FHA Loan Limits for 2021 The goal of the Federal Housing Administration is to make sure home buyers can finance a modest home with the benefits of an FHA loan. FHA loan limits exist because FHA loans were not intended to be used to finance high priced luxury homes. Use our FHA loan limits lookup …

FHA Loan with Rental income and Rental Guidelines Rental income can be used to qualify for an FHA loan and FHA loans can also be used to purchase rental properties if the subject property will also be used as a primary residence. There are also a few very specific guidelines that must be followed and …

FHA Employment Requirements 2021 FHA guidelines require borrowers to have a two-year work history, however, there are exceptions to the rule which would permit the purchase of a home without the two-year FHA employment requirement requirements. If you are looking for an FHA loan pre-approval, then start by completing the loan scenario form and we …

FHA Loan for Self Employed An FHA loan for self-employed individuals is obtainable if you are able to meet the minimum qualifying criteria for self-employed income documentation and length of self-employment. FHA loans offer many benefits including the low-down payment and credit score requirements. However, self-employed individuals often cannot qualify using the net income on …

FHA Cash Out Refinance – Home Equity An FHA cash out refinance allows borrowers to refinance their existing mortgages while cashing out additional equity for home improvements, debt consolidation, investments and more. Recently, the FHA updated their guidelines to permit a maximum loan to value of 80% for cash out refinances. What is an FHA …

FHA Increases Loan Limits for 2020 The Federal Housing Administration (FHA) announced increases to their loan limits for the majority of the United States to $331,760 in 2020. The decision was due to another increase in median home price sales during 2019. The increase in FHA loan limits for 2020 is almost $17,000 higher than …

FHA Seller Concessions FHA guidelines allow for FHA seller concessions of up to 6% of the sales price of the home. The seller concessions can be used towards all closing costs, lender fees, points, appraisals and any other expenses except for the down payment. What is a Seller Concession? A seller concession is a credit …

FHA Loan Advantages and Disadvantages FHA loans are a great option for many home buyers. FHA loan advantages and disadvantages are clearly outlined below and may vary slightly depending upon the situation for each home buyer. The advantages of an FHA loan are numerous which is why they are extremely popular and account for over …

FHA First Time Home Buyer Loan Options FHA loans are extremely popular for first time home buyers due to the low down payment and flexible credit score requirements. Over 25% of new mortgages today are FHA loans and virtually every lender offers FHA loans. FHA first time home buyer loans are easy to qualify for …

FHA debt to income ratio Debt to income ratio is the percentage used by lenders to determine a comfortable mortgage payment for a borrower’s income and debt levels and it is an important factor in determining the loan amount a borrower can qualify for. The standard FHA guidelines allow for a DTI of 43%, however …