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 Loan Reader Questions: Non-Functioning Wells

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A reader asks, “I bought a home with FHA loan and a well system and septic. Later found the well was a spring box system and not on the property we were forced to buy the property seperate from the ...

FHA Mortgage Rate Trends

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Since our last report on FHA mortgage rate trends, we’ve seen a general downward trend in mortgage interest rates, but with the range we’ve been reporting (best execution) remaining. Borrowers have in some cases seen the gains reflected in lower ...

FHA HECM Loan Rule Changes: Credit Standing and Financial Assessment

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In 2014, the FHA changed many of the rules associated with Home Equity Conversion Mortgages or HECM loans. One of those rule changes involves a new requirement that lenders perform a financial assessment of potential HECM borrowers to insure the ...

FHA HECM Loan Changes: Disbursements

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Recently we wrote about FHA Home Equity Conversion Mortgage (HECM) loan rule changes that were announced in FHA Mortgagee Letter 2014-21. Those rule changes include alterations and clarification of policy related to a variety of HECM loan policies. One very ...

FHA Extends Program For Underwater Home Owners

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The FHA has announced an extension to a program started to help borrowers who are underwater on their mortgages. FHA mortgagee letter 2014-23 describes the original “FHA Refinance of Borrowers in Negative Equity Positions” program started in 2010 which, according ...

FHA Loan Answers About FICO Scores And Credit Requirements

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We’ve fielded a variety of questions recently about FHA home loans when it comes to FICO scores and credit requirements. There are several issues to be  aware of when it’s time to start preparing for an FHA mortgage loan, or ...

More Revisions to FHA HECM Loan Rules and Guidelines

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The FHA has issue another set of revisions, clarifications, and consolidation to its Home Equity Conversion Mortgage Loan rules. An FHA mortgagee letter, 2014-21, adds a large number of changes and clarifications. Many of the new changes have to do ...

FHA Loan Credit Issues: A Reader Question

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A reader asks, “I am in the process of trying to rebuild my credit, but am finding it difficult to acquire in my own name. I have a bankruptcy discharged in Feb 2013. I make all utility, insurance and rent ...

FHA Mortgage Rate Trends: Up and Down

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Since our last report on FHA mortgage rate trends, we’ve seen some ups and down with mortgage loan rates in general, but the overall trend seems to be upward. Last Friday was a highly anticipated jobs report, and ahead of ...

FHA PMI Rules: A Reader Question

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A reader asks, “Does thePMI not apply to down payments of 20% and above?” The FHA has changed the rules for PMI–Private Mortgage Insurance–and as a result all FHA home loans known as “forward mortgages” with case numbers assigned on ...

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