FHA Loan Requirements

January 5, 2022 - Are you thinking about your options for an FHA mortgage? Borrowers should spend plenty of time examining several aspects of their finances and credit before filling out paperwork or online forms to apply or get pre-approved for an FHA loan.

January 5, 2022 - An FHA loan down payment, for example, must be paid independently of any other closing costs. You can’t pay $400 for an appraisal (this number is for example purposes only, your experience may vary) and expect to have that $400 subtracted from the amount of the down payment.

January 4, 2022 - If you are new to the home loan process and want to apply for an FHA mortgage, you’ll encounter some technical terms that might be confusing at first. But the more familiar you get with the home loan process, the more these new terms will make sense.

January 3, 2022 - In cases where down payment assistance is concerned,  counseling is usually required to make sure the applicant fully understands their responsibilities for the loan. That includes why escrow may be required, and covers payment of property taxes and other expenses related to the home loan.

January 2, 2022 - Want to buy a home with an FHA mortgage but are worried about coming up with your down payment? There are plenty of state and local down payment assistance programs but before you consider applying for one, there are some things you should know.

January 1, 2022 - There are many headlines about natural disasters, whether they are floods, hurricanes, forest fires, or other incidents. And with such disasters, there are often federal declarations that apply to a county or set of counties--declarations that make these areas major disaster zones.

December 31, 2021 - If you are thinking about buying a home in another state with an FHA mortgage, there are some issues to keep in mind. House hunting in an area you are familiar with is a lot easier than buying property in a place you don’t really know.

December 30, 2021 - One of the major issues with an FHA appraisal is the scenario where the appraisal comes back with a valuation lower than the asking price. In other words, the appraiser lists the value of the property as one dollar amount but the seller is asking for a higher amount.

December 29, 2021 - Why do people say renters are throwing their money away instead of building wealth in a home? When you rent, you are paying someone else for the privilege of living in their property and it is the property owner grows the equity in the home.

December 28, 2021 - What do you need to be prepared for closing day on your FHA mortgage? There are some important issues to keep in mind when it comes to mortgage closing. The first is that when your closing date is set, consider scheduling your moving truck for any day besides closing day.