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Fha Mortgage Articles

What is an FHA Loan?
An FHA loan is insured by the Federal Housing Administration. Since FHA guarantees to pay the balance in the event of a loan default, rather than the lender having to write it off, FHA loans are open to people with little to no credit history, poor credit history or to those...
FHA Credit Score Requirements
530: Minimum credit score required to qualify for an FHA loan and satisfy FHA Credit Requirements530-579: Credit scores in this range will qualify for a minimum down payment of 10%580: Minimum credit score required to qualify for a minimum down payment of 3.5%620: Accepted...
What is FHA MIP?
When taking out an FHA-insured loan, home buyers are required to pay a mandatory mortgage insurance premium, or MIP. Not to be confused with the homeowner's or hazard insurance that protects a home in case of disaster, MIP actually protects the bank from taking a...
Can I get an FHA Loan after Bankruptcy or Foreclosure?
For borrowers with bad credit, qualifying for a home loan can seem like a daunting task, especially following a credit-damaging event such as bankruptcy, foreclosure, or short sale. . FHA Loan After a BankruptcyMany people wonder if they can get an FHA home loan after a...
FHA Loan Requirements
Below is a list of documentation requirements we have put together to help you as a borrower prepare for getting your FHA Loan.  This article assumes that you have already been working with a licensed mortgage professional and have been pre-qualifed for an FHA loan....
FHA Inspection Checklist
Qualification for an FHA loan on your desired new home must satisfy a strict FHA inspection, including criteria for health, safety, and security. These inspections are supplement FHA-approved appraisal. This FHA Inspection Checklist shows the inspector's property...
Benefits of FHA Mortgage Loans
It's well known that an FHA mortgage can save you a lot of money on your home purchase and get you into a new home that much faster.  We've provided a brief recap of some of the most rewarding FHA loan benefits and what it has to offer. . Easier...
Requirements for FHA Streamline Refinance
 First and foremost, you must have an FHA loan to be eligible for an FHA Streamline Refinance.. Other requirements include the following.. You must be current on your mortgage paymentsYou can't have had any late payments in the past three monthsYou can't have had...
FHA Loan Programs
FHA loans, while not as diverse as conventional loans, come in several different forms, each tailoring to a different sort of borrower. Visit Lender411's comprehensive guide on FHA Loans vs Conventional Loans for in-depth information. Here is a list of the basic...
FHA Mortgage Insurance Refund
While loans insured by the Federal Housing Administration (FHA) include many advantageous qualities, borrowers securing FHA mortgages or FHA refinance loans must pay expensive mortgage insurance charges, regardless of the down payment amount. Divided into two fees, an...
Advantages of an FHA Loan
As a result of the recent housing market decline, the Federal Housing Administration (FHA) loan financing program has exploded in popularity, becoming one of the most popular loan choices available. With so many advantages to the FHA program coupled with conventional...
Benefits of FHA Streamline Refinance
For many homeowners, refinancing can seem daunting, due to most refinance programs requiring the same approval and processing as standard mortgage loan closing. However, homeowners with mortgages insured by the Federal Housing Administration (FHA) have a unique...
FHA Loan Benefits for First Time Home Buyers
 The FHA has been helping first time home buyers qualify for home loans since 1934. In recent years, home buyers have been turning to FHA loans because they are easier to qualify for. When applying for a home loan here are 3 ways an FHA Loan can help you.Higher Debt-to-Income...
Everything You Need to Know About the FHA Home Appraisal
Want to know what happens with an FHA appraisal? The Federal Housing Administration, or FHA, requires licensed appraisers to both value and inspect homes in order to price and identify immediate concerns with the house. The appraiser then compiles a list of necessary...
Mortgage Insurance: FHA vs. Conventional Loans
Mortgage insurance, which is insurance that compensates a lender in the event of a default by the homeowner, has been a valuable tool in making homeownership obtainable, especially for the first time home buyer.  Prior to mortgage insurance becoming widely...
Do you know what to expect from an FHA home inspection?
In order to purchase a home with a loan guaranteed by the Federal Housing Administration (FHA), you must pay for mortgage insurance which mitigates some of the risk of lending and allows lenders to offer these advantageous loans with minimal qualifications. However,...
