FHA Loans for Home Owners
Whether you're a first time homebuyer, moving to a new home, or want to refinance your existing conventional or FHA mortgage, the FHA loan program will let you purchase a home with a low down payment and flexible guidelines.
FHA Limits for 2015
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.
Refinance Your Home With 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 help put that equity to work.
Choose From Several FHA Loan Types
A variety of FHA loan programs are backed by HUD and are available to home owners. Choose between adjustable and fixed rate mortgages, energy efficient and graduated payment loans, condo loans, and others.
FHA Loan Articles
There are plenty of FHA loan applicants who are interested in learning what the rules are regarding condo loans. In order to be approved for a home loan to buy a unit in a condo project, that project must meet certain FHA specifications.
FHA made an announcement about cuts in the annual mortgage insurance premium (MIP) in a preliminary January 2015 announcment. The new FHA policy reduces the rate for most Title II forward mortgages with terms greater than 15 years.
In January 2015, FHA announced that annual FHA mortgage insurance premiums would be reduced, amounting to a savings as much as $900 per year according to a speech by President Barack Obama.
There are many types of questions about FHA mortgage insurance premium requirements, but since the FHA changed its MIP policies to extend MIP for the maximum duration permitted by law, we've seen more questions about those changes.
In 2010, the FHA offered a program designed to help those who were underwater on their home loans, owing more on the loan than the property was worth. That program was called FHA Refinance Of Borrowers In Negative Equity Positions.
One common question we get involves Private Mortgage Insurance and the premiums for that insurance. Borrowers should discuss PMI policy changes with a loan officer.
FHA condo loans are available for projects on the FHA approved list--if you need to have a condo project added to the FHA approved list should discuss the situation with the lender.
If a borrower is permitted to purchase one home with an FHA mortgage loan, what's to stop the borrower from purchasing a second property? How many single house can an FHA borrower buy with an FHA loan?
The FHA has a section in its rulebook that lists a minimum FICO score for borrowers. In general, if your FICO score is below 580, you won't qualify for the lowest down payment amount of 3.5%. This minimum may be lower than the standards set by lenders.
You and your lender need the amount of the sale price of a home before a loan amount can be properly calculated. Other factors that affect the loan include the amount of your down payment, and the county loan limits where you are buying the home.
