A common question for borrowers who have had to file for bankruptcy is if they are still eligible for FHA financing. The short answer is yes but a particular applicant may or may not qualify for FHA financing depending on the individual circumstances and age and type of the bankruptcy. The FHA has different guidelines […]
Can I Get An FHA Mortgage After A Bankruptcy?
July 1, 2011 Filed Under: FHA Eligibility Requirements, FHA Mortgage Basics
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 […]
Realtors Ask For Less Restrictions on FHA Condo Financing
June 22, 2011 Filed Under: FHA Condo Loans, FHA Mortgage Basics
Many first time home buyers view the purchase of a condominium as their best option. Condos are frequently priced below single family homes and can be an attractive choice for a home owner who does not want to be directly involved in tedious and time consuming maintenance and repairs. Although the FHA mortgage program for […]
FHA Mortgage Insurance Very Costly For Borrowers
June 17, 2011 Filed Under: FHA Mortgage Basics, FHA Mortgage Insurance
FHA mortgage insurance is charged to borrowers to cover the cost of losses on defaulted mortgages. The annual premium paid by a borrower on an FHA loan has become very costly, amounting to thousands of dollars a year for many borrowers. Effective April 18, 2011, the the annual FHA mortgage premium was increased as the […]
Factors That Affect Rate Changes On FHA Adjustable Rate Mortgages
June 16, 2011 Filed Under: FHA Adjustable Rate Mortgages, FHA Mortgage Basics
The FHA offers a variety of different adjustable rate mortgage (ARM) programs (see Different Types of FHA Adjustable Rate Mortgages). Each borrower has unique needs to consider when deciding whether to take an FHA ARM or an FHA fixed rate mortgage product. Both the fixed and adjustable rate mortgages have benefits and risks and a […]