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

Articles and news about FHA loans and HUD requirements.

HUD Charges Bank of America With Housing Discrimination

The HUD official site has announced that the agency is bringing charges of Fair Housing Act violations against Bank Of America in South Carolina. According to a press release, “The U.S. Department of Housing and Urban Development (HUD) announced today ...

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 ...

Mortgage Rate Trends: Improving

Mortgage Loan Rate Trends

Before the new year, but after the 2016 election, mortgage rate trends were in what seemed to be an upward trajectory due to a variety of factors including uncertainty among investors regarding the new administration. But since the new year, ...

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 ...

Mortgage Rate Trends: Moving Lower

Mortgage Loan Rate Trends

Though the borrowers affected by Monday’s move lower may find the resulting improvements reflected in closing costs rather than in actual mortgage rate changes (depending on the lender), the start of the week did find rates moving low enough to ...

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 ...

Mortgage Rate Trends: Lower Overall

Mortgage Loan Rate Trends

Since our last report we’ve seen a mortgage rate recovery of sorts, but it is still too early to label it on overall short-term downward trend. Last week rates moved lower in short-term ways that give some market watchers reason ...

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, ...