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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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June 28, 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
When the Seller Wants to Help Pay Your FHA Closing Costs

June 12, 2017 - FHA loan rules in the FHA Handbook limit the contributions of an interested party, who may be the seller or any other person or party who wants to contribute to closing costs. These contributions are limited to a maximum of six percent of the sale price of the home.

Are FHA Loans Allowed When One Family Member Buys a Home From Another?

May 29, 2017 - FHA loan rules have special requirements for home loan transactions that may be termed “identity of interest”. These transactions, which are sometimes allowed, are between parties with an existing business relationship or between family members.

Is it Possible to Apply for Another FHA Mortgage?

May 22, 2017 - Some borrowers experience some confusion over the rules for FHA loans in cases where a homeowner wants to think about applying for an FHA mortgage to buy a second home. What are the FHA loan rules that apply in such circumstances? 

Verifying Alimony and/or Child Support for FHA Loans

May 16, 2017 - The FHA Loan Handbook states that a borrower may use alimony/child support income to qualify for an FHA home loan if it can be verified and meets FHA requirements. How does your FHA lender may consider alimony and child support as part of a borrower’s effective income? 

How FICO Scores Affect Your FHA Home Loan

May 12, 2017 - The FHA Handbook instructs lenders that a borrower is technically qualified for maximum financing  at the required minimum 3.5% down payment when the applicant has a FICO score at 580 or higher.