There is now an additional benefit for homeowners with FHA financing. HUD has implemented a program that allows unemployed borrowers to remain in their homes for an extended period of time without having to make a mortgage payment. The FHA has always taken exceptional steps to assist borrowers who have become delinquent in their loan […]
Unemployed FHA Homeowners Get 12 Month Payment Holiday
July 12, 2011 Filed Under: Benefits of FHA Mortgage, FHA Foreclosure Help
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 […]
Can I Get An FHA Mortgage After A Bankruptcy?
July 1, 2011 Filed Under: FHA Eligibility Requirements, FHA Mortgage Basics
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 […]