FHA Questions Archive

Do FHA Loans Have a Pre-payment Penalty?

Do FHA loans have a pre-payment penalty? When shopping for a mortgage it is important to fully understand the costs of financing the home and the terms of the mortgage program you are applying for. There are some mortgage programs that will have a pre-payment penalty which could result in a costly expense should you …

How to Apply for an FHA Loan in 5 Steps

How to Apply for an FHA Loan FHA loans are widely available and represent over 25% of all mortgages in the United States. They allow for a small down payment of just 3.5% and some lenders will accept borrowers with very low credit scores. How to Apply for an FHA Loan FHA loans are available …

Are all FHA Lenders the Same? Finding the Right Lender

Are all FHA Lenders the Same? FHA loans are the mortgage of choice for many first-time home buyers because their guidelines are more flexible than Fannie Mae and Freddie Mac approved loans. FHA guidelines will allow for lower credit scores and low 3.5% down payment. Most lenders in the United States with a few exceptions …

How to Get the Lowest FHA Interest Rate Today

How to Get the Lowest FHA Interest Rate Today Many home buyers are laser focused on finding the lowest FHA interest rate when they are shopping for a mortgage. In many instances, the published rates online or in a newspaper ad are either expired or they apply to a small subset of borrowers. There are …

Do FHA Loans Have Higher Interest Rates?

Do FHA Loans Have Higher Interest Rates? Nearly 30% of all home buyers are using FHA loans to finance their new home purchases. These loans are extremely attractive due to the low-down payment requirement and the flexible credit score minimums. What many people ask is whether the interest rates are competitive. Do FHA loans have …

What are the FHA Income Limits?

Do FHA Loans Have Income Limits? FHA guidelines have many rules and qualifications which all must all be met if you plan to finance your home with an FHA insured loan. There are also loan limits and debt to income limits. One of the questions that borrowers ask at times is whether FHA loans have …

5 Ways to Lower FHA Closing Costs

How to Lower FHA Closing Costs FHA loans are often the choice for home buyers who are low on cash to cover the down payment and closing costs. Although FHA loans are easier to get approved for and allow for a lower down payment, the closing costs can be more expensive than conventional mortgages. Read …

Getting an FHA Loan Without My Spouse – FHA Rules

Can I Get an FHA Loan Without My Spouse? There are many instances when a home buyer will want to purchase a home with his or her spouse, but leave the spouse off of the mortgage. The FHA guidelines have specific rules regarding non-applicant spouses and whether the spouse must be on the mortgage and/or …

FHA FAQ – 50 Frequently Asked Questions

FHA FAQ – Frequently Asked Questions We will be answering a lot of the frequently asked questions throughout this website which is quickly becoming a hub for everything related to FHA loans. Below is our FHA FAQ and is essentially a compilation of the most common FHA questions that people have. In some instances, we …

Can FHA Closing Costs be Rolled into the Loan?

Can FHA Closing Costs be Rolled into the Loan?   FHA loans offer home buyers some great benefits ranging from the low-down payment requirement to very competitive rates. These loans are extremely popular with first time home buyers who have very little in savings for the down payment and even less money available for closing …