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The FHA has many programs set up to assist you with getting into a good home at a fair price, but if you have doubts about your ability to pay, waiting and getting some housing counseling may be a safer bet. A delinquent loan affects your credit rating.

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May 22, 2017
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FHA.com is a private company, is not a government agency, and does not make loans.

Am I Borrowing Too Much?

FHA Common Question #46

FHA guidelines are set up to help you get the amount you are qualified for and set up conditions to allow you to successfully buy an FHA home. What the FHA mortgage rules cannot do is determine whether or not you can meet your monthly obligations. It's up to you to make the call; if you begin the process of buying a home only to realize you can't really afford the size of the payments, immediately discuss the situation with a housing counselor and your lender.

The FHA has many programs set up to assist you with getting into a good home at a fair price, but if you have doubts about your ability to pay, waiting and getting some housing counseling may be a safer bet. A delinquent loan affects your credit rating; waiting until you are sure to purchase a home does not hurt at all.

NEXT:  How Can I Detect Predatory Practices?

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.