FHA Questions Archive

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 …

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 …

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 …

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 – 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?   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 …

Are FHA Loans Assumable? FHA is an acronym for the Federal Housing Administration. An FHA loan is a mortgage that is issued by an approved FHA lender and insured by the FHA itself. It is designed for low to moderate income borrowers with lower credit scores and a reduced minimum down payment.  Which begs the …

Getting an FHA Loan With a Part Time Job Today’s home buyers have various sources of income and the days of the traditional 9 to 5 job are becoming a distant memory. People are multiple sources of income and many people have a part time job either as a supplement to their full-time income or …

Can I get an FHA Loan for a Second Home? FHA loans guidelines are very strict when it comes to the area of occupancy. The guideline state that an FHA loan is intended to be for your primary residence only. However, there are ways to purchase a second home with an FHA loan. Can I …

FHA Loan with Medical Collections Most collections or charge offs on your credit report will negatively impact your ability to qualify for a mortgage. In some instances, you may still qualify but for a lesser amount if the unpaid balances are being counted against you in your back-end debt to income ratios (DTI). Can I …