Maricopa County FHA Loan Limits – A Guide to Homebuying in Arizona In Maricopa County, FHA loan limits represent the maximum amount that buyers can borrow under this federally backed program. These limits are adjusted annually based upon local housing costs and allow low-to-moderate income homebuyers an affordable pathway into homeownership. The 2024 FHA…
Understanding the FHA Loan 5 Year Rule The FHA Loan 5 Year Rule was in place years ago when buying property using an FHA insured loan. It mandated that each FHA loan must carry mortgage insurance for a minimum of 5 years. Essentially, this guideline impacts mortgage insurance requirements and promotes stability in the real…
FHA Loan for Barndominium FHA loans provide for an opportunity to purchase or build a barndominium as your primary residence with a down payment of only 3.5%. These loans are available to financially qualified borrowers who meet FHA program standards, regardless of whether they are first-time homebuyers. While some FHA construction loans may not require…
FHA Loan for Land FHA loans for land purchases provide financing options for buyers looking to purchase land and build a home. With a minimum down payment of 3.5%, FHA loans offer a streamlined process that combines land purchase and construction costs into one loan. We will explore the guidelines, credit score requirements, and benefits…
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…
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…
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…
Benefits of an FHA Loan FHA loans are extremely popular with first time home buyers, but also with people who may have difficulty qualifying for a conventional loan. These are some of the amazing benefits of an FHA loan and why you may want to consider this mortgage program for the purchase of a home…
Can You Get an FHA Loan Twice? FHA loans are for individuals who have a small down payment and potentially low credit scores who wish to purchase or refinance a primary residence. FHA loans are not just for first time home buyers and there are no restrictions which will prevent you from getting an FHA…
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