Many people begin their search for a new home on the internet. Online searches are an efficient way to view property listings as well as determine the price range for different homes in your area. Once a home buyer has decided it is time to buy, one of the next first steps involve selecting a […]
FHA Minimum FICO Score Requirements Meaningless To Many Borrowers
July 11, 2011 Filed Under: FHA Eligibility Requirements, FHA Minimum Credit Scores, FHA mortgage
A borrower’s credit score is one of the most important factors in determining FHA loan approval. Not having a sufficiently high FICO score is one of the primary reasons that a borrower will be denied FHA financing. Late last year the FHA established minimum FICO score requirements. The FHA guidelines, however, are meaningless for many […]
Why You Should Always Pay Off An FHA Mortgage At The End Of The Month
July 7, 2011 Filed Under: FHA mortgage, FHA Mortgage Basics
Many FHA borrowers are needlessly paying extra interest charges by paying off an FHA mortgage before the end of the month. The reason behind the extra interest charges is due to the method by which the FHA calculates the final interest charges due on an FHA loan payoff. For all other types of mortgages that […]
FHA Caps On Borrower Closing Costs Paid By Sellers
July 6, 2011 Filed Under: Benefits of FHA Mortgage, FHA mortgage, FHA Mortgage Basics
One of the benefits of FHA financing is the ability of home buyers to have the seller pay for certain closing costs. The FHA allows sellers to pay specified closing costs, subject to a percentage limitation, on behalf of borrowers. The ability of home buyers to obtain seller concessions is one of the major benefits […]
Basic Requirements To Be Eligible For FHA Financing
July 1, 2011 Filed Under: FHA Eligibility Requirements, FHA mortgage, FHA Mortgage Basics
Applying for an FHA loan can be a complex and sometimes time consuming process. The lender that you apply to for an FHA loan must meet numerous guidelines for loan application, processing and approval as mandated by FHA regulations and rules. In addition, lenders can impose their own eligibility requirements as deemed appropriate so there […]