FHA Loan Requirements

September 14, 2022 - Borrowers who want FHA condo loans, or who buy homes in neighborhoods that have homeowner associations may be required to sign agreements for maintenance of common areas, agreements not to radically alter the exterior aesthetics of the home, or other covenants.

September 13, 2022 - The FHA offers something called a 203(k) Rehab loan for borrowers who want to purchase and rehab a property. This is a great loan offering, but what about borrowers who don’t need to do extensive rehab work to a home?

September 12, 2022 - What makes an FHA One-Time Close construction loan different from a FHA purchase loan? There are important features of each type of loan that you should know about before you commit to either loan type. Are you fully committed to building instead of buying an existing home?

September 11, 2022 - Many first-time homebuyers have questions about the FHA appraisal process, including whether or not they can get a refund from an appraiser in cases where a house has not been approved for an FHA mortgage or when the home’s appraised value comes back lower than expected.

September 10, 2022 - Are you in danger of missing payments? Are you in danger of missing payments on your current rent or mortgage? Those missed payments in particular can be especially dangerous if you need to apply for a new FHA home loan.

September 9, 2022 - If you want to apply for an FHA mortgage, knowing a few facts about how home loan interest rates work can really help you during the planning stages. Here’s what you need to know about home loan interest rates--especially if you want to build a home.

September 8, 2022 - Some borrowers want to know if a house must have central heating and air conditioning (HVAC) in order to be FHA approved? Will a home survive an FHA appraisal without an HVAC system? FHA loan rules for appraisals do address this issue and the answers to this question are found in HUD 4000.1.

September 7, 2022 - Some borrowers come to the FHA loan process with a long credit history, while other borrowers are just getting started. Is it possible for a borrower be turned down for an FHA loan because of a lack of credit history?

September 6, 2022 - When you apply for an FHA mortgage loan, your lender is required to make sure you can afford the loan and your current amount of monthly debt. The loan officer will be required to calculate the amount of your financial obligations and compare it to your current income to determine approval eligibility.

September 5, 2022 - It’s easy to assume that your FICO scores are the key to getting a home loan approved. After all, FHA loan credit qualifications do specify a minimum FICO score for all borrowers. The FICO score minimums for the lowest down payment are set by the FHA and HUD.