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

Category Archives: FHA Requirements

FHA Announces Suspension Of Earlier Policy Changes

Earlier in January 2017, we reported on changes in policy regarding FHA Mortgage Insurance Premiums. Mortgagee Letter 2017-01 announced revised, lower Mortgage Insurance Premiums, plus the elimination of the distinction in rates based on the base loan amount according to ...

FHA Updates PACE Policy

A new mortgagee letter updates FHA loan policy on properties bought with FHA loans that are “encumbered with a Property Assessed Clean Energy obligation”. Mortgagee Letter 2017-06 updates PACE policy starting with a reminder; “The terms and conditions of a ...

FHA Home Loan Options For New Borrowers

FHA home loan options for new borrowers and first-time home buyers vary. There’s a misconception that FHA mortgages are only for first-time borrowers, and another misconception that FHA loans somehow favor first-time borrowers with better rates, terms, or other factors. ...

FHA Appraisal Rules: What You Should Know

The FHA appraisal process is a requirement. You can’t purchase a home with an FHA mortgage unless there has been an appraisal on the property to determine the fair market value of the home and to insure the property meets ...

FHA Loan Rules For Part-Time Income

FHA loan rules require the lender to verify both employment and income. The lender must determine that a borrower’s income is both stable, and likely to continue for the purpose of making the mortgage loan payment. But what kinds of ...

FHA MIP Rates For 2017: Revised

The FHA/HUD official site has announced changes to the FHA MIP fee structure for 2017. According to the latest FHA mortgagee letter, “FHA continuously strives to achieve the appropriate balance between meeting the housing needs of the borrowers that FHA’s ...

Income Documentation: A Reader Question

A reader got in touch with us this week to ask a question about the FHA requirements for income documentation: “I work on a commission basis where a large part of my income does not appear on my w2. Say ...

FHA Appraisal Update: A Reader Question

What’s the difference between an FHA appraisal update and ordering a second appraisal? That’s an important point when it comes to answering the reader question that came in via our comments section this week: “My question is this: Can a ...

Collection Accounts and FHA Loans

We’ve had some recent questions about home loans and collection accounts lately; in light of those questions it seemed like a good time to review the FHA loan rules on collection accounts as found in HUD 4000.1. The FHA loan ...

Down Payment: FHA Loan Rules

How much do you know about FHA loan down payment requirements? If you’re feeling in the dark about this as a new house hunter, don’t feel bad-we take plenty of reader questions in the comments section about FHA home loans, ...