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How Often Do FHA Loans Get Rejected in the Underwriting Stage?

August 26, 2021August 27, 2021 Brandon Cornett

Reader question: “I was planning to use an FHA loan to buy a house later this year, but I’ve heard they get denied in underwriting a lot. Are there any statistics that show exactly how often FHA loans get rejected during the underwriting process?” Due to consumer privacy laws, there aren’t any specific numbers that […]

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Can I Get an FHA Loan Without an Appraisal?

August 25, 2021September 12, 2022 Brandon Cornett

“Is it possible to get an FHA loan without a home appraisal?” This question was sent in by one of our readers. If you’re buying a home using an FHA loan, the property will have to be appraised. You cannot buy a home with an FHA loan without an appraisal. The appraiser must review the […]

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FHA Loans Take Longer to Close Than Conventional, on Average

August 18, 2021August 27, 2021 Brandon Cornett

A lot of home buyers who are considering the FHA loan program have questions regarding the timeline. One of the most common questions is: Do FHA loans take longer to close, when compared to regular or conventional mortgage loans? The short answer is yes. Industry data show that FHA loans do take longer to close […]

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Using an FHA Loan in a Hot Seller’s Market

August 5, 2021September 24, 2021 Brandon Cornett

It’s still a sellers real estate market in 2021, and some home buyers with FHA loans are having a hard time competing. But why? In this article, we will explore the potential downsides and disadvantages of using an FHA loan in a highly competitive seller’s market. We won’t sugarcoat it. Using a government-backed mortgage loan […]

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Requirements: Monthly Income Needed for an FHA Loan

July 8, 2021May 27, 2022 Brandon Cornett

Elsewhere on this website, we have covered some of the minimum requirements for an FHA loan. Today, we will zero in on the amount of income that’s needed to qualify for an FHA loan. While the Federal Housing Administration does not have any specific income requirements for FHA loans, they do have some established guidelines […]

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Making an FHA Offer Above the Asking Price

May 12, 2021August 9, 2021 Brandon Cornett

When using an FHA loan, can you make an offer above the seller’s asking price? Sure. There’s nothing within the official FHA guidelines that prevents you from making a purchase offer over the list list price. But you could run into problems down the road, when the home gets appraised. And you might end up […]

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Who qualifies for FHA

Who Can Qualify for an FHA Home Loan?

February 26, 2021February 26, 2021 Brandon Cornett

Who can qualify for an FHA loan? Who is eligible for this program? This one of the most frequently asked questions we receive from our visitors and readers. So we created this brief article to answer the common question: Who qualifies for an FHA home loan? Who Can Qualify for an FHA Loan The short […]

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Can You Make Too Much Money for an FHA Loan?

February 24, 2021April 17, 2022 Brandon Cornett

Do I make too much money to qualify for an FHA mortgage loan? Is there a maximum income “ceiling” associated with this program? These are common questions among home buyers who are considering the Federal Housing Administration mortgage program. Today, we will answer these questions in detail. In short: There is no income ceiling or […]

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How Does My Credit Score Affect My FHA Mortgage Rate?

February 23, 2021February 23, 2021 Brandon Cornett

Does my credit score affect the FHA mortgage rate I receive from a lender? And if so, how? What can I do if it’s low? These are common questions among home buyers considering the FHA mortgage program. And rightfully so. The interest rate you receive can add up to a significant amount of money over […]

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10 Steps in the FHA Home Buying Process

February 18, 2021May 15, 2022 Brandon Cornett

How does the FHA home buying process work? What steps are involved in the process, and how does it differ from a regular mortgage loan? These are common questions among home buyers who plan to use the FHA loan program. And today, we’re going to address all of these questions in detail. Specifically, we will […]

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