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There are many scams that dishonest sellers and lenders use. FHA guidelines are very clear about above-board practices lenders should be using to help you get into an FHA mortgage.

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August 21, 2017
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How Can I Detect Predatory Practices?

FHA Common Question #47

There are many scams that dishonest sellers and lenders use. FHA guidelines are very clear about above-board practices lenders should be using to help you get into an FHA mortgage. Your bank may be an FHA approved lender, but people do encounter individuals who don't adhere to FHA rules.

If you encounter a questionable person in the pursuit of your FHA home, be sure to report the suspicious activity and consult a housing counselor for advice. The FHA and HUD routinely warn people to stay away from anyone who claims they are your only chance to get into a home. You should also beware of anyone offering you paperwork to sign with blank pages or spaces.

If the closing terms are not what you agreed to, you should not sign. The same goes for someone who tells you that a good deal is only available at a particular lender. Beware of any situation where high-pressure tactics are used. Never sign under those circumstances. Instead, contact the FHA and a loan counselor immediately.

NEXT:  What Kinds of FHA Grants are Available?

FHA Loan Articles and Mortgage News

Read About FHA Requirements, Updates, and Guidelines
Can FHA Closing Costs Be Financed?

August 1, 2017 - Some of your FHA loan closing costs may be financed, and some may - after being negotiated between buyer and seller - be paid by the seller within the boundaries of the FHA loan program's rules. The borrower can also pay some closing costs out of pocket.

FHA Streamline Loan Requirements

July 22, 2017 - FHA Streamline loans can help homeowners lower monthly mortgage payments and interest rates. But what do you need to qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage to refinance.

FHA Loan Rules: 203(K) Rehab Mortgage Loans

July 19, 2017 - The 203(K) Rehab loan is the FHA's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.

The FHA Loan for Single Family Mortgages

July 15, 2017 - The FHA 203(b) loan insurance program is for people who want a single-family. For these FHA guaranteed loans, lenders offer loan terms at 15 or 30 years. The FHA does not set interest rates for these loans, instead they are negotiated between the borrower and lender.

FHA Loan Rules For Second Home Purchases

July 12, 2017 - FHA loan rules for the single-family loan program are designed for owner-occupiers, but depending on circumstances a borrower may be approved by a participating lender to buy another home--usually in response to a pragmatic need like a larger family or job requirements.