When you’re in the market for a new home or considering refinancing your current mortgage, an FHA loan could be a smart option to explore. FHA loans are known for their relative ease of qualification and consumer protections, which is particularly beneficial for potential home buyers with less-than-perfect credit histories or those needing a refinance loan. In this article, we’ll walk you through the key FHA loan requirements, leveraging information from the Congressional Research Service and an FHA Reference Guide to give you a well-rounded understanding.
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Mortgage insurance (MI) is a protection that guards lenders in case of applicant default. Not all home loans require mortgage insurance though. As a rule of thumb, it’s usually required for mortgages with a down payment of 20 percent or less. FHA MI is required for all FHA loan programs including purchase loans, refinance loans and streamline refinance loans. FHA sets the guidelines for it’s insurance programs, and that’s what lenders use to determine if applicants are eligible for a loan. These requirements are usually less demanding than other, non-insured mortgage programs. Read More
As you go through the process of purchasing a home with a mortgage, you are likely to discover a number of surprising costs. Read More
When you buy a home with a mortgage, the lender is on the hook. A financial institutions lets you borrow money to make a huge purchase, fronting the money so that you don’t have to. Read More
After the housing bubble went “pop” in 2007, it became a lot tougher for the average home buyer to qualify for a mortgage. Read More
