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 2018
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.
Down Payment Grants for FHA Loans
Paying the upfront costs of buying a new home can be challenging. To help overcome this hurdle, many local and state agencies offer down payment assistance in the form of grants or second mortgages.
Homebuyer Terminology
If you’re getting ready to shop around for mortgage options, it’s a good idea to brush up on some of the technical terms in our Mortgage Glossary. You’re going to be hearing a lot of them!
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FHA Loan Articles and Mortgage News
August 6, 2018 - Why should borrowers consider an FHA mortgage over a conventional loan? There are many reasons why-some are situational, others may come down to how much the house hunter wants to budget for a down payment.
August 4, 2018 - The first thing to think about before you start getting ready to apply for an FHA mortgage to refinance and remodel is how old your current mortgage loan is. The longer you have been making payments, the more buying power you might have with a new loan.
August 3, 2018 - The home inspection on the property you buy with your FHA mortgage is something you the borrower must arrange and pay for. It covers the roof, the basement, crawl space, the mechanical systems of the home, foundation, and much more.
August 1, 2018 - Borrowers who want FHA condo loans, or who buy homes in neighborhoods that have homeowner associations may be required to sign agreements for maintenance of common areas, agreements not to radically alter the exterior aesthetics of the home, or other covenants.
July 31, 2018 - How soon can I refinance my home loan? This is a question that’s on the mind of anyone who wants to get a lower payment or get out of an adjustable rate mortgage (ARM) and into a fixed-rate FHA home loan.
July 28, 2018 - FHA mortgages have more forgiving FICO score requirements, it’s true, but lender standards will also apply and it’s crucial to examine your credit and adjust your credit habits long before you apply for a mortgage loan.
July 25, 2018 - For those who want to purchase a home to share, there are several options that may be considered with an FHA mortgage. They include having several co-borrowers, with the caveat mentioned above that all applicants must financially qualify.
July 24, 2018 - Are you interested in remodeling your home with an FHA Rehab loan? These FHA loans are available as purchase loans for your next home or as a refinance loan for your existing property. FHA loans allow the borrower to apply for a rehab loan to repair or remodel property in two different ways.
July 23, 2018 - New purchase loans require the lender to determine the fair market value of the property. The appraisal helps the borrower know whether the asking price of the home is higher than it should be compared to similar homes in the area, but the FHA appraisal is not a tool for the borrower.
July 22, 2018 - FHA home loans come with a minimum down payment requirement which an vary depending on the borrower’s credit scores, lender requirements, and other factors. The smallest down payment possible on an FHA mortgage loan for a new purchase is 3.5% of the adjusted value of the home.
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