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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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December 11, 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 Loans for 2020: Mortgage Expenses You Can Plan For

December 8, 2019 - If you are planning for a new home loan in 2020, saving up early for your loan expenses can be very useful. You may not be able to anticipate every expense for the new loan, but if you buy or build a house in 2020 you’ll want to prepare for some known mortgage-related expenses.

Construction Loans for 2020: Build a House on Your Own Land

December 6, 2019 - Is 2020 the year you have a house built on your own lot with a loan 3.5% down payment? If you are a qualified veteran, that down payment amount is 0% to build on your own land as long as the appraised value matches or is higher than the asking price.

Problems That Can Delay Your FHA Home Loan (Part Two)

December 4, 2019 - In a recent article we discussed issues that can delay the approval or closing date of your FHA home loan. Do you know what these potential problems are? In Part One we discussed how bankruptcy, foreclosure, and appraisal problems may affect your mortgage loan.

Problems That Can Delay Your FHA Home Loan (Part One)

December 3, 2019 - When applying for an FHA home loan, there are issues that can slow down the progress of your mortgage, whether you are applying for a mobile home loan or an FHA One-Time Close Construction Loan. Some may be preventable in the planning stages of your loan.

FHA Loans in 2020: Pay Attention to Your Debt-To-Income Ratio

December 2, 2019 - Your FHA loan options in 2020 include new purchase loans, reverse mortgages, cash-out FHA refinance loans, and the One-Time Close construction loan if you want a house built for you. But planning ahead is key and you will need to examine and work on the amount of debt you carry