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The Servicemembers Civil Relief Act was passed in the 1940s to help military people cope with the requirements of being on active duty. Did you know that you can get an interest rate reduction to go to no more than six percent per year during your active duty service?

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October 21, 2017
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Is There an FHA Military Mortgage?

FHA Common Question #17

The Servicemembers Civil Relief Act was passed in the 1940s to help military people cope with the requirements of being on active duty while trying to meet their financial obligations at the same time.

Did you know that you can get an interest rate reduction to go to no more than six percent per year during your active duty service? This is true of both commercial FHA mortgages, but there is one catch. You must make a request to get this reduced rate. You may also be required to renew your request at periodic intervals as permitted by the Civil Relief Act.

Make sure you completely understand the requirements of your lender and the rules of the Relief Act to take full advantage of this important FHA loan benefit.

NEXT:  What if I Fall Behind on My Payments?

FHA Loan Articles and Mortgage News

Read About FHA Requirements, Updates, and Guidelines
Changes to FHA Loan Rules on Collections and Judgments

October 7, 2017 - In general, FHA loan rules require the lender to determine that judgments are resolved or paid off prior to or at closing. Judgments of a non-borrowing spouse in a community property state must be resolved or paid in full, with the exception of obligations excluded by state law.

Is There a No Money Down FHA Loan Option?

October 2, 2017 - The FHA Single-Family Home Loan program does not feature a no money down option. However, there are state and local programs that may offer assistance to home buyers, first-time home buyers, or home buyers who are in financial need.

FHA Loans, Disability Pay, and Proof of Income

September 25, 2017 - There are many common questions about FHA home loans, and more than a few uncommon ones. Income verification is one area where FHA loan applicants may experience the need for more information.

Are My Tax Returns Required for an FHA Loan?

September 20, 2017 - When you apply for an FHA home loan, there's a list of documents and documentation needed to process an FHA loan application. These are the minimum needed to establish an accurate picture of a borrower's credit and payment history.

Rules for FHA Loans Following a Short Sale

September 9, 2017 - FHA loan rules for new loans following a short sale may seem complex--the rules that apply to you often depend on the status of your mortgage loan prior to the short sale. But, when is a new FHA home loan possible following a short sale?