Many home buyers use the FHA loan program because it offers flexible qualification criteria and a down payment as low as 3.5%. But borrowers must meet specific qualification criteria and requirements in order to qualify for an FHA loan. These requirements come from the Department of Housing and Urban Development (HUD). That’s because the Federal […]
The Maximum FHA Loan Amounts for Borrowers in 2024
In this guide: An overview of the maximum FHA loan amounts for 2024, with an explanation of how they can affect you as a home buyer and borrower. The FHA loan program allows eligible borrowers to purchase a home with a down payment as low as 3.5%. This program also offers more flexible qualification criteria, […]
California Maximum FHA Loan Limit Amounts for 2024: All 58 Counties
Summary: The maximum FHA loan limit size amounts for California have been increased for 2024 in response to rising home values in the U.S. The new limits range from $498,257 to $1,149,825. This is good news for home buyers who are planning to use an FHA loan to buy a house in 2024. This policy […]
How to Apply for an FHA Loan: The Mortgage Application Process Explained
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 […]
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 […]
How Does My Credit Score Affect My FHA Mortgage Rate?
Does my credit score affect the FHA mortgage rate I receive from a lender? And if so, how? What can I do if it’s low? These are common questions among home buyers considering the FHA mortgage program. And rightfully so. The interest rate you receive can add up to a significant amount of money over […]
10 Steps in the FHA Home Buying Process
How does the FHA home buying process work? What steps are involved in the process, and how does it differ from a regular mortgage loan? These are common questions among home buyers who plan to use the FHA loan program. And today, we’re going to address all of these questions in detail. Specifically, we will […]
Can I Get an FHA Loan With a Lot of Credit Card Debt?
Reader question: “We are planning to buy a home later this year and plan to use an FHA loan. We currently have quite a bit of credit card debt. Is it possible to qualify for an FHA loan with credit card debt? Are there any rules or requirements we should know about?” You are not […]