FHA Loan Requirements

December 7, 2020 - Are you interested in an FHA mobile home loan? FHA loans aren’t just for buying suburban homes or condo units. They're offered by participating lenders for  mobile homes, manufactured homes, or modular homes. Buying land for your mobile home is also allowed under FHA loan rules.

December 5, 2020 - FHA 203(k) Rehab loans don’t require the property to meet FHA and lender minimum property requirements at the time of the loan. However, FHA loan rules do require the home to meet those requirements when the rehab work is finished as a condition of loan approval.

December 4, 2020 - There are home loans you use to buy a home to move into right away, and then there are the home loans you use to buy a home that isn’t perfect and needs some repairs prior to move in. The first is known as an FHA 203(b) forward mortgage. The second is the FHA 203(k) rehabilitation mortgage.

December 2, 2020 - Sometimes, the simple questions are the most revealing. Why choose an FHA mortgage loan? Why not choose a conventional mortgage, VA loan, or USDA? Compared to conventional mortgages, FHA loans have more forgiving credit requirements.

December 1, 2020 - If you need to buy and remodel a home, the standard FHA mortgage isn’t as helpful as an FHA 203(k) Rehabilitation mortgage, which is available to help buy and repair or remodel a home with approved projects. However, your lender won't you act as your own contractor.

November 30, 2020 - From the simple act of reviewing your credit scores all the way to getting an appointment with a local housing counselor to discuss how to properly get ready for your mortgage application, there are a variety of options to help you prepare for your loan.

November 27, 2020 - Up front costs are a typical part of doing business with an FHA mortgage. Anticipating your closing costs and down payment are an important part of the planning stages of your new loan. Do you know what you can avoid paying yourself up front?

November 25, 2020 - The most important thing to do as you consider how to approach a refi loan is determine what your goals for the new loan might be. Cash out at closing time is a motivator for some, a lower interest rate or mortgage payment is another.

November 23, 2020 - Getting prequalified is an initial step toward the loan. You are not committing to the mortgage yet, just exploring your options. You’ll want to have the general information about your income, the amount of debt you carry, your credit scores, and other details.

November 22, 2020 - FHA loan rules include instruction to your loan officer about how to process your employment information and also includes guidelines about how much time in the job market is required in order for you to be seriously considered as a home loan applicant.