It’s possible to qualify for an FHA loan after a bankruptcy filing. Depending on the circumstances, there might be a waiting period of 12 months to two years from the discharge date. After that period of time, an eligible borrower could get an FHA-insured mortgage loan to buy a house. There are different requirements for […]
FHA Requirements for Appliances (Refrigerator, Dishwasher, Dryer, Etc.)
If you’re buying a home with an FHA loan, you should know that the Federal Housing Administration has some specific requirements for major appliances. In this context, we’re talking about home appliances such as dishwashers, refrigerators, and washing machines. The good news is that the FHA requirements for home appliances are pretty straightforward. Basically, they […]
Paying Discount Points for a Lower Rate on an FHA Loan
Want a lower interest rate on your FHA-insured mortgage loan? Consider paying points at closing. This one-time, upfront closing cost could give you access to a “discounted” rate, thereby saving you money over the long term. But “long term” is the key phrase in that last sentence. Paying discount points on an FHA loan is something […]
Maximum Term Length for an FHA Loan Is 30 Years, Handbook Says
According to current guidelines established by the Department of Housing and Urban Development, the maximum repayment term for an FHA-insured mortgage loan is 30 years. But what does that mean exactly? Here’s an explanation of the mortgage repayment term length for FHA loans, as it applies to you as a borrower. Maximum Repayment Term (Length) for […]
Can the Seller Pay the Buyer’s Down Payment With FHA Loans
Can the seller pay for the buyer’s down payment when an FHA loan is being used? This is a common question among buyers and seller who are involved with an FHA-financed real estate transaction. And there’s a fairly straightforward answer. Here’s what you need to know. The short answer: Home buyers who use FHA loans […]
Appraisal Problems: Reasons Why FHA Loans Fall Through Before Closing
This is the first in a series of articles that will cover some of the most common reasons why FHA loans fall through prior to closing. Many borrowers sail through the FHA review process with no issues whatsoever, while others encounter roadblocks along the way. So it’s important to know what those obstacles are, and […]
Is an FHA Mortgage Loan a Good Idea for First-Time Buyers?
Here’s a common question we receive from our readers: Is an FHA mortgage loan a good idea for first-time home buyers? This is not a yes or no question, because it varies from one borrower to the next. With that being said, the FHA loan program is often a good option for first-time buyers with […]
Credit Score Needed for FHA Loan Approval in 2018
It’s a brand-new year, so we thought it was time to take a fresh look at some of the more important FHA loan requirements. Today, we will cover the credit score needed for FHA loan approval in 2018. Some of the information that follows is based on the official HUD handbook for this mortgage program, […]
Florida FHA Limits for 2018: They’ve Gone Up
Update: View the new limits for the current year loan limits for Florida were increased for 2018, in response to rising home values. In fact, the maximum FHA loan amount went up for most counties across the U.S. The table below shows the 2018 FHA loan limits for all counties and metro areas across Florida. […]
California FHA Loan Limits in 2018: All Counties
Here’s an updated article with the 2019 limits The max FHA loan limit for California will go up in 2018, due to significant home-price gains that occurred over the last year. California FHA loan limits vary by county, because they are based on median home prices that are also regional in nature. California FHA Loan […]