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The FHA offers plenty of help and advice, including legitimate ways to deal with your circumstances should you fall behind on your payments or encounter financial difficulties. Always turn to the FHA first before trying to make a deal with a third party.

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June 28, 2017
FHA Rates for June 28, 2017
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FHA.com is a private company, is not a government agency, and does not make loans.

Are There Housing Scams Out There?

FHA Common Question #43

When selling your FHA home, beware of rip-off artists and scammers. They do approach some people offering to "help". Sometimes this comes in the form of an offer pay off the mortgage or give you money after the house is sold.

What usually happens is your FHA mortgage goes unpaid, the home gets foreclosed upon (after the scammer collects rent for a while on your property-part of the scam includes a request that you move out quickly) and your credit rating is blemished. The important thing to remember in this situation is to seek professional advice before going into any such relationship with a third party. Unless you pay your mortgage, you may find yourself liable for the results of a deal with a third party.

The FHA offers plenty of help and advice, including legitimate ways to deal with your circumstances should you fall behind on your payments or encounter financial difficulties. Always turn to the FHA first before trying to make a deal with a third party.

NEXT:  What Are My Rights as a Borrower?

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.