FHA Refinance and Mortgage Fact #9

To pre-qualify for an FHA loan, you should be able to demonstrate employability, job stability and reliability. To the FHA, reliability includes holding a steady job for at least two years with the same company or employer and increasing or at least maintaining consistent income. The FHA would like to see that any foreclosures or bankruptcies on your record are at least three years old. The FHA loan bottom line: demonstrate that you have been a good credit risk for two years or more and you will have a much better chance at pre-qualifying for an FHA loan.

Useful information about FHA refinance loans, new FHA loans, and the guidelines that HUD wants you to follow.

1. About the FHA
   Today the mission of the FHA includes helping borrowers get amounts they qualify for, and assisting lenders by reducing their risk in issuing loans.
2. Credit Problems and a HUD Housing Loan
   If you have had credit problems in the past, the FHA recommends a Consumer Credit Counseling program to avoid being denied an FHA loan.
3. The FHA TOTAL Scorecard
   If you submit FHA paperwork electronically, the FHA TOTAL Scorecard is used to measure the credit risk of all FHA loans submitted through the automatic underwriting system.
4. Applying for an FHA Loan
   he FHA asks for a lot of information on your FHA loan application. You will need to provide the FHA with a wide range of details.
5. Additional Paperwork for Veterans
   The FHA asks that veterans submit the DD Form 214 along with their FHA loan application paperwork. The DD Form 214 is the official record of discharge from the Armed Forces.
6. FHA/HUD Insured Mortgages and Refunds
   If you have an FHA loan or HUD insured mortgage, you may have paid an "up-front" mortgage insurance premium at the closing of your house.
7. Popular FHA Loans
   he 203(b) FHA Fixed Rate Mortgage Loan Program is the widely used FHA home loan, especially among first time home buyers.
8. Where FHA Mortgages Come From
   FHA loans do not come directly from the FHA. The FHA guarantees home loans, reducing the risk to lenders and offering increased borrowing power to qualified applicants.
9. Pre-qualify for an FHA Home Loan
   To pre-qualify for an FHA loan, you should be able to demonstrate employability, job stability and reliability.
10. The Increased FHA Loan Amount
    n early 2006, a HUD press release announced an increase of nearly thirty thousand dollars in FHA-insured home loan money being made available to borrowers for single-family home mortgages.
11. FHA Mortgage Fees
    "Reasonable and customary" mortgage loan fees can include appraisals, inspections, credit reports, document preparation fees and more.
12. Additional FHA Fees
    There are fees included in the processing of some loans that are not directly related to closing costs. Some of these include courier fees, wire fees, real estate broker fees, recording fees and recording taxes.
13. Fees Prohibited by HUD
    Your FHA mortgage is designed to get you into a home for a fair price; you should not pay above and beyond the normal fees associated with buying a home.
14. FHA Loan Mistakes to Avoid
    One major mistake potential homebuyers can make when applying for an FHA home loan is to make a major credit purchase. Don't cloud your debt-to-income ratio with a big purchase before applying for your loan.
15. Improving Your Credit Score
    If you have a poor credit rating, work to establish payment reliability over a period of at least one year before starting your FHA loan paperwork.
16. FHA Mortgage Insurance
    FHA mortgage insurance protects lenders in case of a default by the borrower of the FHA loan. An FHA mortgage helps reduce the cash needed to purchase a home.
17. Streamline a HUD Loan
    Streamlining your FHA mortgage is particular kind of FHA loan refinancing plan. To qualify, your FHA mortgage must meet certain requirements.
18. Active Duty Military and the FHA Loan
    he Service Members Civil Relief Act passed in the 1940s allows active military people to qualify for an interest rate reduction to a maximum of six percent per year during active duty service.
19. Falling Behind on FHA Loan Payments
    In most circumstances, falling behind on your FHA mortgage requires quick action. Never ignore it. Always act immediately to avoid foreclosure.
20. FHA Insurance Fund
    Some FHA mortgage holders may qualify for help in the form of a one-time payment from the FHA insurance fund, to help bring your FHA mortgage up to date.
21. FHA Connection
    FHA Connection is an online system that allows authorized lenders and FHA business partners to access FHA computer systems to originate loans.
22. FHA Connection Neighborhood Watch
    FHA Connection Neighborhood Watch allows authorized users to monitor FHA mortgage delinquency patterns in a geographic area, by lender or by loan details.
23. FHA Adjustable Rate Mortgage
    When shopping for an FHA home, the FHA adjustable rate loan for your FHA home means you should do some homework about the index, which is the measurement of how the interest rate changes.
24. How Mortgage Limits are Set
    The FHA does set limits on FHA mortgage loans, and they may differ by county and state. FHA mortgage loan limits are based upon the Fannie Mae/Freddie Mac limits on conventional mortgage loans.
25. FHA Loan Limit
    FHA loan limits can change based on factors including average area home prices. FHA loan limits also increase with the number of units.
26. FHA Loan Options
    FHA home mortgages can include FHA loans for a 'fixer-upper" home. The FHA loan for fixer-upper property combines the purchase price of the house and the cost of repairs.
27. Energy Efficient HUD Mortgage
    The FHA EEM allows you to borrow additional money to incorporate energy saving features into your new home. To qualify for the FHA EEM, you'll need to meet some FHA loan guidelines.

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