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 […]
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
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 […]
Regulators Warn Elderly To Be Aware Of Reverse Mortgage Scams
February 24, 2012 Filed Under: FHA HECM, FHA Home Equity Conversion Mortgage, FHA loan, FHA mortgage, FHA reverse mortgage
Unfortunately for all of us, there are numerous individuals and companies operating as financial predators against homeowners. Even worse, many criminals operating financial scams prey upon the elderly who are least able to defend themselves against deceptive offers and high pressured sales tactics. The Federal Deposit Insurance Corporation (FDIC) has issued a warning in their […]
Most FHA Mortgage Downpayments Come From One Source
December 9, 2011 Filed Under: FHA Down Payment Requirements, FHA mortgage
For most borrowers, the hardest part on the path to home ownership is being able to save the required downpayment. In addition to the basic downpayment, a borrower also needs funds for a home inspections, an appraisal, legal fees, title costs and mortgage company fees. Since it is difficult for many first time home buyers […]