The largest monthly expenditure for most homeowners, after the mortgage payment, is for heating and cooling. Making a home more energy efficient can result in substantial monthly savings. The FHA has a program that allows homeowners to borrow the funds necessary to upgrade a home’s energy efficiency. Besides lowering utility bills, an energy efficient home […]
FHA Energy Efficient Mortgage (EEM) Can Reduce Home Energy Costs
June 10, 2011 Filed Under: Benefits of FHA Mortgage, FHA 203(k) Loan, FHA Energy Efficient Mortgage
FHA Maximum Loan Limits To Be Reduced
June 9, 2011 Filed Under: FHA Loan Limits
Maximum loan limits on FHA loans are scheduled to change on September 30, 2011. Unless Congress passes legislation authorizing the extension of “high-cost” loan limits, many counties will be subject to lower maximum loan amounts. FHA loan limits were originally based on 95% of the median home price of a particular county, subject to maximum […]
Lawmakers Seek To Raise FHA Minimum Down Payment To 5%
June 9, 2011 Filed Under: FHA Down Payment Requirements
The House Financial Services Committee proposed draft legislation that would raise the minimum down payment on FHA loans to 5% and also prohibit the financing of closing costs. The current minimum down payment for FHA borrowers is 3.5% with a credit score of 580 or higher. For FHA borrowers with credit scores below 580, a […]
FHA Mortgage Insurance – What Is It For And Why Does It Exist?
December 15, 2010 Filed Under: FHA Mortgage Basics, FHA Mortgage Insurance
FHA mortgage insurance (MI) is an essential element of the FHA lending program. Mortgage insurance provides an incentive for lenders to approve FHA loans and is instrumental in protecting the financial integrity of the FHA lending program by covering loan losses. The most common questions regarding FHA mortgage insurance are answered on the website of […]
FHA Mortgage Financing Is The Only Option For Many Borrowers
December 15, 2010 Filed Under: Benefits of FHA Mortgage, FHA Down Payment Requirements
One of the primary factors when choosing between an FHA mortgage and a Conventional mortgage is based upon the amount of down payment required. New home purchasers with less than a 20% down payment usually decides that an FHA loan is the most viable and cost effective option. Traditionally, mortgage borrowers who have less than […]