In this article, you’ll learn how to apply for an FHA loan and navigate the application process, step by step. We will also cover some of the preliminary steps you can take before applying for a loan, as well as the mortgage processing steps that come after it. An FHA loan is a mortgage that’s […]
Can FHA Mortgage Insurance Be Removed at the 20% Home Equity Level?
If you’re considering using an FHA loan to buy a house, you’ve probably heard that they require mortgage insurance. You might also be wondering if FHA mortgage insurance can be removed once you’ve reached 20% equity in your home, as with a conventional (or non-government-backed) home loan. The short answer is, it depends. If you […]
FHA Mortgage Rates Expected to Go Up in 2022, According to Forecasts
Will FHA mortgage rates go up or down in 2022? That’s the big question for a lot of future home buyers and mortgage shoppers in the U.S. According to a recent forecast, FHA rates could rise a bit during 2022. In fact, we’re seeing some indications of this already… Lately, many housing market analysts and […]
Using an FHA Loan in 2022: Will It Help or Hurt Your Chance at a House?
Reader question: “We are planning to use an FHA loan in 2022 to purchase the house. Will using an FHA loan help us or hurt us in a competitive real estate market? Is there a chance the seller will turn down our offer?” This is a common question among home buyers these days, and with […]
Maximum FHA Loan Amount for 2022: A Big Increase Over Last Year
Key highlights from this report: The maximum FHA loan amounts for 2022 range from $420,680 to $970,800. This applies to loans with case numbers assigned on or after January 1, 2022. These limits can vary by county, because they are based on home prices. In Alaska, Hawaii, Guam and Virgin Islands, the new cap will […]
FHA Loan Limits for 2022 Will Likely Be Increased, Due to Price Growth
Update: It’s official. The FHA loan limits for 2022 went up. Details here Another year, another increase for FHA loan limits. That’s what we expect to happen, anyway. While nothing is official yet, it’s highly likely (and almost certain) that the FHA loan limits for 2022 will be increased over their current levels. The main […]
No Changes to FHA Credit Scores in 2022 (So Far, Anyway)
We recently reviewed the latest version of HUD Handbook 4000.1, to see if there have been any important changes that will affect borrowers in 2022. As it turns out, FHA credit score requirements in 2022 will likely remain the same as they’ve been for the past few years. Here is a quick overview of those […]
How an FHA 5-Year (5/1) ARM Loan Works
What is an FHA 5-year ARM loan and how does it work? What are the advantages or benefits of using an FHA 5/1 ARM loan, versus the more common 30-year fixed? Is an adjustable-rate mortgage the right choice for me? These are some of the most common questions home buyers and mortgage shoppers have about […]
FHA Loan Requirements for 2023: Updated Information for Borrowers
On October 26, the Federal Housing Administration sent out an email to announce some updates to the Single Family Housing Policy Handbook. Also known as “HUD Handbook 4000.1,” this is the official set of guidelines and requirements for FHA-insured home loans. According to their announcement: “The updates include enhancements and revisions to existing guidance as […]
Can a Seller Refuse an FHA Loan Offer from a Buyer?
Highlights from this article: Yes, a seller can refuse an FHA loan offer from a home buyer. You can refuse any offer that doesn’t meet your needs or expectations. Housing discrimination, on the other hand, is prohibited by law. FHA loans have a closing success rate similar to conventional mortgages. The best strategy is to […]