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FHA Loan Reader Question: Seller Contributions

A reader asks, “My question: if the purchase price of a home I want to buy is 290,000 the maximum sellers concession can only be a maximum of 6% of the agreed price? Can it be more than 6% if the home...

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FHA Loans, Your Application, and Credit Reports

When you apply for an FHA home loan, there are several pieces of required information you need to complete the application. One is your work and residence history, another is the nature of your income,...

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FHA Loan Reader Question: Eligibility For Another FHA Mortgage

A reader asks, “If my brother and I purchased a home with FHA loan, can I still qualify for a FHA loan if I purchase a home on my own. What would the down payment be?” FHA loan down payment rules state...

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FHA Loan Reader Questions: Down Payment Funds From Signature Loans

A reader asks, “Does FHA allow a down payment coming from a signature loan with special insurance; in the event of unemployment the payments are made and in the event of death the loan is paid in...

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FHA Loans and the Government Shutdown

The FHA and HUD have issued guidance and information as to the status of FHA loan operations during a government shutdown. At the time of this writing, the following is considered active FHA policy–in...

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FHA Refinancing Loans With an Appraisal

Borrowers interested in a non-streamline, credit-qualifying FHA refinance loan that features no cash back to the borrower will be interested in knowing some of the basics of this option including the...

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FHA Loan Rules For Occupancy: A Reader Question

A reader asks, “Nowhere does it say in the HUD document what the penalty is for not physically making your FHA home a primary residence within 60 days. What if it is 90 days or 120? What if you choose...

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FHA Loan Occupancy Rules

In our last blog post, we answered a reader question about what might happen if the FHA loan applicant didn’t comply with FHA occupancy requirements spelled out for all new purchase single-family FHA...

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FHA Maximum Loan Amounts: Some Basics

FHA loan applicants often want to know how much they can borrow with an FHA mortgage. There’s no set answer to that question since the FHA loan amount depends on the appraised value of the home and...

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FHA Home Loan Advice: “Shop Before You Buy”

The FHA official site, www.FHA.gov, has links to helpful videos that can instruct those new to the FHA mortgage loan program. One of those videos produced by the FHA/HUD is titled, “Shopping For Your...

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FHA Mortgage Loan Trends

FHA mortgage loan rates kicked off the week more or less unchanged, best execution-wise–the previous two business days had some improvements in rates following a “consolidation” ahead of a highly...

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FHA Loans For Investment Property? A Reader Question

A reader asks, “I have a grand daughter who is looking to buy a fore close house asking only 12, 000.00.. Is there a program out there to help her. some one had started doing repairs to the house. a...

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FHA Appraisals: A Reader Question

A reader asks, “I am working with a home that was built in 1946. The crawl space clearance under the home is suppose to be by FHA standards 18 inches. This home only has 12 to 15 inches. It is not...

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Reader Questions About FHA Loan Appraisals: When Do They Expire?

A reader asks, “How long do FHA Appraisals stay with the property in Georgia?” A search of the FHA official site at www.FHA.gov reveals a Frequently Asked Questions page that answers this query, but...

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FHA Loans With Co-Borrowers: A Reader Question

A reader asks, “Hello. Im a first time buyer my income its from 45 to 50g a year, as i understand i qualify base on my income and fico score. my question is, since my wife did bankruptcy last year ,...

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FHA Mortgage Rate Trends: Starting Out Higher

In our last report we mentioned that Friday saw a rally for mortgage rates; the following Monday, August 10, served to wipe out those gains. In spite of that move higher, many lenders are offering...

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FHA Loan Rules For Debt-To-Income Ratios Versus “Total Mortgage Amount”

In our previous blog post about FHA loans and debt-to-income ratios, we mentioned two calculations the lender makes to determine whether or not an FHA loan applicant can truly afford the mortgage loan....

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Energy Efficient Mortgages And Updated FHA/HUD Rules

In a recent blog post we discussed the pending release of HUD 4000.1, which is the new FHA single family home loan policy handbook. Among the changes and updates to take effect on September 14, 2015...

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FHA Single Family Home Loan Policies: Credit Qualifying Under HUD 4000.1

With the publication of HUD 4000.1 in its entirety, FHA single family home loans have a new policy handbook. It contains existing policy, revised or amended loan rules, and other changes that are...

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FHA Loan Reader Questions: Occupancy

  One common question many potential borrowers have about FHA mortgage loans has to do with the FHA’s occupancy requirement. One reader asked us recently, “What is the definition of Occupancy defined...

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