Many potential homeowners mistakenly believe that they must wait a very long time to qualify for mortgage approval after declaring bankruptcy. Depending on the circumstances, however, this is not the case. Easy FHA mortgage guidelines allow some borrowers to become homeowners as soon as 12 months after a bankruptcy. The primary factors determining how soon […]
Archives for April 2012
Getting FHA Mortgage Approval After Bankruptcy Is Easier Than You Think
April 27, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA Mortgage Basics
Do FHA Low Down Payment Loans Make Financial Sense?
April 14, 2012 Filed Under: Benefits of FHA Mortgage, FHA Down Payment Requirements, FHA loan, FHA mortgage
Home ownership rightfully remains the goal of many Americans and a plethora of government loan programs run by agencies such as the FHA, VA and USDA all provide mortgage programs with little or no down payment requirements. Before buying that dream home, however, a borrower should analyze whether or not it makes financial sense to […]
FHA’s 75% Increase In Mortgage Insurance Premiums May Hurt Housing Sales
April 13, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA Mortgage Basics, FHA Mortgage Insurance
After the implosion of Fannie Mae and Freddie Mac in 2008, the FHA was seen as the savior of the housing industry. Liberal underwriting guidelines combined with a low down payment requirement made FHA financing the preferred choice for many home buyers. As a result, the FHA’s share of total mortgage lending soared to almost […]
Are Only U.S. Citizens Eligible For FHA Loans? Facts vs. Myths
April 12, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA Mortgage Basics
During my discussions with loan applicants, there seems to be a common misperception that only U.S. citizens are eligible for FHA mortgage financing. I can recall a long list of second hand stories from people who “heard about” illegal immigrants receiving FHA financing using forged and fraudulent documents. Although it is certainly possible that some […]
Is FHA Loan Approval Possible With Outstanding Collections and Judgments?
April 11, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA Mortgage Basics
Applying for a Federal Housing Administration (FHA) mortgage typically involves a substantial amount of time, paperwork and out of pocket costs. The FHA mortgage program, which is widely used by home buyers, has many different rules and regulations that can result in approval delays or a loan turn down. One of the primary purposes of […]