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 […]
FHA Mortgage Forbearance in 2021: How it Works and Who Gets It
This page explains how FHA mortgage forbearance works in 2021, the process for requesting it, and other related aspects of the CARES Act. This information has been fully updated for 2021 to reflect new extensions, deadlines, and other time-sensitive updates to the program. FHA Mortgage Forbearance Under the CARES Act FHA mortgage loan forbearance is […]
Update: Credit Score of 550 or Higher Needed for FHA Loans in 2021?
A recent report from a leading mortgage software company showed that a credit score of 550 or higher might be needed to qualify for an FHA loan in 2021. That’s quite a bit higher than the official minimum credit score of 500, and it illustrates a key point borrowers should understand. Mortgage lenders can set […]
Forecast: Will FHA Mortgage Rates Rise in 2021?
Key highlights from this report: 30-year fixed mortgage rates are hovering at 50-year record lows. FHA mortgage rate forecasts suggest a modest rise in 2021. Home buyers might see higher borrowing costs later this year. Home prices, meanwhile, continue to climb in most U.S. cities. From a mortgage-rate perspective, 2020 was a great year for […]
2021 FHA Loan Limits Are Now Available
The 2021 FHA loan limits have been increased for most counties across the U.S., in response to significant home-price growth that occurred during 2020. The 2021 loan limits shown below will apply to FHA-insured purchase loans with a case number assigned on or after January 1, 2021. Key highlights from this report: The 2021 FHA […]
Buying a Home With an FHA Loan During COVID-19
Reader question: “What is the process for buying a home with an FHA loan during the coronavirus pandemic? Has the FHA mortgage process changed as a result of the COVID-19 situation?” We have received quite a few questions from readers regarding FHA loans during the ongoing coronavirus pandemic. This is the first in a series […]
Requirements for FHA Desktop and Exterior-Only Appraisals During COVID-19
In March 2020, the Department of Housing and Urban Development issued guidelines for desktop-only and exterior-only home appraisals for properties being purchased with an FHA loan. These temporary measures and procedures have been put in place to reduce, or even eliminate, face-to-face contact during the coronavirus (COVID-19) pandemic. The requirements for desktop-only and exterior-only FHA […]
FHA Credit-Score Requirements Increased in 2020, as Economy Struggles
Highlights from this report: Some mortgage lenders have increased credit-score requirements for borrowers. We are seeing higher credit standards for both FHA and conventional loans. According to one report, some lenders are setting the bar around 660. These are temporary measures designed to reduce risk and losses. Lenders Increase FHA Credit Standards in 2020 Here […]
Florida FHA Loan Limits 2020: They’ve Gone Up Again
Another year, another increase in the FHA loan limits for Florida counties. In December of 2019, the Department of Housing and Urban Development (HUD) announced that it would be increasing Florida FHA loan limits for 2020. That change applies to all case numbers assigned on or after January 1, 2020, and will remain in effect […]
California FHA Loan Limits 2020: Another Year, Another Increase
At a glance: This page includes the 2020 FHA loan limits for all California counties. They were increased from their 2019 levels in response to rising home prices across the state. In 2020, California FHA loan limits will range from $331,760 to $765,600, depending on the county. FHA Mortgage Amounts Going Up On December 3, […]