FHA Home Loans are quickly becoming the best First Time Home Buyer Home Loan program available. FHA Mortgages offer low Mortgage Rates for home purchase or refinance. First Time Home Buyers can also take advantage of the $8000 First Time Home Buyer Tax Credit currently offered for anyone who hasn't owned a home for the past 3 years. If you currently have an FHA Home Loan, you can take advantage of the fast and easy FHA Streamline Refinance Loan to lower your payment today.

FHA Guidelines

FHA LOANS FOR THE SELF-EMPLOYED

JUNE, 2009

Are you self-employed and wondering if you can qualify for an FHA Mortgage?

You probably can if you fit within a few simple guidelines. Here is a summary of what a lender will look at:

Business has been in existence for at least 2 years

The first rule of thumb is that your business need to have been in existence for at least 2 years. This means that if you have an ...

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June 25, 2009 11:51

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EXTENUATING CIRCUMSTANCES

If you are seeking an approval on an FHA Mortgage and have had a bankruptcy within the past 2 years or a foreclosure within the past 3 years, you may have heard the term "extenuating circumstance." What does this mean?

Normal FHA Guidelines require that 24 months pass after a bankruptcy discharge before you can get approved for an FHA Mortgage. The rule is 36 months for a foreclosure.

However, if you ...

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June 06, 2009 6:26

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MORTGAGE LATES AND FHA REFINANCING

MAY, 2009

Someone asks me this question every day: Can I qualify for an FHA refinance if I have been late on my mortgage?

The answer is "yes and no."

The determining factor is (1) what kind of FHA refinance you are doing and (2) how long ago you were late on the mortgage.

If you are looking at an FHA Streamline Refinance, you cannot have any late payments on your credit history ...

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May 29, 2009 10:44

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FHA CASH OUT REFINANCE- NEW APPRAISAL RULES

Are you considering an FHA Cash Out Refinance Loan on your home? If so, you must be aware of new FHA Appraisal Guidelines that have gone into effect.

If you use an FHA Cash Out Refinance Loan on your FHA Refinance, then you will have to obtain two appraisals if you borrow more than 85% of the value of the home. We can help you with the process of ordering the appraisals, but it is ...

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May 08, 2009 8:44

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FHA COUNTY LOAN LIMITS LINK

AUGUST, 2008

Where are FHA home loan limits in your county? Did the increase in FHA mortgage limits affect you?

You can find out yourself! Here is a link to the HUD FHA Mortgage Limits website.

Just plug in your state and county, and the online engine will tell you the limit in seconds!

Remember, the limit is the loan limit, not sales price limit, so if your limit is $200,000 for example, and ...

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August 25, 2008 11:00

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DID YOU KNOW? YOU CAN BUY MULTI-UNIT PROPERTIES THROUGH FHA

I have had a lot of questions lately about what types of properties a person can buy through FHA.

FHA will allow you to purchase a single-family residence, but also a duplex, triplex, or even a 4-plex! The caveat is that you must purchase the property as your primary residence, so must live in one of the units.

One other nice thing is that you can use the income from the other units ...

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August 25, 2008 10:45

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LIVE FHA HELP!

Have questions about FHA financing, the home buying process, or mortgages in general?

Then take advantage of our live chat help! Click on the icon in the upper-right of this blog. If we are not online, we will still receive your message and reply promptly. If we are online, you will be connected one of our experienced loan officer for a live chat session!

Please consider us a resource. We are here to ...

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August 21, 2008 4:56

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FHA MORTGAGE INSURANCE PREMIUMS UPDATE

FHA is following suit with other major mortgage insurers, and has released a tiered mortgage insurance structure. The new structure will entail a higher up front and monthly premium for borrowers with lower credit scores and higher loan-to-value ratios, and a lower up front and monthly rate for borrowers with a larger down payment and higher credit scores.

Here is a summary of the new mortgage insurance rates (up-front premium/ monthly premium rate):

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August 07, 2008 8:05

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