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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.

FHA Rates Near 50 Year Low!

Now is the time to drop the interest rate on your 30-year mortgage or refinance into a 15-year home loan.

FHA Rates for April 10, 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

HUD Announces New CARES Act FHA Home Loan Relief

April 2, 2020 - If you have an FHA mortgage, refinance loan, or One-Time Close construction mortgage and are experiencing financial hardship as a result of the COVID-19 outbreak, you may qualify for certain relief measures including those announced in this latest HUD action. What kind of relief may be available to you?

FHA Loan Advice From HUD During the Coronavirus Outbreak

April 1, 2020 - FHA lenders have been asked by the Department of Housing and Urban Development to use reasonable judgment when trying to decide who is legitimately affected by COVID-19 for the purpose of evaluating the loan.

FHA Announces Coronavirus-Related Changes to Loan Approval Rules

March 30, 2020 - Recently the FHA and HUD issued a mortgagee letter announcing that appraisal rules had been temporarily modified to permit exterior-only appraisals for FHA home loans and reverse mortgages.

FHA and HUD Announce Modified Appraisal Guidelines

March 27, 2020 - The COVID-19 / coronavirus outbreak has put considerable stress on many sectors of the housing industry. At the end of March the FHA and HUD issued a press release to announce changes in FHA appraisal policy to accommodate some of that stress

Getting a Loan in the Age of Coronavirus

March 24, 2020 - Mortgage markets, interest rates, and related issues are getting a lot of attention lately. Buying a home is more complicated in the era of the coronavirus, lockdowns, and COVID-19. But what are industry people saying about mortgage loans right now?