December 10, 2019

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Articles Tagged With: FHA Qualifications

FHA Loan Rules And Your Personal Information

FHA Loan Approval And Your Credit Scores

What do you need to know about FHA loan approval and your credit scores? There are some important factors that can help you in the planning stages for your new mortgage loan. Don’t go into the mortgage application process without being armed with this information-you’ll be glad you know before you sign. FHA Minimum FICO Scores And Your FHA Lender FHA minimum FICO score requirements are not necessarily the same as your lender’s requirements. FHA Loan rules establish a minimum for credit scores (580 or higher for maximum financing) but your lender may require higher scores. An average is between 640 and 700, with scores between 640 and 680 being common requirements for the lowest down payment. FICO Score Requirements May Vary Depending On The Type Of FHA Loan Your | more...

 
5 Uses For An FHA Mortgage Loan

Are You Ready To Fill Out FHA Home Loan Paperwork?

Are you ready to fill out FHA home loan paperwork and start the loan application process? Here are some important things you should think about before getting the forms and starting the loan. Get Ready For An FHA Mortgage Loan By Reducing Your Debt Ratios FHA home loans, like other mortgages, require the borrower to be able to realistically afford the mortgage. If you don’t know how much debt you have going out compared to how much income you have-hypothetical mortgage payments included-you aren’t ready to fill out home loan paperwork. You will need to know what the lender will see when examining your debts and income, and know how much of your income is taken up by your monthly financial obligations. Knowing Your FICO Scores Ahead Of Your FHA | more...

 
How Much Home Can You Afford?

More FHA Credit Score Questions And Answers

In our previous blog post, we examined some common FHA loan FICO score questions and answers. Here are some more things you should know about FHA home loans, the FICO score requirements for them, and more. Is There A FICO Score Too Low To Be Approved For An FHA Loan? Lender standards will apply above and beyond FHA loan rules in this area. Technically speaking an FHA loan applicant with a FICO score of 500 or less is not eligible for an FHA-insured mortgage loan. Lender standards may be higher than this, however, and borrowers with FICO scores in the 500 range should seriously consider calling the FHA directly at their toll-free number 1-800 CALL FHA to get a referral to a local, HUD-approved housing counselor who can assist with | more...

 

Qualifying For An FHA Cash-Out Refinance Loan

Qualifying for an FHA cash-out refinance loan is much the same as qualifying for an FHA “forward mortgage” or typical new purchase loan. Since this type of refinancing involves money back to the borrower, the lender is required to run a new credit check and the usual credit requirements will apply even for those who are repeat customers for a particular lender. Credit Activity When you are preparing for your FHA cash out refinance loan, you’ll need to observe the same rules about credit that you did when you applied for your original mortgage. That means avoiding new credit card applications and other types of credit leading up to your refi loan paperwork. Why? Every time you apply for new credit, a “hard inquiry” is listed on your credit report. | more...

 
How much can I borrow with an FHA refinance loan?

Basics Of An FHA Home Loan

Are you interested in an FHA mortgage? If you’ve never applied for an FHA home loan before, there are some basics you should know that will help you make the right choices for the property you wish to purchase. Who Is An FHA Home Loan For? The FHA single-family home loan program is available to all financially qualified borrowers looking to buy property that meets FHA standards. FHA loans are for owner-occupiers looking to purchase a home to live in as their primary residence. There is a residency requirement for FHA mortgages, and FHA single family home loans are not intended for investment properties. You can purchase a home with as many as four units, and the borrower is free to rent out the unused units of the property as | more...

 

Getting Ready For An FHA Mortgage Loan

Getting ready for an FHA mortgage loan doesn’t just mean checking your credit report and FICO scores, saving up money for a down payment, and reducing your debt-to-income ratio. It also means making important choices about your home and mortgage needs. Some of these choices may need to be made early in the preparation stage, others may come later depending on the type of home you decide to buy. Are you ready for an FHA mortgage loan? Type Of Home Believe it or not, the nature of the property you buy with your FHA mortgage loan could affect the type of home loan you apply for. A typical suburban home isn’t the same as a mobile home or a condo. The loans for a condo or manufactured home have different | more...