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
Are You Ready to Apply for a Mortgage in 2017?
Do you have a mortgage but are considering cash-out refinancing? Some potential borrowers have an advantage when getting financially ready for a major loan application, while others may overlook important areas that need attention long before the loan paperwork is filled out.
FHA Loans, Appraisals, and the Roof Condition
The FHA appraisal is one of the big milestones of the house buying process. The appraisal does not guarantee that a home is defect-free, but it does tell the lender that the property meets minimum requirements and establishes the fair market value of the property.
FHA Loan Debt to Income Ratio Rules for 2017
Your FHA loan options in 2017 include new purchase loans, reverse mortgages, cash-out FHA refinance loans, and much more. Borrowers should take some time to review their last 12 months of credit and loan repayment history in preparation for the new loan.
FHA Loan Guidelines for Non-Residential Purposes
Some common questions about FHA single family home loans include whether or not an FHA single family mortgage can be used for house flipping. These properties are often distressed upon purchase, and rehabbed to be sold at a significant markup.
FHA Appaisals And Mold Issues
There’s a not-so-common question about FHA loans and the appraisal process that raises an important issue: mold. Does the EPA or the FHA have the responsibility for setting spore count standards or other units of measurement for mold?
FHA Updates Condo Loan Requirements in 2016
There have been many changes to FHA loan policies since the publication of HUD 4000.1, but one of the most significant recent alterations to policy (at the time of this writing) involves policy on FHA condo loans.
FHA Loan Maximum Amounts for 2017
Are you looking for a home to purchase with an FHA mortgage? Issues new to some first-time borrowers include FHA loan limits, and the maximum loan amount you can apply for. FHA home loans feature a maximum loan amount, which may vary.
Income and Debt Ratios for FHA Mortgages
What does a borrower needs to know when preparing to apply for an FHA mortgage? There is a list of items to pay attention to that does include FICO scores; you may find that lenders are looking for FICO scores averaging between 620 and 640.
FHA Loan Rules for Overtime and Bonus Payments
Can an FHA loan applicant use current overtime income or bonus payments to help qualify for a mortgage? Do these payments count towards overall monthly or annual income? This can be a tricky question to answer because not all overtime or bonus payments are alike.
Can I Use 401K Income to Qualify for an FHA Mortgage?
Many borrowers want to know if the income coming from 401K accounts can be used as part of the debt to income calculation. What does the FHA loan rule book say about using a 401K to qualify? Are there cases where 401K income can be used in eligibility calculations?