FHA Self Sufficiency Test for Multi Family Properties The FHA self sufficiency test is used to determine financing the purchase of three to four-unit properties in the United States. It ensures that these properties are self-sufficient and generate enough rental income to cover all expenses, including mortgage payments. Meeting the test requires the net rental…
Why Would a Home Not Qualify for an FHA Loan? Most first time home buyers choose to finance their home with an FHA loan because of the low down payment requirement and flexible credit standards. However, the home must also qualify for an FHA loan. Not All Properties Qualify For FHA Loans FHA loans offer…
FHA Loan for a Townhouse FHA loans are for the purchase or refinance of a primary residence. FHA guidelines permit the financing of townhouses for both purchases, refinances and rehabilitation purchases. What is a Townhouse? A townhouse is a single family home that is attached to at least one other single family home on one…
Many home buyers fall in love with a home that is in need of repairs or TLC. There is an FHA loan for repairs called the FHA 203k rehab loan which is perfect for this situation. However, that is not the only option available to finance a home with an FHA loan and pay for…
First Time Home Buyers With Bad Credit Many home buyers face various challenges when purchasing their first home. Some of these challenges include low income, no down payment and bad credit. First time home buyers with bad credit can qualify for a mortgage if they can meet the other basic loan requirements. There are programs…
FHA Loan for a Foreclosure Many first time home buyers are looking to purchase a foreclosed property because there may be an opportunity to buy the home at a reduced price. It is possible to use an FHA loan to purchase a foreclosure and also enjoy the benefits of a low down payment and competitive…
FHA Loan for a Fixer Upper There are many first time home buyers who would love to buy a home but the prices are just a bit out of reach. One way to get into a new home at a more reasonable price is to buy a fixer upper at below market value and then…
FHA Loan for a Condo Home buyers may consider using an FHA loan for a condo purchase if both the borrower and the condo meet the minimum requirements set by FHA guidelines. Can You Buy a Condo with an FHA Loan? FHA loans can be used to purchase a condo if the borrower and also…
FHA Loan for a Duplex An FHA loan for a duplex is a government-backed mortgage that allows buyers to purchase a two-unit property with as little as 3.5% down. To qualify, the borrower must live in one unit as their primary residence. FHA loans offer flexible credit requirements, competitive interest rates, and the ability to…
Borrowers who do not receive an automated approval from the lender may need compensating factors to help qualify for an FHA loan. FHA compensating factors help borrowers to qualify when the loan application may not fully meet the standard approval requirements. We will take you through the various types of FHA compensating factors that can…
