May 21, 2019

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Do You Suffer From Home Loan Anxiety?

Do You Suffer From Home Loan Anxiety?

Do you suffer from home loan anxiety? There are many people who want to apply for an FHA mortgage loan, often first-time home buyers looking at an existing construction loan or an FHA One-Time Close construction loan, who begin to worry about getting their loan application approved.

Are You Worried About Being Able To Afford Your FHA Mortgage?

There is good news for those who are worried they might not be able to afford the FHA home loan and can’t decide whether or not to apply.

But there are tools you can use to help get an estimate of how much your FHA mortgage payment might run every month in the form of online mortgage calculators.

These tools ask you to input an estimated price of the home, potential down payment amounts, and other data to estimate what the monthly payment could be. Getting an approximate amount will definitely go a long way toward helping a new borrower figure out how much loan they can afford.

An online mortgage calculator can help you determine a rough estimate of your monthly payment, but also how much you can borrow and more.

It’s important to remember that add-ons to your mortgage loan such as financing the FHA UpFront Mortgage Insurance Premium and other expenses may increase the amount of your monthly payment. Be sure to consider those factors when deciding whether or not to finance certain expenses into your home loan instead of paying them up front.

Are You Worried About The Amount Of Your Down Payment?

Down payment requirements for FHA mortgages include a minimum of 3.5% of the adjusted value of the home. The “adjusted value” is a calculation that the lender will make, and it can be a bit complicated, but you can get a general idea of how much money down might be required by doing the 3.5% calculation on the sale price of the property.

Please note that this borrower-calculated number will be a rough estimate only and won’t take into account the lender’s adjustments, but it’s a good way to determine a ballpark figure for basic budgeting purposes.

The actual down payment you make will depend on several factors including credit scores and whether or not there is an identity-of-interest issue with your transaction that might require a higher down payment.

Don’t forget to compare FHA loan down payment requirements with conventional loan down payment requirements for the same kind of loan to see how much more you might pay elsewhere.

There are other issues that can make a borrower anxious about the home loan process; we will cover the causes of these types of mortgage loan worry and possible solutions in another blog post.

Joe Wallace - Staff Writer

By Joe Wallace

June 12, 2018

Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for for (8) years and is currently the Associate Editor for

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About was launched in 2010 by seasoned mortgage professionals wanting to educate homebuyers about the guidelines for FHA insured mortgage loans. Popular FHA topics include credit requirements, FHA loan limits, mortgage insurance premiums, closing costs and many more. The authors have written thousands of blogs specific to FHA mortgages and the site has substantially increased readership over the years and has become known for its “FHA News and Views”.

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