FHA Loan Requirements
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.
- The Facts About FHA Credit Requirements and FICO® Scores
- Do FHA Loan Requirements Apply to All Borrowers?
- Your FHA Loan Credit Qualifications
FHA Limits for 2019
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.
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FHA Loan Articles and Mortgage News
June 5, 2019 - FHA refinance loans are intended for residences, so you can’t refinance a vacation home, a time share, or any kind of commercial operation such as a Air B-nB, a bed and breakfast, condohotel, or other transient occupancy type rental space.
June 4, 2019 - Down payment assistance gift funds are not offered by the FHA and cannot be offered by the lender, but local agencies that meet FHA guidelines in this area may. You will need to search in your local area to learn what sources of down payment help might be open to you.
June 3, 2019 - This is not the first thing a first-time home buyer thinks of when reviewing a home, but if a swimming pool does not meet local building code requirements and other local laws, the appraisal process could make the pool a sticking point in loan approval.
June 2, 2019 - FHA home loan rules permit more than one person to be obligated on the mortgage, and there are situations where multiple borrowers may wish to purchase a home together even if only one of those borrowers will actually live in the home.
June 2, 2019 - Some of your FHA loan closing costs may be financed, and some may - after being negotiated between buyer and seller - be paid by the seller within the boundaries of the FHA loan program's rules. The borrower can also pay some closing costs out of pocket.
June 1, 2019 - FHA refinance loans can be used in a variety of ways, but you should know the rules before you commit as there are a variety of refinance loan options that can be used most effectively for specific needs. Know the facts about FHA refi loans before you apply and get the RIGHT loan for you.
May 30, 2019 - FHA loan policy about down payments for new purchase home loans is quite clear. One condition of FHA loan approval is that the borrower provide a minimum cash investment--a down payment--of at least 3.5%.
May 29, 2019 - What are the issues you need to pay attention to when house hunting for a new home? You can spot some problem areas yourself, but others may not be evident at all without doing research and asking questions about the location of the homes for sale that you might be interested in.
May 28, 2019 - There are two kinds of FHA rehabilitation loans offered to borrowers who want to buy or refinance a home at the same time they get funding to repair, remodel, or renovate. These FHA mortgages are known as FHA 203(k) Rehab loans and FHA 203(h) rehab loans.
May 27, 2019 - FHA home loans have rules, and house sellers in general have to obey certain federal laws. The gist of this is that when you buy a home with an FHA mortgage there are things the seller cannot do. For example, the seller is not legally permitted to contribute toward a borrower’s down payment.
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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!
