in the aftermath of the COVID-19 pandemic. Many individuals are obliged to seek a home even in the direst of circumstances. What should you know about FHA prerequisites since the onset of the pandemic? The Credit Restrictions Have Been Increased The COVID-19 lockdowns had a huge impact on lots of borrowers. Also, many more benefited from mortgage forbearances. This placed the mortgage sector and FHA applicants under strain. The FHA has not modified its guidelines, in response to the COVID-19 outbreak and the recession. However, numerous lenders have raised the minimum credit score necessary for FHA loans. Many lenders now need a credit score of at least…
Mortgage Company Plantation, FL | Mortgage Loan Company Near Me

The Difference Between Secured and Unsecured Loans

If you are considering a loan, you have two potential options: Secured and Unsecured loan. Loans that are secured are those that use some form of collateral, while loans that are unsecured do not. Let's take a closer look at these differences.    What it Means if a Loan is Secured  A secured loan is a type of loan that is backed by collateral. This means that if the borrower defaults on the loan, the lender has the right to seize the collateral to recoup their losses.   The most common form of collateral is a home, which is why loans that are secured are also known as home equity loans. To qualify for a secured loan, borrowers must have sufficient equity in their homes. Equity is the portion of the…

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