Are FHA mortgage rates lower than those assigned to conventional home loans? This is a common question among borrowers who are thinking about using the Federal Housing Administration’s home loan program. While rates vary from one loan to the next, industry statistics show that FHA mortgage rates are often better / lower than conventional. Report: […]
With an FHA Loan, Can the Seller Pay the Buyer’s Closing Costs?
This blog post is part of an ongoing series in which we answer common questions relating to the FHA mortgage insurance program. Today’s question is: With FHA loans, can the seller pay the buyer’s closing costs? The short answer is yes. The Department of Housing and Urban Development, which manages the FHA loan program, allows […]
Why Would FHA Not Approve a Home for Financing?
This is part of an ongoing series in which we answer common questions about FHA-insured mortgage loans. Today’s question is: Why would the FHA not approve a home for financing, under this program? Why Would the FHA Not Approve a Home? There are several reasons why a home might not be eligible for this mortgage […]
How Are FHA Interest Rates Determined by Lenders?
This is part of an ongoing series of articles that addresses frequently asked questions relating to FHA loans. Today we will answer the following question: How are FHA mortgage rates determined by lenders? Part 1: How FHA Rates Are Determined There are many different factors that can affect the mortgage rates used for both conventional […]
What’s the Lowest and the Average Credit Score for an FHA Loan?
This is part of our ongoing blog series that answers frequently asked FAQ questions. Today’s question is: What is the absolute lowest credit score allowed for an FHA loan in 2017? And what’s the average score for borrowers who use the program? Short answer: According to guidelines from the Department of Housing and Urban Development, the […]
Why Would a Seller Not Want or Accept an FHA Loan Offer?
This is part of an ongoing series where we answer frequently asked questions about FHA loans. Today’s question comes from Tammy in Tennessee, who had concerns about using this type of mortgage when buying a home. She asks: “Why would a seller not want or accept an FHA loan when an offer is made on […]
Can an FHA Loan Be Refinanced Later On Down the Road?
We receive a lot of FHA-related questions from our readers that relate to mortgage refinancing. One of the most common questions is: Can you refinance an FHA loan down the road? The short answer is yes, you can definitely refinance a Federal Housing Administration insured mortgage loan. But you will have to meet certain minimum […]
Is a Home Inspection Required When an FHA Loan Is Used?
This entry is part of an ongoing series in which we answer frequently asked questions about FHA loans. Today’s question: Is a home inspection required when using an FHA mortgage loan? The short answer is no. The Department of Housing and Urban Development, which manages the FHA loan program, does not require borrowers to have […]
What Is a Good FICO Credit Score for an FHA Loan These Days?
This blog post is part of an ongoing series in which we answer frequently asked questions regarding FHA home loans. Today’s question is: What is considered a good FICO credit score for getting an FHA loan? Here’s the short answer. The Department of Housing and Urban Development requires borrowers to have a “minimum decision credit […]
Are FHA Loans Only for Borrowers With Low Income?
This blog entry is part of an ongoing series in which we answer common questions about the FHA mortgage insurance program. Today’s question is, are FHA loans only for low-income borrowers? The short answer is no. There are no income guidelines or restrictions that prevent borrowers with moderate to upper income from using the FHA […]