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 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.
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.
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!
FHA Loan Articles and Mortgage News
Read About FHA Requirements, Updates, and Guidelines
FHA Loan Appraisal Basics
April 10, 2017 - The FHA appraisal is a necessary process that can be mysterious to some potential FHA borrowers. What purpose does the FHA appraisal serve? It is not as complete as the optional (but critically important) home inspection, and the results of the appraisal should not be mistaken for a home inspection.
FHA Loans and FICO Scores
April 7, 2017 - FICO score issues are a common source of stress to potential FHA borrowers. Everyone wants to know if their FICO scores are high enough to qualify for an FHA mortgage. Is it possible to qualify for an FHA loan or refinance loan with credit scores from 500 to 579? Or are higher scores required?
FHA Loan Rules for Second Homes
April 5, 2017 - If you are interested in an FHA mortgage, it’s important to understand that occupancy is a key issue. All FHA loan borrowers are expected to occupy the home as their primary residence and are usually required to take possession of the home within 60 days of the loan closing.
Child Support Income, Alimony, and FHA Loans
April 3, 2017 - There are specific guidelines for participating FHA lenders who must include child support, alimony, or maintenance payments as part of loan processing. Borrowers who must pay child support, or other forms of support will be required to furnish documentation for their payments.
FHA Loan Employment Guidelines
March 31, 2017 - Are you worried about being denied an FHA loan because of a gap in employment? While FHA loan standards for employment in HUD 4000.1 are not the only standards that are recognized, it is good to know what FHA loan rules instruct the lender to do as a minimum.
FHA Loan Rules for Documenting Commission Income
March 28, 2017 - FHA mortgage rules require the lender to verify the borrower’s income and employment, and some borrowers come to the loan process with unique circumstances such as commission income.
FHA Mortgage Loans for the First-Time Borrower
March 24, 2017 - FHA mortgages are not just for first-time home buyers, and FHA loan guidelines do not offer more favorable terms for first-timer buyers than for anyone else. All applicants who are financially qualified can apply for an FHA loan or refinance loan.
FHA Loan Rules for Down Payment Gift Funds
March 22, 2017 - Borrowers wishing to purchase a home with an FHA loan may need some help with the down payment. There are rules that permit a borrower to receive such outside help, but the source and purpose of these funds are carefully regulated under FHA mortgage loan rules.
Basic Eligibility Rules for FHA Mortgages
March 20, 2017 - Do you need help figuring out whether you are eligible for an FHA mortgage? It may be simpler than you think. FHA home loans are not just for a certain income level, and they are not just for first-time buyers, as we’ll see.
Can Collection Activity Hurt Your FHA Loan Chances?
March 15, 2017 - Credit issues worry some FHA loan applicants. Not knowing how the lender will interpret some kinds of negative credit information causes a lot of anxiety for new borrowers. However, having a collection account on your record may not be an automatic barrier to getting an FHA mortgage.