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 […]
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 — no. Here’s what you need to know. The short answer: Home buyers who use […]
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 […]
With an FHA Loan, Can the Seller Pay the Buyer’s Closing Costs?
This blog post is part of an ongoing series in which we answer common questions relating to the FHA mortgage insurance program. Today’s question is: With FHA loans, can the seller pay the buyer’s closing costs? The short answer is yes. The Department of Housing and Urban Development, which manages the FHA loan program, allows […]
Why Would FHA Not Approve a Home for Financing?
This is part of an ongoing series in which we answer common questions about FHA-insured mortgage loans. Today’s question is: Why would the FHA not approve a home for financing, under this program? Why Would the FHA Not Approve a Home? There are several reasons why a home might not be eligible for this mortgage […]
How Are FHA Interest Rates Determined by Lenders?
This is part of an ongoing series of articles that addresses frequently asked questions relating to FHA loans. Today we will answer the following question: How are FHA mortgage rates determined by lenders? Part 1: How FHA Rates Are Determined There are many different factors that can affect the mortgage rates used for both conventional […]
What’s the Lowest and the Average Credit Score for an FHA Loan?
This is part of our ongoing blog series that answers frequently asked FAQ questions. Today’s question is: What is the absolute lowest credit score allowed for an FHA loan in 2017? And what’s the average score for borrowers who use the program? Short answer: According to guidelines from the Department of Housing and Urban Development, the […]
Why Would a Seller Not Want or Accept an FHA Loan Offer?
This is part of an ongoing series where we answer frequently asked questions about FHA loans. Today’s question comes from Tammy in Tennessee, who had concerns about using this type of mortgage when buying a home. She asks: “Why would a seller not want or accept an FHA loan when an offer is made on […]
Do FHA Loans Require a Full Home Inspection?
Here are the five key points covered in this article: 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 […]