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 […]
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 […]
FHA Down Payment Requirements in 2024: The Definitive Guide
Editor’s note: This article was updated in 2024 to include the latest down payment rules and requirements for FHA loans, based on current HUD guidelines. There have been no significant program changes over the past couple of years. The 3.5% rule remains in effect, as explained below. The FHA loan program is popular among home […]
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 […]
Who Pays for the FHA Home Appraisal? Buyer, Seller or Lender?
Home buyers tend to have a lot of questions about the Federal Housing Administration (FHA) home loan program. In particular, we receive a lot of questions relating to the home appraisal process. A frequently asked question is: Who pays for the FHA appraisal? Does the buyer always pay for it? Or can the mortgage lender […]
FHA Appraisal Timeline: When Does the House Get Appraised?
How does the FHA appraisal timeline work? When does the house get appraised? What does the appraiser look for during his visit, and who pays for the appraisal? These are some of the most common questions among home buyers who use FHA-insured mortgage loans to buy a house. Today, we’ll take a look at the […]
Fact: FHA Loans Are Not Just for First-Time Home Buyers
Here’s a question we get a lot: Are FHA loans just for first-time home buyers, or can anyone use them to buy a house? The short answer is no, FHA loans are not reserved solely for first-time buyers. Any borrower who meets the minimum qualification criteria for this program can use it to buy a […]