Quantcast

Do not put yourself at a financial disadvantage to do so, but if you are able, getting rid of any debt on your record will help when you apply for the FHA loan. As always, if you have any doubts at all, consult a financial planner or ask your lender for advice.

FHA Mortgage Loan Rates

December 11, 2019
FHA Rates for December 11, 2019
Compare 30 Year Fixed Mortgages
Compare 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

then
get
your

Your Credit Score

Do you know what's on
your credit report?
Get Credit Score Button
Get Credit Score Button
FHA.com is a privately owned website, is not a government agency, and does not make loans.

What Should I Avoid When Applying?

FHA Common Question #13

There is one major mistake potential homebuyers can easily make when applying for an FHA home loan; a major credit purchase. Don't cloud your debt-to-income ratio with a big purchase before closing on your home! Remember that your debt-to-income calculation is based on your current debts and the percentage of that debt to the amount of money you have coming in.

Any major credit purchase will seriously alter the balance-sometimes enough to weigh against you when it comes down to FHA loan decision time by the lending institution. In fact, if you can afford to pay off your current auto loan before applying for an FHA loan, it may be a good decision.

Don't put yourself at a financial disadvantage to do so, but if you are able, getting rid of any debt on your record will help when you apply for the FHA loan. As always, if you have any doubts at all, consult a financial planner or ask your lender for advice.

NEXT:  How Can I Improve My Credit Rating?

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


GET STARTED

FHA Loan Articles and Mortgage News

FHA Loans for 2020: Mortgage Expenses You Can Plan For

December 8, 2019 - If you are planning for a new home loan in 2020, saving up early for your loan expenses can be very useful. You may not be able to anticipate every expense for the new loan, but if you buy or build a house in 2020 you’ll want to prepare for some known mortgage-related expenses.

Construction Loans for 2020: Build a House on Your Own Land

December 6, 2019 - Is 2020 the year you have a house built on your own lot with a loan 3.5% down payment? If you are a qualified veteran, that down payment amount is 0% to build on your own land as long as the appraised value matches or is higher than the asking price.

Problems That Can Delay Your FHA Home Loan (Part Two)

December 4, 2019 - In a recent article we discussed issues that can delay the approval or closing date of your FHA home loan. Do you know what these potential problems are? In Part One we discussed how bankruptcy, foreclosure, and appraisal problems may affect your mortgage loan.

Problems That Can Delay Your FHA Home Loan (Part One)

December 3, 2019 - When applying for an FHA home loan, there are issues that can slow down the progress of your mortgage, whether you are applying for a mobile home loan or an FHA One-Time Close Construction Loan. Some may be preventable in the planning stages of your loan.

FHA Loans in 2020: Pay Attention to Your Debt-To-Income Ratio

December 2, 2019 - Your FHA loan options in 2020 include new purchase loans, reverse mortgages, cash-out FHA refinance loans, and the One-Time Close construction loan if you want a house built for you. But planning ahead is key and you will need to examine and work on the amount of debt you carry