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 […]