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An FHA loan can apply to many different circumstances. Did you know you could qualify for FHA home mortgages for a fixer-upper home? FHA loan guidelines cover this type of buying and several others. The fixer-upper type loan combines the purchase price of the house and the cost of repairs in one agreement.

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April 19, 2019
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FHA.com is a privately owned website, is not a government agency, and does not make loans.

What About FHA Loan Guidelines?

FHA Common Question #25

An FHA loan can apply to many different circumstances. Did you know you could qualify for FHA home mortgages for a "fixer-upper" home? FHA loan guidelines cover this type of buying and several others. The fixer-upper type loan combines the purchase price of the house and the cost of repairs in one agreement.

There are also FHA loans available for qualified borrowers over the age of sixty-two, to convert a portion of the equity in a home into cash. The FHA even has financing available for mobile homes and manufactured homes. (While the FHA has these programs, most FHA lenders either choose not to participate in them or have additional qualifying overlays which are more stringent than the FHA).

It is not mandatory for an FHA lender to offer certain products and you should contact each lender to see if they offer the product you need. All of this information can be explained by your local FHA lender, and you can also get help from a HUD-approved counselor by calling (800) 225-5342. Be sure to ask or do research about pertinent state or local programs in your area that can assist you with any required down payment on your FHA loan.

NEXT:  What About FHA Loan Guidelines? (part two)

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FHA Loan Articles and Mortgage News

FHA Standards Versus Local Laws

April 15, 2019 - Some borrowers get confused over the differences in what the FHA home loan program will permit versus state or local laws that have a say in similar or identical areas. It’s easy to assume that FHA loan rules would override a local ordinance, but this is definitely not true.

FHA Condo Loans for Self-Employed Borrowers

April 13, 2019 - FHA condo loans allow financially qualified borrowers to apply for maximum financing of 96.5% and a 3.5% down payment. FHA loan minimums permit maximum financing and the lowest down payment for those with FICO scores 580 or higher.

FHA One-Time Close Construction Loan Rules to Know

April 12, 2019 - FHA One-Time Close construction loans are different than other FHA new purchase loans. There are some basic differences between new construction and existing construction FHA loans. Before we launch into those differences, it’s important to point out one very important aspect about this program.

Buying a Home With an FHA Loan? Ask Questions.

April 11, 2019 - If you are buying your first home with an FHA mortgage, there are some questions you should ask about the property you want to buy. Sometimes it only takes a little bit of information to help make up a potential homeowner’s mind, but knowing the right questions to ask is key.

Is the FHA One-Time Close Construction Loan Right for You?

April 10, 2019 - FHA One-Time Close construction loans are designed for those who want to have a home built for them from the ground up. Construction loan mortgages, especially FHA One-Time Close loans, are unique among mortgage lending products and have some distinct advantages.

FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!