Learn About FHA Loans and How You Can Qualify
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What is the Up Front Mortgage Insurance Premium and how much does it cost?
FHA collects a one-time Up Front Mortgage Insurance Premium (UFMIP) and an annual insurance premium (MIP) which is collected in monthly installments. Most FHA loan programs make the UFMIP a requiremen...
What credit score do I need to get an FHA loan?
Credit score requirements vary from lender to lender, but the FHA single family home loan minimum credit score requirement is 580 for maximum financing (requiring a 3.5% down payment). If your credit ...
What are the differences between FHA loans and conventional mortgages?
The primary difference between conventional loans and FHA loans is that conventional loans are not government-insured. FHA loans are guaranteed with government funds that provide extra protection for ...
How do I know what I can afford to spend on a house?
What you can afford depends on how much you make, your current monthly expenses, your credit rating, how much your down payment will be, and the interest rate of the loan. Owning a home is a great way...
What is mortgage insurance and why is it a requirement for FHA loans?
Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA requires both upfront and annual mortgage insurance for all borrowers, regardless o...