FHA Loan Requirements

May 19, 2024 - Many finance blogs and pundits write about what to do when planning and saving for a home loan. But what about the advice on what not to do before application time? A common mistake is sticking with your current lender without comparing your options elsewhere.

May 17, 2024 - If you are new to house hunting, there are important questions to ask the seller of the property you want to buy. Sometimes, the answers are very important. Other times, the answers aren’t as important as the seller’s response to the question.

May 16, 2024 - There are many articles about FHA loan options for those who have had houses damaged or destroyed by a wildfire, flood, or other natural disaster. But what about FHA borrowers who have applied for FHA home loans, but have yet to close the deal with disaster strikes?

May 15, 2024 - In 2024, the FHA and HUD modified important aspects of the FHA single-family home loan appraisal guidelines to incorporate reforms to reconsider appraisals due to defects, policy violations, and other issues.

May 14, 2024 - Whether you want to buy a starter home or if you plan to purchase a four-unit property and rent out the unused units to paying tenants, it will be necessary to compare lenders and it helps to have a list of standard issues you want to review with each.

May 13, 2024 - You’ve saved your down payment funds, researched the housing market, and worked on your credit. When you apply to be pre-approved or prequalified for an FHA mortgage, there are a few things to review before you start filling out the forms.

May 12, 2024 - The FHA and HUD have revised appraisal rules for FHA single-family loans. The revisions are meant to address issues including housing discrimination at the appraisal level, and provide home buyers with clarified guidelines to contest an appraisal or request a reconsideration of value (ROV).

May 11, 2024 - FHA home loans are just one way to buy a home. Some borrowers pay in cash, some use conventional mortgages, and some qualify for VA home loans. But what do all of these have in common in many cases? The need to use home loan earnest money as part of the transaction.

May 10, 2024 - Which services are required for FHA loans, and which ones are optional? Some borrowers ask this in the planning stages because they’re trying to find ways to stretch their home loan budgets for closing costs and the down payment. We examine some critical services in this article.

May 8, 2024 - You cannot make a down payment or pay closing costs with cold, hard cash. You must render payment in the manner acceptable to the lender, which is typically a wire transfer or some other pre-arranged procedure for down payment money.