FHA loans have some of the most flexible underwriting guidelines out of all of the loan programs available today. That doesn’t mean that there’s a chance you won’t get approved, though. The FHA has requirements you must meet and that can affect the amount of the loan the lender can give you.Compare Offers from Several Mortgage Lenders.Keep reading to see which factors … [Read more...] about What Affects Your Ability to Get an FHA Loan?
If you want FHA financing, you’ll have to pay FHA mortgage insurance. This insurance protects the lender should you default on the loan. The FHA requires both upfront and annual mortgage insurance for each of its loans. It doesn’t matter how much you put down on the home or how much you owe, you will always pay mortgage insurance on it.Looking for Current Mortgage Interest … [Read more...] about How Much Does FHA Mortgage Insurance Cost in 2018?
FHA loans allow you to buy a home with as little as 3.5% down on the home and with a credit score as low as 580. Before you jump on board with the program, though, you should know the maximum amount you can borrow with this loan program.Compare Offers from Several Mortgage Lenders.Unlike conventional loans, there isn’t one maximum loan amount across the country. … [Read more...] about What is the Maximum you Can Borrow on an FHA Loan?
Many government-backed mortgage programs have income limits because the programs are designed for a specific set, such as low-income families. While FHA loans are a part of a government-backed program, they do not have income limits. You can make as much as you want and possibly still qualify for the FHA loan.Get Matched with a Lender, Click Here.It’s not a first-time … [Read more...] about Do FHA Loans Have Income Limits?
If you found a home you love, but know that it needs some renovating, you may wonder if you can add the renovation costs to your mortgage. Typically, purchase mortgages don’t allow you to pay for anything except the cost of the home and possibly some closing costs.Compare Offers from Several Mortgage Lenders.There are a couple of loans that do allow this, though. Keep … [Read more...] about Can You Add Renovation Costs to a Mortgage When Purchasing?