7 FHA Issues and How To Avoid Them
For many first time homebuyers, an FHA mortgage is the best mortgage available. However, qualifying for these loans is not always a simple process. Although one of the easier mortgages to secure, FHA loans still have some barriers that may prevent you from getting your loan....
Are You In Need of an FHA Short Refinance?
If you’re current on your mortgage payments but owe more than the home’s value, you might want to look into pursuing an FHA Short Refinance.  FHA Short Refinances are meant to help homeowners such as yourself refinance into a cheaper FHA mortgage.  If...
The Key To Affordable Housing
Affordable housing is a term that is used to describe properties that the total housing costs of are deemed to be affordable to median income consumers.. The term is often attached to rental housing within the financial means of people in the lower income ranges of an area, but...
Fixing the 3 Most Common Problems with FHA Loans
In today’s housing market, loans approved and insured by the Federal Housing Administration (FHA) have become an increasingly popular option among potential homeowners. An FHA Loan essentially secures the borrower’s loan by insuring it through the U.S....
FHA May Waive Foreclosure, Short Sale, and Bankruptcy Waiting Periods
From 2006-2011, FHA mortgages exploded in popularity, increasing their portion of the purchase mortgage market by 500% five short years.. Not only that, but current trends indicate that this share will likely increase in the coming years.. To facilitate this shift in the...
Can I Flip a House with an FHA Mortgage?
What is the Anti-Flipping Rule?The Anti-Flipping Rule was born in 2003 and was meant to stop the new trend known as house flipping.  House flipping is when a property is purchased and resold for a bigger profit.  This rule stated that the FHA wouldn’t insure a...
FHA Qualifications in a Nutshell
While FHA loans have noticeably increased in popularity over the past few years, the Federal Housing Administration (FHA) does not actually originate mortgages or lend money; in fact, they simply insure these loans, providing a wide range of borrowers access to home...
30 Year FHA Mortgage
A 30 year FHA mortgage (short for Federal Housing Authority) is much like any other fixed rate mortgage, except that it is insured by the FHA. The interest rate is fixed for 30 years and does not adjust up or down at any point during the loan term.. FHA mortgages...
Lenient Loan Options for Home Buyers
The office of the Federal Housing Administration, or FHA,  was established by Congress in 1934 to assist a wider range of Americans purchase property. It is currently the largest insurer of mortgages in the world. Since the inception of the FHA, homeownership has risen...
What Is the FHA Back to Work Program?
The Federal Housing Administration's (FHA) Back to Work Program allows prospective borrowers with a chapter 7 or 13 bankruptcy, foreclosure, deed-in-lieu of foreclosure, as well as loan modification, forbearance agreement, or short sale to qualify for FHA...
The Benefits of Government-Backed Loans
Government backed loans have become an increasingly attractive option for prospective homeowners looking for a mortgage.  With the ease of qualification and enticing low interest rates, these loans have filled the void left by the sub-prime mortgage market and...
FHA Home Loans
FHA Loan AdvantagesMinimum down payment is 3.5% (escrow required).. Minimum credit score is 580.. No penalties for pre-payment of the loan.. Closing costs may be covered in the loan repayment.. Low interest rates are available, similar to conventional.. Short waiting period to...
FHA Reverse Mortgage Information
FHA Reverse mortgages are now more commonly known as HECMs (Home Equity Conversion Mortgages). A significant benefit of the HECM program is there will never be a need to sell your home or go through a foreclosure. Additionally, there is no need to make payments on the mortgage....
FHA Condo Financing Rules Revamped
On September 13th 2012, the FHA announced that it was revamping several rules that had previously barred thousands of condos, complexes and buildings across the nation from being FHA eligible.  This comes as exciting news for non- FHA approved condominium sellers,...
Can I get an FHA loan with Bad Credit?
While having bad credit will certainly hurt your chances, qualifying for an FHA loan with poor credit is far from impossible, though it could take some time. If you have bad credit as a result of a bankruptcy, short sale, or foreclosure, you must first begin to repair your credit...
FHA Streamline Refinance
If you currently have an FHA mortgage and would like to refinance your mortgage loan, the FHA streamline refinance loan program was created specifically for you. This time-saving mortgage refinance program is the easiest way a homeowner with an FHA mortgage can refinance...
Making a Mortgage Decision: Conventional, FHA and VA Home Loans
Deciding on a mortgage loan requires careful consideration to determine which loan program is best suited for you. The three major loan program categories are conventional mortgages, FHA mortgages, and VA mortgages. To determine which best fits your situation, consider...
