FHA Loan Requirements Archive

FHA Commercial Loan for Mixed Use Properties

FHA Commercial Loan for Mixed Use Properties You can buy a mixed use or commercial property with an FHA loan if at least 51% of the property is being used for residential housing. An FHA commercial loan is for the purchase of a primary residence that also has a legal commercial or mixed use space …

FHA Loan Down Payment Requirement – Acceptable Sources

FHA Loan Down Payment Requirement FHA loans are designed to help home buyers who may have low credit scores, limited income, and very little cash to close. One of the benefits of purchasing a home with an FHA loan is the very low down payment requirement.  The FHA loan down payment requirement is 3.5% for …

FHA Loan Eligibility Guide

FHA Loan Eligibility There are very specific FHA loan eligibility guidelines that borrowers should be aware of when purchasing or refinancing a home with an FHA loan. FHA loans may be the easiest mortgage to qualify for if you are eligible for the program. This guide will help you to determine whether you are eligible …

FHA Loan Income Requirements

FHA Loan Income Requirements Many home buyers ask how much income is needed to purchase a home or to qualify for an FHA loan. The answer will vary based upon many factors including the price of the home, property taxes and other debt on your credit report FHA does not have income requirements but there …

Mortgage After Chapter 13 Bankruptcy Discharge

Mortgage After Chapter 13 Bankruptcy Discharge Home buyers with a recent chapter 13 bankruptcy may have difficulty getting approved for a traditional mortgage. Most lenders will require you to wait up to two years depending upon the type of mortgage you need. You can apply for a mortgage to purchase a home during or after …

FHA 100 Mile Rule Exceptions

FHA 100 Mile Rule Exceptions FHA guidelines require FHA loans to be used for primary residences only and borrowers may not have more than one FHA loan at the same time. Meanwhile, there are many homeowners who have outgrown their current home and wish to purchase a new home without selling their current home. In …

FHA Loan Without Tax Returns

FHA Loan Without Tax Returns There are many reasons why home buyers are unable to produce tax returns when applying for a mortgage. Sometimes there are delays in filing your taxes or other legitimate reasons for not having two years of tax returns at the time of your mortgage application. It is possible to apply …

FHA Loan with a 620 Credit Score

FHA Loan with a 620 Credit Score If you have a 620 credit score, there are mortgage options for you when trying to purchase or refinance a home. Some lenders have credit score minimums that are higher than 620 but do not let that discourage you. That simply means you have been speaking with the …

FHA Reserve Requirements for 2022

FHA Reserve Requirements 2022 When searching for the right mortgage for a home, many home buyers are told they will need to prepare themselves financially for the purchase. This includes the down payment, closing costs and also the reserves. The FHA reserve requirements will be different than a conventional loan and depending upon your situation, …

FHA Multi Family Loan Guidelines for 2022

FHA Multi Family Loan Guidelines For some people, home ownership is purchasing a traditional single-family residence on a quiet street with a big backyard and a two car garage. However, for the investment minded individuals, a multi-family home is their choice when it comes to purchasing their first home. The FHA multi-family loan guidelines permit …