Quantcast

The FHA's best advice is to do whatever you can to save your home before allowing it to go back to the bank or be foreclosed upon. But for those in more serious situations in danger of a foreclosure, there is a way to give the property back to the bank.

FHA Mortgage Loan Rates

May 22, 2017
FHA Rates for May 22, 2017
Offering 30 Year Fixed Mortgages
Offering 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
FHA.com is a private company, is not a government agency, and does not make loans.

Prequalify Now!

Compare mortgage rates for your refinance or home purchase loan.

CHOOSE A LOAN TYPE

then
get
your

FREE CREDIT SCORE

Do you know what's on
your credit report?
The Path to Homeownership
FHA.com is a private company, is not a government agency, and does not make loans.

How Can I Avoid Foreclosure?

FHA Common Question #40

For those in more serious situations in danger of a foreclosure, there is a way to give the property back to the bank. The FHA home will revert to the bank and you won't be able to save it-but the process is less damaging on a credit report than actual foreclosure.

FHA guidelines require you not be in default on another FHA mortgage, and you must already be in default and not qualified for other options. According to FHA home loan rules, this truly is a last resort, but a select few will need to exercise that last resort in some cases.

The FHA's best advice is to do whatever you can to save your home before allowing it to go back to the bank or be foreclosed upon.

NEXT:  What If I Have Delinquent Payments?

FHA Loan Articles and Mortgage News

Read About FHA Requirements, Updates, and Guidelines
FHA Loan Appraisal Basics

April 10, 2017 - The FHA appraisal is a necessary process that can be mysterious to some potential FHA borrowers. What purpose does the FHA appraisal serve? It is not as complete as the optional (but critically important) home inspection, and the results of the appraisal should not be mistaken for a home inspection.

FHA Loans and FICO Scores

April 7, 2017 - FICO score issues are a common source of stress to potential FHA borrowers. Everyone wants to know if their FICO scores are high enough to qualify for an FHA mortgage. Is it possible to qualify for an FHA loan or refinance loan with credit scores from 500 to 579? Or are higher scores required?

FHA Loan Rules for Second Homes

April 5, 2017 - If you are interested in an FHA mortgage, it’s important to understand that occupancy is a key issue. All FHA loan borrowers are expected to occupy the home as their primary residence and are usually required to take possession of the home within 60 days of the loan closing.

Child Support Income, Alimony, and FHA Loans

April 3, 2017 - There are specific guidelines for participating FHA lenders who must include child support, alimony, or maintenance payments as part of loan processing. Borrowers who must pay child support, or other forms of support will be required to furnish documentation for their payments.

FHA Loan Employment Guidelines

March 31, 2017 - Are you worried about being denied an FHA loan because of a gap in employment? While FHA loan standards for employment in HUD 4000.1 are not the only standards that are recognized, it is good to know what FHA loan rules instruct the lender to do as a minimum.