Articles and news about FHA loans and HUD requirements. FHA loans are great for first-time homebuyers.

FHA Home Loans On Investment Properties: A Reader Question

A reader asks, “As a homeowner, can I purchase an investment property with a FHA loan? FHA loans for single-family homes are designed for principal residences, which means the borrower must intend to live in the home as his or …

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Paying The Up Front Costs Of Your FHA Loan

The FHA loan program is designed to help borrowers get into an affordable home. However, those new to the FHA loan program might not realize there are up front expenses which must be budgeted for; unlike the VA loan program …

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Adding Repair Costs To An FHA Home Loan

When you want to purchase a home with an FHA guaranteed home loan, the property you want to buy must be appraised to determine its eligibility for the loan. A home that does not meet FHA minimum property requirements may …

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FHA Case Number Cancellation: A Reader Question

A reader asks, “Is it possible for the previous lender to cancel the FHA Case Number?” There is a bit of detail missing from this question that makes it a bit difficult to answer properly–is the reader asking whether a …

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FHA Loans And Escrow Requirements: A Reader Question

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A reader asks, “I am trying to cancel my escrow acct. with (my lender) due to them selling my Mortgage loan to an undesirable finance company called (name deleted). I was informed that all FHA loans are required to have ...

FHA Loan Rules For Credit, Short Sales, Foreclosures: A Reader Question

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A reader asks, “My husband and I are looking to potentially buy a manufactured home already on some land. The home itself appears to meet the requirements stated above. The mortgage loan officer is stating that we do not qualify ...

FHA Loans In Community Property States: A Reader Question

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A reader asks, “We have applied for an FHA loan. We live in Texas and my husband has a qualifying score to be approved along with the income. My question is that I have prior to marriage collection accounts and ...

FHA No Cash-Out Refinances With Appraisal Required Part 2

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In our last blog post we discussed some of the basic rules for FHA no-cash out refinances with an appraisal required. Those guidelines include rules on how lenders are to deal with subordinate liens such as a home equity line ...

FHA Refinance Loan Types: No Cash-Out Refinances With Appraisal Required

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There’s a type of FHA refinance loan available under the FHA single-family program known as a No Cash-Out Refinance (appraisal required). FHA loan rules for this type of refinance loan include guidelines for the maximum loan amount, how to calculate ...

New FHA HECM Deferral Period Rules Take Effect August 4 2014

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Recently the FHA and HUD updated requirements to the FHA Home Equity Conversion Mortgage (HECM) program to include something known as a deferral period for surviving non-borrowing spouses of those with HECM loans. What does this mean? According to the ...

New FHA Loan Rules For Deed-in-Lieu and Pre-Foreclosure Sale Options

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The FHA and HUD recently updated the rules for “non-home retention options” for borrowers at risk of going into default and/or foreclosure on FHA mortgage loans. Two of those options are deed-in-lieu (DIL) of foreclosure and the pre-foreclosure sale (PFS). ...

FHA and HUD Update Deed-In-Lieu and Pre-Foreclosure Sale Rules

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The FHA and HUD have issued a Mortgagee Letter updating the requirements for Deed-In-Lieu and Pre-Foreclosure sales for borrowers at risk of going into default on FHA home loans. Mortgagee Letter 2014-15, Updated Requirements for Pre-Foreclosure Sales (PFS) and Deeds ...

FHA Home Loan And Refinance Loan Preparations

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When you are preparing for an FHA loan or FHA refinance loan, what can you do to get ready and how long should it take you to prepare? These are two important questions to answer long before you put in ...

FHA Loan Reader Questions: Deed-In-Lieu of Foreclosure Waiting Times

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A reader asks, “My wife and I completed our deed in lieu of foreclosure in May 2012. Weve been renting since and saving a lot for a down payment on a future home. Ive heard mixed statements from various institutions ...

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