Reader question: “What is the process for buying a home with an FHA loan during the coronavirus pandemic? Has the FHA mortgage process changed as a result of the COVID-19 situation?” We have received quite a few questions from readers regarding FHA loans during the ongoing coronavirus pandemic. This is the first in a series […]
Requirements for FHA Desktop and Exterior-Only Appraisals During COVID-19
In March 2020, the Department of Housing and Urban Development issued guidelines for desktop-only and exterior-only home appraisals for properties being purchased with an FHA loan. These temporary measures and procedures have been put in place to reduce, or even eliminate, face-to-face contact during the coronavirus (COVID-19) pandemic. The requirements for desktop-only and exterior-only FHA […]
FHA Credit-Score Requirements Increased in 2020, as Economy Struggles
Highlights from this report: Some mortgage lenders have increased credit-score requirements for borrowers. We are seeing higher credit standards for both FHA and conventional loans. According to one report, some lenders are setting the bar around 660. These are temporary measures designed to reduce risk and losses. Lenders Increase FHA Credit Standards in 2020 Here […]
Florida FHA Loan Limits 2020: They’ve Gone Up Again
Another year, another increase in the FHA loan limits for Florida counties. In December of 2019, the Department of Housing and Urban Development (HUD) announced that it would be increasing Florida FHA loan limits for 2020. That change applies to all case numbers assigned on or after January 1, 2020, and will remain in effect […]
California FHA Loan Limits 2020: Another Year, Another Increase
At a glance: This page includes the 2020 FHA loan limits for all California counties. They were increased from their 2019 levels in response to rising home prices across the state. In 2020, California FHA loan limits will range from $331,760 to $765,600, depending on the county. FHA Mortgage Amounts Going Up On December 3, […]
When Does the FHA Inspection Take Place?
Reader question: “When does the FHA inspection process takes place? Does it happen right after we make an offer on a house?” This is a common question among borrowers who are considering the FHA mortgage insurance program. Here are three things you should know right off the bat: FHA does not require a full home […]
Can I Borrow My FHA Down Payment from Someone Else?
Earlier this year, we published a guide to FHA loan down payments. Since then, we’ve received quite a few questions from borrowers on that subject. A common question among home buyers who are considering this program is: Can I borrow my FHA down payment from someone else? The short answer is no. The funds used […]
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 […]
Overview of Conventional Loan Requirements in 2019
Key highlights from this article: A conventional mortgage loan is one that is not insured or guaranteed by the government. The requirements for conventional loans can vary from one lender to the next. Common requirements include a credit score of 600 or higher, a down payment of 3% or more, and a debt-to-income ratio no […]
Acceptable Down Payment Sources for FHA Loans
Key highlights from this article: HUD Handbook 4000.1 outlines the acceptable down payment sources for FHA loans. Borrowers who use this program to buy a house can only use funds from an approved source. Down payment funds may come from savings, cash saved at home, investments, and more. Keep reading below for a closer look […]