FHA Handbook
  • Home
  • About
  • Blog
  • Learn
    • What Is an FHA Loan?
    • FHA vs Conventional
    • Home Buying Process
    • FHA Approval Process
    • Down Payment Rules
    • Frequently Asked Questions
  • Contact

FHA Credit-Score Requirements Increased in 2020, as Economy Struggles

May 13, 2020May 13, 2020 Brandon Cornett

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 […]

Read More

Florida FHA Loan Limits 2020: They’ve Gone Up Again

December 13, 2019December 15, 2019 Brandon Cornett

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 […]

Read More

California FHA Loan Limits 2020: Another Year, Another Increase

December 5, 2019December 5, 2019 Brandon Cornett

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, […]

Read More

When Does the FHA Inspection Take Place?

November 2, 2019November 2, 2019 Brandon Cornett

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 […]

Read More

Can I Borrow My FHA Down Payment from Someone Else?

October 27, 2019October 27, 2019 Brandon Cornett

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 […]

Read More

Can I Get an FHA Loan With a Lot of Credit Card Debt?

August 7, 2019August 7, 2019 Brandon Cornett

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 […]

Read More

Overview of Conventional Loan Requirements in 2019

June 15, 2019July 5, 2019 Brandon Cornett

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 […]

Read More

Acceptable Down Payment Sources for FHA Loans

June 6, 2019October 27, 2019 Brandon Cornett

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 […]

Read More

FHA Insurance Requirements: What Borrowers Need to Know

May 2, 2019May 3, 2019 Brandon Cornett

The Federal Housing Administration (FHA) loan program has specific insurance requirements for borrowers and lenders alike. In fact, the entire program is built around insurance — and it comes in different forms. So we’ve created a handy, all-in-one guide to FHA insurance requirements and policies. FHA Insurance Protects Mortgage Lenders The FHA does not lend […]

Read More

Cancellation of 10-Year Warranty Requirement on FHA Loans

March 20, 2019April 6, 2019 Brandon Cornett

In March 2019, officials from the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced some changes to the home warranty requirements on FHA loans. At a glance: This change, announced in Mortgagee Letter 2019-05, eliminates the 10-year protection plan requirements on some FHA loans. It cancels the requirement that […]

Read More

Posts navigation

Older posts
Newer posts




  • Home
  • Privacy Policy
Copyright 2021, FHAhandbook.com. All rights reserved.
Note: We are an independent publisher not associated with the government or FHA.