FHA loans
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.
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FHA LIMITS FOR 2014

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
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
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.

Learn about:  FHA Purchase Loans
FHA NEWS and RELATED ARTICLES
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.

Under most FHA programs, the borrower is required to make a minimum down payment into the transaction of at least 3.5% of the lesser of the appraised value of the property or the sales price.

A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy.

There is a government program known as Good Neighbor Next Door, which allows qualified borrowers to apply for home loans at a substantial discount to law enforcement officers, teachers and firefighters/emergency medical technicians.

Did you know that in addition to all the other rules governing FHA home loans, there are regulations that govern what’s supposed to happen once your FHA loan is approved or denied? Those regulations are found in the FHA loan rules in HUD 4155.1.

FHA minimum standards for FICO scores is that the FHA requirements are just that--minimum requirements. Lenders can and often do apply higher credit score requirements to FHA loan applications.

The FHA loan program is voluntary--there are participating FHA lenders who negotiate FHA mortgages with qualified applicants. Those negotiations include terms and interest rates.

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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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