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 […]
FHA Mortgage Rate Forecast Through Summer of 2018: A Steady Rise?
A recent forecast published by a key industry group suggests that FHA mortgage rates could rise through the end of 2017 and into 2018. This would increase borrowing cost for thousands of home buyers, since the FHA program is one of the most popular mortgage financing options. It is particularly popular among first-time buyers who lack […]
Can an FHA Loan Be Used to Buy a Duplex-Style Home?
This is part of an ongoing blog series in which we answer common questions about FHA loans. Today’s question is: Can I use an FHA loan to buy a duplex-style home with two units? The short answer is yes, an FHA-insured mortgage loan can be used to purchase a duplex property, as long as you […]
How to Get a Low Down Payment Without Using an FHA Loan
Reader question: “We are hoping to buy a house later this year but we cannot afford a down payment of 20%. I know the FHA program offers a low down payment, but I am hoping to avoid using it because of the extra insurance that’s required. Are there any low down payment options without using […]
FHA Down Payment Requirements 2017 – 2018: The Definitive Guide
FHA down payment requirements at a glance: Borrowers who use an FHA-insured mortgage loan to buy a house in 2017 must put down at least 3.5% of the purchase price or the appraised value of the home (whichever amount is less). That is the minimum requirement in 2017, according to HUD Handbook 4000.1. Additionally, borrowers must […]
How do FHA appraisers determine the market value of a house?
This is part of an ongoing series in which we answer frequently asked questions relating to FHA home loans. Today’s question comes to us from a reader in San Diego. Elizabeth asks: “How does the FHA appraiser determine the market value of the house I’m buying? What steps are involved in the process of determining […]
What do you need to qualify for an FHA loan?
This is part of an ongoing blog series where we address common questions relating to FHA-insured mortgage quotes. Today’s question is: What do you need to qualify for an FHA loan these days? The short answer is that you need decent credit, a down payment of at least 3.5%, a manageable level of debt, and […]