An FHA refinance mortgage or FHA loan allows for the refinance or purchase of a home with a low down payment. These loans are great for the first-time homebuyer.
NOW IS THE TIME FOR AN FHA LOAN
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. An FHA refinance loan can be an effective way to put that equity to work.
Learn about: FHA Refinance Loans
FHA loan limits were established to define how much you can borrow for a HUD-backed mortgage. Each state has different limits, so be sure to look up your state to understand what is available for your FHA home loan.
Learn about: FHA Loan Limits
Purchasing a home is one of life's major landmarks and for some, it is even a dream come true. Securing an FHA loan is the most important piece of the homebuying puzzle. If you follow some simple steps, you can make sure that the process runs smoothly.
Learn about: FHA Purchase Loans
FHA NEWS and RELATED ARTICLES
Borrowers who have an FHA home loan for a single-family property that was endorsed on or before May 31, 2009 are eligible for a lower rate on their Up Front Mortgage Insurance Premiums.
As of spring 2012, seller FHA concessions are still limited to a total of six percent. We will report any changes to the six percent limit as they become known, but for now the six percent seller contribution limit is the official rule.
One in a series of changes implemented by the FHA in recent times is the new standards required for FHA loans regarding FICO score requirements and down payments. A 580 FICO score will now be the minimum borrower requirement.
Borrowers who are underwater on a home loan basically owe more on their home loans than the property is worth on the current housing market. Over the last few years, this has become a growing issue faced by more homeowners due to a troubled market.
One of the first things a borrower notices about the FHA new purchase home loan program--where the borrower is buying an existing home or having one built--is the FHA requirement of a minimum down payment.
The FHA and the Department of Housing and Urban Development have announced $42 million in housing counseling grants to 468 national, regional and local organizations, intended to help families find housing and avoid foreclosure.
Did you know the FHA and the Department of Housing and Urban Development have a web page which features listings of FHA-related news, programs, home loan resources and other information?
FHA home loans do require the borrower to state all employment and gaps in that employment. When the borrower is going into business for themselves, it’s a question of whether the income from that type of work is stable and reliable.
FHA mortgage insurance premiums may be going up, but according to a February 27, 2012 press release, the changes are not severe, adding to about five dollars per month for most new FHA home loans where applicable.
FHA loan regulations require borrowers to wait a minimum of two years before applying for a new FHA mortgage after Chapter 7 bankruptcy. Similar minimum wait time requirements apply for foreclosure proceedings.
FHA TIPS for HOMEOWNERS and HOMEBUYERS
Useful information about FHA refinance loans, new FHA loans, and the guidelines that HUD wants you to follow. >> read all the FHA Tips
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