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

Category Archives: Mortgage Insurance

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 ...

FHA Loan Co-Signers & Co-Borrowers

A reader asked us a question this week in the comments section about FHA loan co-signer and/or co-borrower rules. “If there is more than one person on the loan application, does it matter what percentage each person owns?” There are ...

Second Appraisal Rules For FHA Mortgages

There are some circumstances where a borrower may wonder about requesting a second appraisal on a property to be purchased with an FHA mortgage. For example, if the loan applicant decides to switch lenders, is a new appraisal required? What ...

UFMIP: FHA Loan Rules

Since we have gotten several questions lately about FHA loan rules regarding funding fees including the FHA Mortgage Insurance Premiums (MIP) and Up Front Mortgage Insurance Premiums (UFMIP), it seemed like a good idea to discuss the rules in HUD ...

FHA Loan Mortgage Insurance Premiums

Here’s a version of a common question we’ve been asked recently about FHA mortgage insurance premiums: “I closed an FHA mortgage on a house I purchased in December 2014. The following month FHA reduced the mortgage insurance premium (MIP). Can ...

FHA UFMIP: A Reader Question

A reader asks, “I want to purchase at home for 141,000 and I am paying the 3.5 down payment which totals it 136,065. How much will I pay in Up Front mortgage and annually MIP. If I pay the UFMIP ...

FHA Loan Rules For Up Front Mortgage Insurance Premiums (UFMIP)

When you buy a home with an FHA mortgage, there’s a requirement to pay an Up Front Mortgage Insurance Premium or UFMIP. This is not to be confused with Private Mortgage Insurance (PMI), and according to the FHA loan rules ...

FHA Loans And The Up Front Mortgage Insurance Premium (UFMIP)

FHA rehab loan

FHA loan rules published in HUD 4000.1 include instructions to the lender on how FHA single family mortgages are to include the Up Front Mortgage Insurance Premium, also known as UFMIP. This is an expense borrowers should plan and budget ...

FHA Loan Mortgage Insurance Termination

Mortgage Loan Rate Trends

One commonly asked questions about FHA home loans involves when a borrower is permitted to terminate FHA-mandated mortgage insurance. There is a difference between FHA mortgage insurance premiums and private mortgage insurance–borrowers with questions about private mortgage insurance will need ...

Preparing For Your FHA Loan Application

There are several factors that affect your FHA loan application. Some begin the journey to home ownership with methodical planning and research, others may become interested after seeing an ad or a home for sale that looks particularly tempting. If ...