Conventional Versus FHA Loans
For potential homeowners, especially first-time buyers, deciding what loan to choose can make all the difference in securing a mortgage.  This page describes two of the most popular loan types: conventional mortgage loans and FHA mortgage loans. To...
FHA Approved Condominiums
FHA Approved Condominums are properties best suited for first time homebuyers. Many borrowers, especially first time home buyers look to FHA because the requirements are much friendlier to qualify than a conventional loan.  These borrowers usually opt for an FHA...
Reverse Mortgage Payment Options
Senior homeowners who secure reverse mortgages can select a payout method that best suits their unique circumstances. This is one of the flexible options of reverse mortgages, designed around the fact that different people will be requiring different options. In general,...
What Is an FHA 203k Loan?
The FHA 203k loan is a variation of the standard Federal Housing Authority-insured loan. The Section 203k program is the Federal Housing Authority's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for...
Requirements for FHA Approved Condos
When purchasing a condo, you should always ensure that your intended condo has been approved by the Federal Housing Administration (FHA). Unless the property is an FHA approved condo, you will be unable to use an FHA loan to finance the purchase.  If you are looking to sell...
FHA Approved Condo Eligibility
When purchasing a condo, you should always consider whether or not the property is FHA-approved.  The FHA will only allow borrowers to apply funds from an FHA loan toward homes that have been approved. Consequently, condo owners with properties not approved by the FHA...
FHA Loans for First Time Home Buyers
FHA Loans are a popular choice with many first time buyers. Some people think that FHA stands for the Federal Housing Authority, but it actually stands for the Federal Housing Administration. Following the subprime mortgage crisis, it has become increasingly difficult for...
FHA Loan Programs
FHA loans, while not as diverse as conventional loans, come in several different forms, each tailoring to a different sort of borrower. Visit Lender411's comprehensive guide on FHA Loans vs Conventional Loans for in-depth information. Here is a list of the basic...
Is Condo Ownership Right for You?
Are you thinking about purchasing a condominium? There are many pros and some cons to condo living which smart buyers consider before taking the plunge into condo ownership. Its up to you to decide whether owning a condominium is the right choice. Today, many condominiums are...
Everything You Need to Know About the FHA Home Appraisal
Want to know what happens with an FHA appraisal? The Federal Housing Administration, or FHA, requires licensed appraisers to both value and inspect homes in order to price and identify immediate concerns with the house. The appraiser then compiles a list of necessary...
What is HARP for FHA Approved Homes?
The Federal Housing Administration initiated the FHA Short Refinance program in 2010 to provide aid for “underwater” non-FHA borrowers who do not qualify for the Home Affordability Refinance Program (HARP). These short refinances (the FHA-HARP...
President Obama Initiates Lower FHA Mortgage Insurance Premiums
President Obama recently announced that he intends to lower mortgage insurance premiums as much as half a percentage point on select FHA issued mortgages.  This change could potentially allow as many as 250,000 people to become first time homebuyers in the next year...
Using an FHA 203k Mortgage Consultant
FHA 203k consultants provide needed expertise with the details of construction and remodeling, as well as the process and paperwork for a 203k loan. They have experience working with contractors and the construction process. Most importantly, many lenders require...
FHA 203k Home Improvement Projects
Recent data from the National Association of Realtors (NAR) shows 53% percent of home buyers embark on a home improvement project within 90 days of purchasing their new house. In addition to starting home improvements, 37% of new home buyers purchase appliances shortly...
Getting an FHA Mortgage Using Alimony or Child Support
If you receive alimony, child support, or maintenance income and want to buy a house there are advantages to securing financing through the Federal Housing Administration, or FHA. . FHA regulations generally require evidence of the past 12 months' receipts of...
Buying an FHA Home After Short Sale
Looking for a mortgage post short sale? Explore the FHA guidelines for buying a home after a short sale and learn about your options.. BackgroundThe Federal Housing Administration (FHA) has created specific guidelines for FHA mortgage financing after a short sale....
Juggling Moving and Mortgage Options
Anyone relocating because of a change in employment and looking to purchase a home will not meet the standard requirements of Conventional or Federal Housing Administration (FHA) loans since they call for 30 days’ pay stubs. To meet the standard mortgage...
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