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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.

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January 25, 2020
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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.

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FHA Loan Articles and Mortgage News

One-Time Close Construction Loans: No Loan Limits?

January 21, 2020 - Is there really a construction loan that lets you build a house on your own lot with no loan limit? AND a zero-down loan at that? Believe it or not, such a loan DOES exist. It’s the VA Construction Loan, which can be offered as a One-Time Close mortgage.

Tips for FHA Home Loan Cosigners

January 18, 2020 - FHA loans permit cosigners, co-borrowers, even non-occupying co-borrowers. The rules for cosigning, co-borrowing, etc. are found in HUD 4000.1, the FHA Lender’s Handbook, but there may also be additional standards imposed by the lender.

Are You Due a Mortgage Insurance Refund From an FHA Loan?

January 15, 2020 - Some borrowers are, and some are not--much depends on the nature of your mortgage transaction. UFMIP is always required on FHA loan transactions and must be paid either in cash at closing time or must be financed into the loan amount.

There Are Different Kinds of One-Time Close Construction Loans

January 13, 2020 - A One-Time Close loan can help you build a home without the requirements some other construction loans have -- two applications, two loans, and two closing dates. These construction loans are for first-time home buyers AND experienced home owners alike.

FHA Home Loan Costs to Save for in 2020

January 12, 2020 - If you've already started saving for your down payment, your appraisal, compliance inspections, and other costs, you’re well ahead of the game. Those who haven’t started truly planning and saving may feel a bit lost when trying to get ready for the loan.