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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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October 21, 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

What Can Affect Your Home Loan Appraisal?

October 6, 2019 - There are several areas that can affect whether your dream home is able to be purchased or not and your FHA appraiser is the one tasked with determining if the issues below will interfere with loan approval or not. 

What to do if Your Home Is Affected by a Natural Disaster

October 5, 2019 - Those who have FHA mortgages should know that the basic policy of the FHA and HUD in natural disasters is that participating lenders should consider loan moratoriums, flexible loan modification plans, and other foreclosure avoidance measures.

Credit Problems? FHA Home Loan Approval Issues

October 3, 2019 - Getting your FHA lender to take you seriously as a borrower when you have had past credit trouble depends on certain factors. Try to show them your credit troubles were caused by circumstances beyond your control and demonstrate good credit use since the negative credit incident.

Five Signs You Are Ready to Buy a Home with an FHA Mortgage

October 1, 2019 - There are plenty of indications that a buyer is NOT ready to buy a home with an FHA mortgage loan, but what tells you it’s time to make the commitment? There are five general signs you can use to determine how close you are to being fully ready.

Tips to Get a Better Refinance Loan

September 30, 2019 - Do you need to refinance your home? There are some important steps you can take to help yourself get the best deal possible when trying to refinance. A bit of planning and preparation will go a long way toward helping you get the best rates and terms possible on your refi loan.