Learn About FHA Loans and How You Can Qualify
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What is the minimum down payment I can make for an FHA loan?
The minimum down payment is expressed in percentage of the loan, not in a dollar amount. FHA loan rules specify that this amount is 3.5%, but in some cases the lender may require a higher down payment...
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 ...
What do I need to know about earnest money and closing cost rules?
Borrowers don't usually know this, but lenders are required to verify where earnest money and closing costs come from. These FHA requirements are outlined HUD 4000.1, otherwise referred to as the Sing...
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 ...
