Quantcast

FHA Loan Tip for Borrowers in 2019:
All housing appraisals required by FHA guidelines must be performed by appraisers on the FHA roster.

FHA Mortgage Loan Rates

October 23, 2019
FHA Rates for October 23, 2019
Compare 30 Year Fixed Mortgages
Compare 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

then
get
your

Your Credit Score

Do you know what's on
your credit report?
Get Credit Score Button
Get Credit Score Button
FHA.com is a privately owned website, is not a government agency, and does not make loans.

FHA Refinance and Loan Fact #38

FHA Appraisal Requirements

All housing appraisals required by FHA guidelines must be performed by appraisers on the FHA roster. The appraisal is a very important part of meeting FHA requirements and it's best to schedule it as early as possible.

NEXT:  FHA Loan Fact #39

Guidelines and Facts for FHA Loan Borrowers in 2019

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

spacer

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

spacer

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

spacer

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.

spacer

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.

spacer

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.

spacer

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.

spacer

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

spacer

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.

spacer

To pre-qualify for an FHA loan, you should be able to demonstrate employability, job stability and reliability.

spacer

Each year, HUD calculates their mortgage loan limits and usually increase the lending limits for FHA-insured home loans being made available to borrowers for single-family home mortgages.

spacer

"Reasonable and customary" mortgage loan fees can include appraisals, inspections, credit reports, document preparation fees and more.

spacer

There are fees included in the processing of some loans that are not directly related to closing costs. Some of these include courier fees, wire fees, real estate broker fees, recording fees and recording taxes.

spacer

Your FHA mortgage is designed to get you into a home for a fair price; you should not pay above and beyond the normal fees associated with buying a home.

spacer

One major mistake potential homebuyers can make when applying for an FHA home loan is to make a major credit purchase. Don't cloud your debt-to-income ratio with a big purchase before applying for your loan.

spacer

If you have a poor credit rating, work to establish payment reliability over a period of at least one year before starting your FHA loan paperwork.

spacer

FHA mortgage insurance protects lenders in case of a default by the borrower of the FHA loan. An FHA mortgage helps reduce the cash needed to purchase a home.

spacer

Streamlining your FHA mortgage is particular kind of FHA loan refinancing plan. To qualify, your FHA mortgage must meet certain requirements.

spacer

The Service Members Civil Relief Act passed in the 1940s allows active military people to qualify for an interest rate reduction to a maximum of six percent per year during active duty service.

spacer

In most circumstances, falling behind on your FHA mortgage requires quick action. Never ignore it. Always act immediately to avoid foreclosure.

spacer

Some FHA mortgage holders may qualify for help in the form of a one-time payment from the FHA insurance fund, to help bring your FHA mortgage up to date.

spacer

FHA Connection is an online system that allows authorized lenders and FHA business partners to access FHA computer systems to originate loans.

spacer

FHA Connection Neighborhood Watch allows authorized users to monitor FHA mortgage delinquency patterns in a geographic area, by lender or by loan details.

spacer

When shopping for an FHA home, the FHA adjustable rate loan for your FHA home means you should do some homework about the index, which is the measurement of how the interest rate changes.

spacer

The FHA does set limits on FHA mortgage loans, and they may differ by county and state. FHA mortgage loan limits are based upon the Fannie Mae/Freddie Mac limits on conventional mortgage loans.

spacer

FHA loan limits can change based on factors including average area home prices. FHA loan limits also increase with the number of units.

spacer

FHA home mortgages can include FHA loans for a "fixer-upper" home. The FHA loan for fixer-upper property combines the purchase price of the house and the cost of repairs.

spacer

The FHA EEM allows you to borrow additional money to incorporate energy saving features into your new home. To qualify for the FHA EEM, you'll need to meet some FHA loan guidelines.

spacer

You may qualify for FHA-insured financing for either mobile homes or factory built houses. FHA loans for mobile homes located in mobile home parks are separate from the FHA loans for people who own the land where the mobile home would be located.

spacer

The FHA does allow refinancing on an FHA loan. Lenders are permitted to include the closing costs into the new mortgage, as long as there is enough equity in the property.

spacer

Refinancing your FHA home can be profitable. An FHA refinance can give lower your monthly payment, and allow you to pay less interest. An FHA refinance can be used to convert a thirty-year FHA mortgage to a fifteen-year mortgage, building equity in your home faster.

spacer

According to FHA loan guidelines, you may be eligible for an FHA "reverse mortgage" which allows you to convert part of the equity in the home into cash.

spacer

FHA loan guidelines require the borrower to have already paid off the home or owe very little in order to get an FHA reverse mortgage.

spacer

FHA guidelines do not require you to have an FHA mortgage currently in order to qualify for the FHA reverse mortgage. Your new mortgage will be an FHA insured loan, regardless of the status of the prior loan.

spacer

If it's been more than a year since you last looked into an FHA loan, FHA mortgage or FHA reverse mortgage, check to see what new developments have occurred since last time.

spacer

Do a little research and you'll find that HUD and the FHA have always changed for the better. The FHA constantly evolves to serve potential homebuyers best.

spacer

The Fair Housing Act, FHA regulations, and FHA loan guidelines forbid discrimination in lending. Discrimination can include denying a loan or home sale based on racial criteria.

spacer

The FHA offers homeowners a chance to avoid foreclosure and make good on their FHA mortgages in delinquent status.

spacer

All housing appraisals required by FHA guidelines must be performed by appraisers on the FHA roster. The appraisal is a very important part of meeting FHA requirements and it's best to schedule it as early as possible.

spacer

FHA loans are intended for homes that meet safety and financial standards. The FHA has rules in place to prevent substandard housing from being passed on to FHA mortgage seekers.

spacer

When selling your home, scammers may approach you offering "help." They may offer to pay off your FHA mortgage or promise you money after the house is sold.

spacer

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 can revert to the bank.

spacer

In the FHA mortgage process, your lender will work to help you provided you can demonstrate a legitimate need and a desire to be financially responsible.

spacer

Follow some good FHA home loan/HUD advice. Never sign any document you don't understand. Ask for a complete explanation of all terms and conditions.

spacer

The FHA wants you get the loan amount you are qualified for and sets up conditions to allow you to successfully buy an FHA home.

spacer

If you begin the process of buying an FHA home only to realize you can't really afford the payments, immediately discuss the situation with a housing counselor and your lender.

spacer

FHA guidelines are very clear about above-board lending practices that help you get into an FHA mortgage. Still, you may encounter individuals who don't adhere to FHA rules.