FHA Loan Requirements

November 3, 2020 - Mortgage scams and reverse mortgage scams often feature these third parties approaching home owners, especially those who may be in trouble with their mortgages, with offers to save a home from foreclosure or with bogus offers through a reverse mortgages.

October 30, 2020 - What is the difference between a site condo and an ordinary condo? There are FHA loans for condo units in approved projects and there are also rules in the FHA Lender’s Handbook that address when the purchase of a site condominium is permitted. But what is the difference?

October 28, 2020 - In October, 2020, the Department of Housing and Urban Development and the Federal Housing Administration once more determined the need to extend the deadline for approving a COVID-19 Forbearance or an HECM Extension beyond the original and earlier-modified deadlines.

October 27, 2020 - On October 22nd, 2020, the FHA and HUD announced changes to the FHA loan rules for new construction loans, which are used to build a home rather than having the borrower buy an existing property previously occupied by the former owner.

October 24, 2020 - Borrowers with existing mortgages who wish to refinance have a variety of options for doing so under the FHA Single Family home loan program. You can refinance an existing FHA mortgage or a non-FHA mortgage using options like cash-out refinances and no cash out options.

October 22, 2020 - There are many options with an FHA mortgage. Not all of them involve purchasing a typical house that qualifies as new construction or existing construction meeting FHA appraisal guidelines. For example, an FHA loan is possible for purchasing a condo unit in an approved condo project.

October 20, 2020 - In the age of coronavirus, many home loan and refinance loan policies have been re-examined to see how borrowers can be helped into new loans or refinance loans even having needed a loan forbearance.

October 14, 2020 - If you don’t know the contents of your credit report, you aren’t ready for a home loan. But subscribing to a credit monitoring service is just the first step--knowing what options to choose can be an important step in getting better prepared for your mortgage loan application.

October 13, 2020 - Mortgage loan interest rates fell to incredible lows in 2020 and many homeowners have taken advantage of those low rates to refinance their mortgages. There are many reasons to do so including saving money over the lifetime of the loan by paying a lower interest rate.

October 10, 2020 - Some borrowers find the property they want does not qualify for an FHA mortgage loan and they aren’t sure why--at first. You can save a lot of time and money by understanding what FHA loans are approved for and the kinds of property you cannot purchase using an FHA home loan.