FHA Home Loan Blog

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 RATES AT 2008 LOWS!

DECEMBER, 2008

FHA home loan rates have dropped to the lowest levels of 2008 on news that the Federal Reserve could buy up to $600 billion in mortgage-backed debt. If this action happens, it could lower mortgage rates even further. Now is the time to lock in on a streamline refinance if you have been waiting for the right time!

December 03, 2008 14:21

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STREAMLINE REFINANCE CHANGE

OCTOBER, 2008

An important change to the standards for an FHA streamline refinance has taken place. FHA streamlines do not require a full credit check, but your pay history on your mortgage is pulled. In the past, one 30 day mortgage late, and with some lenders, 2 lates were acceptable.

Starting this week, most lenders have gone to a policy where no mortgage late payments are allowed over the past 12 months. You must have a ...

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October 28, 2008 13:58

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FHA QUALIFICATION BECOMING MORE DIFFICULT

The FHA home loan program has been one of the bright spots int he lending world, helping homeowners and first time home buyers with less-than-stellar credit qualify to buy a home. That is still the case today, but llike all other mortgage programs, FHA guidelines are tightening up.

Currently, you will need a minimum credit score of 580 to qualify for an FHA mortgage. You can also have only minor derogatory credit over the ...

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October 08, 2008 8:24

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RATES DOWN SHARPLY TODAY

SEPTEMBER, 2008

Rates are down sharply today on the news over the weekend of the government bailout of mortgage giants Fannie Mae and Freddie Mac. Although Fannie and Freddie do not back FHA loans and this does not affect FHA rates directly, FHA rates are still down on the news and may continue to get even better.

Now is the time to consider taking advantage of the FHA Streamline Refinance program. If your FHA 30 year ...

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September 08, 2008 8:00

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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

:: FHA Guidelines :: ::

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

:: FHA Guidelines :: ::

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

:: FHA Guidelines :: ::

DOWN PAYMENT ASSISTANCE GONE OCTOBER 1ST

There is much press about the new HR 3221: Hope for Homeowners bill that was passed recently by Congress.

There are positives and negatives about the bill, and one of the negatives if you are a first time homebuyer is that you will no longer be able to take advantage of down payment assistance programs.

Down payment assistance programs have helped literally millions of homeowners buy a home through FHA. FHA requires a ...

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August 18, 2008 10:42

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