Home buyers using FHA loans have had a hard time in 2021. The real estate market has been tilted in favor of sellers, due to low inventory and high demand. These seller’s market conditions allow homeowners to pick and choose what they feel is the best offer. In many cases, home buyers using FHA loans […]
How Often Do FHA Loans Get Rejected in the Underwriting Stage?
Reader question: “I was planning to use an FHA loan to buy a house later this year, but I’ve heard they get denied in underwriting a lot. Are there any statistics that show exactly how often FHA loans get rejected during the underwriting process?” Due to consumer privacy laws, there aren’t any specific numbers that […]
Can I Get an FHA Loan Without an Appraisal?
“Is it possible to get an FHA loan without a home appraisal?” This question was sent in by one of our readers. If you’re buying a home using an FHA loan, the property will have to be appraised. You cannot buy a home with an FHA loan without an appraisal. The appraiser must review the […]
FHA Loans Take Longer to Close Than Conventional, on Average
A lot of home buyers who are considering the FHA loan program have questions regarding the timeline. One of the most common questions is: Do FHA loans take longer to close, when compared to regular or conventional mortgage loans? The short answer is yes. Industry data show that FHA loans do take longer to close […]
Using an FHA Loan in a Hot Seller’s Market
It’s still a sellers real estate market in 2021, and some home buyers with FHA loans are having a hard time competing. But why? In this article, we will explore the potential downsides and disadvantages of using an FHA loan in a highly competitive seller’s market. We won’t sugarcoat it. Using a government-backed mortgage loan […]
Requirements: Monthly Income Needed for an FHA Loan
Elsewhere on this website, we have covered some of the minimum requirements for an FHA loan. Today, we will zero in on the amount of income that’s needed to qualify for an FHA loan. While the Federal Housing Administration does not have any specific income requirements for FHA loans, they do have some established guidelines […]
Making an FHA Offer Above the Asking Price
When using an FHA loan, can you make an offer above the seller’s asking price? Sure. There’s nothing within the official FHA guidelines that prevents you from making a purchase offer over the list list price. But you could run into problems down the road, when the home gets appraised. And you might end up […]
Who Can Qualify for an FHA Home Loan?
Who can qualify for an FHA loan? Who is eligible for this program? This one of the most frequently asked questions we receive from our visitors and readers. So we created this brief article to answer the common question: Who qualifies for an FHA home loan? Who Can Qualify for an FHA Loan The short […]
Can You Make Too Much Money for an FHA Loan?
Do I make too much money to qualify for an FHA mortgage loan? Is there a maximum income “ceiling” associated with this program? These are common questions among home buyers who are considering the Federal Housing Administration mortgage program. Today, we will answer these questions in detail. In short: There is no income ceiling or […]
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 […]