FHA Loan Limits

FHA Loan Limits

The Federal Housing Administration (FHA) makes it possible for Americans with lower incomes and imperfect credit ratings to purchase a home. FHA loan limits were recently increased so that larger loans can now be obtained. Read More

FHA Loan Closing Costs and Fees

FHA Loans Closing Costs and Fees

When you hear the term “closing costs”, it generally refers to a group of fees that must be paid during the settlement process. It’s true that you can get a lower down payment on an FHA loan, but you will still have to pay closing fees. Closing costs for Federal Housing Administration loans will apply, including some that conventional loans don’t often require. FHA loan closing costs can include such things as lender origination fees, attorney fees, appraisal and inspection fees and more. Read More

FHA Loans

FHA Loans

What is an FHA Loan?

An FHA loan is a mortgage program thats’s perfect for today’s first-time home buyers.  During the last decade, tightened housing regulations and poor wage growth have left many people feeling like owning a home is beyond their reach. More than ten million Americans can still hold on to their homeownership dreams thanks to flexible FHA loan requirements, which have helped over 40 million people achieve homeownership since 1934. Read More

FHA Loan Requirements

FHa Loan Requirements

FHA loans are a terrific option for home buyers with lower incomes, imperfect credit ratings or limited cash available for a down payment. In fact, FHA loan requirements feature a certain flexibility which makes them the only option available for millions of American mortgage applicants with “average” qualifications. That’s why FHA loans jumped in popularity after the 2008 financial crisis when subprime mortgage options were eliminated. Read More

FHA Mortgage Insurance

FHA Mortgage Insurance

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

Ups and Downs: 6 Years of FHA Mortgage Insurance Volatility

History of FHA Mortgage Insurance

FHA mortgage insurance rates have just been reduced in an unexpected move that offers the housing market a much needed boost. This .5% across the board MIP reduction will help more home shoppers become homeowners in 2015 and also reduce costs for thousands of borrowers looking to refinance. Read More

FHA eases wait period after Bankruptcy and Foreclosure

FHA Loan Back to Work Program

The Federal Housing Administration recently announced that it will soon be easier for borrowers with bankruptcy, foreclosure or a short sale in their past to qualify for an FHA loan. On August 15th, HUD released a mortgagee letter outlining new requirements for applicants who have experienced an “economic event” in their past that they have since recovered from. Read More

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