Here are some of the most frequently asked questions (FAQs) relating to home appraisal guidelines and requirements for FHA-insured mortgage loans. Who pays for the appraisal? In a typical real estate transaction, usually the home buyer who pays for the appraisal. This is true for FHA and conv...
Known as the Net Tangible Benefit clause, your “combined rate” (interest plus mortgage insurance) must drop by at least 0.5% If you meet these guidelines, the FHA Streamline is a great way to refinance into today’s ultra-low mortgage rates and lower your monthly payment. Today’s FHA ...
New Fannie Mae rule for using social security income to get a mortgage ByScott Sheldon/December 27, 2023 Are you or someone you know planning to purchase or refinance a home using Social Security income? If so, there’s some good news! Fannie Mae has recently announced new guidelines that ...
FHA streamline guidelines The rules for an FHA streamline refinance are pretty simple: You can't be delinquent on your current FHA loan You can't do a cash-out refinance Your existing mortgage must be at least six months old Your streamline refinance must result in a shorter loan term, a ...
FHA Loan articles and updates for first time homebuyers, homeowners looking to refinance an existing mortgage, and anyone looking to learn how to buy a home with a low down payment mortgage.
FHA Mortgage FHA mortgage loans are an attractive mortgage solution for a purchase or refinance because today's FHA mortgage rates are near historic lows. The guidelines are also flexible allowing more people to qualify. Whether you have had credit issues in the past or are simply looking to li...
FHA mortgages can be an attractive option to many borrowers. As an added bonus, these federally-insured loans are assumable, so if mortgage rates should rise from here and hold there for a time, a lower-rate FHA mortgage can be passed along to the next homeowner when it comes time to ...
However, be aware that if you put down less than 20%, you’ll still need to pay FHA mortgage insurance. Additionally, if you’re receiving help with your down payment, lenders will require a signed and dated letter from the donor. ...
We are not the official source for FHA loan information in 2024. You can find the official guidelines for this program on the HUD.gov website. But they are primarily written for mortgage lenders, not borrowers. We created this website to help home buyers and borrowers understand how the FHA...
January 10, 2024 Home buyers pay an upfront mortgage insurance premium when they close on an FHA loan. This upfront fee — known as UFMIP or MIP — equals 1.75 percent of the […] Read More... More FHA Loans·Refinance FHA Cash-out Refinance 2025 | Tap Into Your Home Equity ...