FHA is the largest insurer of residential mortgages in the world. FHA loan requirements and guidelines cover things like mortgage insurance, lending limits, debt to income ratios, credit issues, and closing costs.

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August 5, 2015
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FHA Loan Requirements

Important FHA Guidelines for Borrowers

The FHA, or Federal Housing Administration, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the United States and its territories. It is the largest insurer of residential mortgages in the world, insuring tens of millions of properties since 1934 when it was created. Learn more about FHA loan requirements and guidelines.

FHA insured loans require mortgage insurance to protect lenders against losses that result from defaults on home mortgages.

Update: FHA Lowers Mortgage Insurance in 2015

FHA lending limits vary based on a variety of housing types and the state and county in which the property is located.

Before you start the loan process, you'll want to be prepared for the loan application. Have your information organized and ready for your loan officer. Be prepared to pay for property appraisal and a credit report.

While FHA defines which closing costs are allowable as charges to the borrower, the specific costs and amounts that are deemed reasonable and customary are determined by each local FHA office.

In order to prevent homebuyers from getting into a home they cannot afford, FHA guidelines have been set in place requiring borrowers and/or their spouse to qualify according to set debt to income ratios.

An FHA loan applicant's past credit performance that demonstrates good credit history and a solid track record of timely payments will likely be eligible for the mortgage.

FHA Tips for Home Owners and Home Buyers:

Useful information about FHA refinance loans, new FHA loans, and the guidelines that HUD wants you to follow.

Today the mission of the FHA includes helping borrowers get amounts they qualify for, and assisting lenders by reducing their risk in issuing loans.

If you have had credit problems in the past, the FHA recommends a Consumer Credit Counseling program to avoid being denied an FHA loan.

If you submit FHA paperwork electronically, the FHA TOTAL Scorecard is used to measure the credit risk of all FHA loans submitted through the automatic underwriting system.

The FHA asks for a lot of information on your FHA loan application. You will need to provide the FHA with a wide range of details.

The FHA asks that veterans submit the DD Form 214 along with their FHA loan application paperwork. The DD Form 214 is the official record of discharge from the Armed Forces.

If you have an FHA loan or HUD insured mortgage, you may have paid an "up-front" mortgage insurance premium at the closing of your house.

The 203(b) FHA Fixed Rate Mortgage Loan Program is the widely used FHA home loan, especially among first time home buyers.

FHA loans do not come directly from the FHA. The FHA guarantees home loans, reducing the risk to lenders and offering increased borrowing power to qualified applicants.

To pre-qualify for this mortgage, you should be ready to demonstrate employability, job stability and reliability.

In early 2006, a HUD press release announced an increase of nearly thirty thousand dollars in FHA-insured home loan money being made available to borrowers for single-family home mortgages.

FHA Loan Articles

Read About Mortgage News, FHA Updates, and Guidelines
FHA Streamline Refinancing: Appraisal Required?

It can be easy to get confused over the difference between lender requirements and FHA refinance loan standards--did you know that FHA loan rules for Streamline Refinancing permit the lender to require things the FHA rules don’t insist upon?

FHA Changes Loss Mitigation Policies

In April 2015, the FHA and HUD changed some of its policies in order to help FHA borrowers avoid foreclosure and keep their homes. No FHA loan applicant goes into the home loan or refinance loan process expecting to default on their mortgage payments sometime in the future.

More Updates to FHA HECM Loan Due and Payable Policies

One very important aspect of the HECM loan, which features no monthly mortgage payment and is instead collected in full when the borrower dies, sells the home, or fails to live up to the terms of the HECM mortgage loan agreement.

FHA Loan to Value Calculations

We answer questions on a daily basis about FHA home loans, FHA refinance loans, and how these transactions are handled. One version of a common question about down payments and Loan-To-Value (LTV) ratios goes like this...

Appraisals and the Crawl Space

Appraisals are an important part of the FHA loan process, and we get plenty of questions about what may or may not be acceptable in the appraisal. For some, depending on the age and design of the home, crawlspaces can be a worry.