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 […]
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
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 […]
Self Employed FHA Borrowers Subject To New Guidelines
April 5, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, FHA Mortgage Basics
Self employed borrowers have always had to contend with more extensive paperwork requirements and underwriting scrutiny than the typical salaried employee. The underlying rationale for a more careful examination of a self employed borrower’s situation is based on the fact that self employment income can vary dramatically from year to year and, in addition, […]
How Can An FHA Borrower Select A Reputable FHA Lender?
February 27, 2012 Filed Under: FHA Eligibility Requirements, FHA loan, FHA mortgage, Mortgage Default
Besides worrying about whether or not the mortgage loan application will be approved, FHA borrowers also need to worry if they are dealing with a reputable FHA lender. There are serious pitfalls and consequences from dealing with a “rogue” FHA lender. A borrower applying for FHA financing needs to invest significant time and money applying […]
Streamline FHA Refinances To Become Easier To Qualify For
February 13, 2012 Filed Under: Benefits of FHA Mortgage, FHA loan, FHA property, FHA Streamline refi
A borrower who currently has an FHA mortgage has a large advantage over a borrower with a non-FHA loan due to the FHA Streamline Refinance program. Although few FHA borrowers may be aware of the Streamline Refinance option, it is something that every FHA borrower should look into, especially with the recent HUD announcement of […]