FHA LIMITS FOR 2013
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.
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.
IMPORTANT STEPS FOR FHA HOMEBUYERS
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.
FHA NEWS and RELATED ARTICLES
One type of question that sometimes arises about FHA loans-- Is there a no-credit-check version of an FHA mortgage loan? What is the criteria required for FHA loans that do not require a credit check and/or appraisal?
One not-so-common question about FHA loans still comes up often enough to discuss in detail. Some FHA loan applicants want to know if they can purchase a residence from another family member using an FHA insured mortgage.
Except for obligations specifically excluded by state law, the debts of the non-purchasing spouse must be included in the borrower’s qualifying ratios if certain conditions are met.
Some FHA borrowers have questions about applying for an FHA loan after experiencing a short sale on a previous home. The FHA loan rules found in HUD 4155.1 have the answers for borrowers applying for an FHA mortgage after a short sale.
The FHA and HUD issued new rules for mortgage insurance designed to add fiscal security to the loan program, and when those rule changed the new guidelines were published in Mortgagee Letter 2013-04.
FHA loan applicants are right to be concerned with issues related to outstanding judgments. Participating FHA lenders are required to abide by FHA minimum loan standards for creditworthiness and other factors.
Mortgage rates have been through a variety of changes over the course of 2013. Many borrowers are still in the dark about what happens when they commit to an interest rate. How do interest rate locks on FHA mortgages work?
The FHA has published updates to the rules that affect how FHA Reverse Mortgages or Home Equity Conversion Mortgages are processed. Lenders must perform a financial assessment of all prospective mortgagors on all HECM transaction types.
The FHA has issued guidance in 2013 about something called the Back To Work program which gives participating FHA lenders a bit more leniency for borrowers who have credit problems in their past that is specifically related to the recession.
If the borrower has had past delinquencies or has defaulted on an FHA- insured loan, there is a three-year waiting period before he/she can regain eligibility for another FHA-insured mortgage.
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