Are you planning to use an FHA loan to buy a house? If so, it’s probably a good idea to get pre-approved by a lender before you start house hunting. It will help you identify your price range, and will make sellers more inclined to accept your offer. This article explains how the FHA loan […]
2015 FHA Mortgage Rate Forecast and Predictions
With October only days away, and the end of the year in sight, we thought it was time to offer an FHA mortgage rate prediction and forecast for 2015. The following projection is based on insight provided by various economists and analysts, who have been cited accordingly. So without further ado, here is your 2015 […]
How and Where to Get an FHA Loan: A Guide for Borrowers
Reader question: “I’ve heard that FHA home loans are good for first-time buyers like myself, because they’re easier to get and you don’t have to put as much money down. Is this true? And if so, how do I get an FHA loan when buying my first house? Any advice would be much appreciated?” FHA […]
Are FHA Loans Easy or Hard to Qualify for?
Reader question: “I have heard that FHA home loans are fairly easy to qualify for. Or at least that they are easier than regular mortgages. Is this still true? I’m wondering if it applies anymore, because I’ve read a lot about FHA rule changes and stiffer requirements. Does that mean they are hard to get […]
What Does an FHA Underwriter Look for During His Review?
Mortgage underwriting can be one of the more obscure parts of the lending process. Borrowers know a lot about the application stage because they are actively involved in it. Likewise, they are generally aware of what takes place at closing because they are present for the process. But it is this middle stage, known as […]
Does FHA Offer Adjustable-Rate Mortgages, or Only Fixed?
Reader question: “I’m thinking about using the FHA program to buy a house, because I don’t have much money saved up for a down payment. I might use a 3-year or 5-year ARM loan because I don’t think I will stay in this house for much longer than that. My question is, does FHA offer […]
How Can You Get Denied for an FHA Loan?
Reader question: “We want to use an FHA loan to buy a home because we’ve heard it’s easier to qualify, compared to a regular mortgage. At the same time, I wondering what might cause us to be turned down. Does the FHA deny loans for unqualified borrowers, or is it left up to the mortgage […]
How Long Does it Take an FHA Loan to Close?
We receive a lot of FHA-related questions by email that start with the words “how long.” How long does it take to get approved for an FHA loan? How long do they take to close? And so on. So I thought it might be helpful to compile a few of those FAQs onto one page. […]
Which Banks and Lenders Offer FHA Loans in My Area?
Reader question: “I want to use FHA for the smaller down payment it allows. There are some banks in my area that I think offer mortgages. Is this a good place to start when applying? Or should I look online? Which banks and lenders offer FHA loans these days? Or do they all provide them?” […]
Do FHA Loans Require PMI Insurance for Life of the Loan?
Reader question: “I have heard that FHA home loans are popular with home buyers because they don’t require PMI insurance. But then I read something that said the insurance costs can be even higher on government-insured mortgages than with conventional, and that I would have to pay the policy for the life of the loan. […]