FHA Loan Requirements

February 7, 2020 - FHA home loan rules for second homes and investment properties are fairly straightforward; it’s the exceptions that can be confusing. Basically, if you want an FHA mortgage, you must be prepared to occupy the property you buy with one.

February 5, 2020 - One big issue that can delay your closing date is incomplete paperwork. Whether you are submitting or closing the loan electronically or not, you will need to make sure all paperwork is properly filled out and complete.

February 2, 2020 - What do you need to know about interest rates in 2020? Your credit score helps the lender decide what interest rate to offer you. So in addition to the market forces that change and effect the home loan rates on a daily basis, so does your own credit history.

January 31, 2020 - Buying a home instead of renting it means doing some financial housekeeping to get started. Don’t forget to review FICO scores and credit reports and payment history to make sure you have made on-time payments for the 12 months leading up to the loan application.

January 29, 2020 - Those refinancing this year will need to review their credit reports, make sure they have no late or missed payments in the year leading up to the loan application, and work hard to reduce debt and credit card use. Take some of the same steps you took when you originally applied.

January 27, 2020 - There are common home loan scams that affect house hunters, even those applying for FHA home loans. There are scams that affect borrowers at several stages of the home loan process--there is even a scam that can affect you after you have closed the deal and moved into your new home.

January 26, 2020 - What do you need to successfully fill out and submit an FHA loan application? Buying a home is more efficient when you get pre-approved for the loan. Pre-approval is not the same as loan approval and you will need to discuss that nuance with your loan officer before house hunting.

January 25, 2020 - The FHA down payment can be as low as 3.5% of the adjusted value of the home. Compare that to the conventional loan 20% down requirement and it’s easy to see why FHA loans might be more appealing. Smaller down payments make sense if you don’t plan to keep the home long-term. 

January 23, 2020 - Some borrowers who work on their credit long before applying for a loan may be eligible for the best down payment terms. You may be required to make a larger down payment if your credit score is too low. Work on your credit aggressively, and as early as possible.

January 22, 2020 - The FHA single family home loan handbook, HUD 4000.1 includes guidelines for FHA 203(k) loans. Borrowers should know the loan rules for this type of mortgage includes a list of projects and improvements allowed under the 203(k) rehab loan.