The loan-to-value (LTV) ratio for FHA loans typically cannot exceed 96.5%, meaning you can borrow up to 96.5% of your home’s value. This high LTV ratio is part of what makes FHA loans accessible, especially for first-time homebuyers who might not have substantial savings for a down pa...
FHA loans may offer homebuyers more flexible lending requirements and a lower down payment. Learn how to get an FHA loan, the pros and cons and how to qualify.
Related Loanshas the meaning set forth in Section 3.1. “Restructuring Loss” means the loss on a modified or restructured loan measured by the difference between (a) the principal, Accrued Interest, tax and insurance advances, third party or other fees due on a loan prior to the modification...
Yes, the property you are purchasing with an FHA loan has to be owner-occupied, meaning you intend to live in it shortly after purchase (within 60 days of closing). You are also expected to live in it for at least a year. However, that doesn’t mean you can’t eventually turn your...
The FHA Streamline Refinance is a “low-doc” refinance loan, meaning it requires less paperwork than most other mortgages. But you’ll still need some documentation, including: A loan application A current mortgage statement showing a six-month payment history ...
The FHA mandates that theloan-to-value (LTV) ratiocannot exceed 96.5% of the value of a home with an FHA loan. In other words, you can have a down payment as low as 3.5% of the purchase price, meaning you can qualify for FHA financing of up to 95.5% of the property's value.12...
"Luftmensch," literally meaning "air person," is the Yiddish way of describing someone who is a bit of a dreamer. Did You Know? The word "infant" comes from the Latin word "infans" which literally means "unable to speak; speechless." Did You Know? The word cereal comes from the Roman...
Improvements must be cost-effective — meaning they cost less than the energy they’ll save — to be eligible.With an energy-efficient mortgage, you can borrow the lesser of:The cost of the improvements. Or the lessor of 5% of: The property’s value. 115% of the median area ...
Yes, a few limitations and restrictions exist. Applicants can only use the mortgage for primary residences, meaning they cannot finance a second home or investment property. Additionally, specific property requirements must be met to qualify for the loan. The property must be at least one year ol...
FHA Loan Requirements for 2025 FHA loan requirements include a minimum credit score of 500 as well as limits on your total monthly debt load. Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender sta...