FHA Loans - MoneyTips

FHA Approved Condos: How To Find and Buy Yours

Matthew Jones — Tue, 20 Dec 2022 17:19:24 +0000

If you qualify for an FHA loan, but you can’t find or don’t want a traditional house, you could opt for a condominium. Like houses, condos need to be approved by the Federal Housing Administration (FHA) before they’re added to the official list of FHA-approved properties. This means you’ll need to pick from available FHA-approved...

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FHA Flipping Rule: What Should Home Buyers Know?

Jonathan Pressman — Mon, 19 Dec 2022 16:53:46 +0000

When you’re searching for your next home, a fully renovated property can be pretty appealing. But if you want to use a Federal Housing Administration (FHA) loan to purchase a recently renovated property, you might run into some trouble getting your financing approved. Even if you have excellent credit and enough cash for a sizable...

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FHA vs. VA Loan: What’s the Difference and Which One Is Right for You?

Adaeze Nwakaeze — Mon, 19 Dec 2022 16:23:11 +0000

Plunging into homeownership is a big deal. You want to make sure you’re getting the best deal possible, and that starts with researching your loan options. Federal Housing Administration (FHA) and Veterans Affairs (VA) loans are two of the most common government-backed mortgage programs – but they offer very different benefits for borrowers. So which...

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What Is an FHA ARM?

Adaeze Nwakaeze — Thu, 17 Nov 2022 21:01:17 +0000

Are you ready to purchase a home but worry you may not qualify for a mortgage? Have you considered the FHA’s adjustable-rate mortgage (ARM)? The FHA ARM (which is insured by the Federal Housing Administration) may be the loan that makes your home buying dreams a reality. The credit score and down payment requirements for...

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USDA vs. FHA Loans: Understanding the Difference

Matthew Jones — Thu, 17 Nov 2022 20:19:55 +0000

Buying a home can be an expensive pursuit. Fortunately, there are strategies you can take advantage of to lower your home buying costs. If you are an aspiring home buyer with a low- to moderate-income, you should explore the different loan options at your disposal. If you’re struggling to qualify for a conventional mortgage because...

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Can You Buy a Foreclosed Home With an FHA Loan?

Andrew Paniello — Mon, 14 Nov 2022 20:31:10 +0000

In the United States, there are many different paths to homeownership. One of the most common ways to buy a home – especially if you can’t make a huge down payment – is with help from the Federal Housing Administration (FHA). Established after the Great Depression, the FHA offers a variety of programs to help...

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Are FHA Loans Assumable? Yes. Learn How

Jonathan Pressman — Tue, 27 Sep 2022 19:04:39 +0000

A transferable mortgage, more commonly known as an assumable mortgage, allows you to buy a home by taking over the homeowner’s mortgage. Federal Housing Administration (FHA) loans – one of the most popular home loans for first-time home buyers – are assumable. When interest rates are high, assuming an FHA mortgage is a great option,...

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A Guide to the FHA MIP Refund Chart

Josh Richner — Tue, 27 Sep 2022 18:55:19 +0000

Loans originated by the Federal Housing Administration (FHA) are a great option for home buyers, especially first-time home buyers. They offer low-interest rates, relaxed credit requirements, and low down payments. And there’s another unique benefit. If you refinance your existing FHA loan to another FHA loan, you may qualify for a refund on the upfront...

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FHA Appraisals: What You Can Expect

Jonathan Pressman — Wed, 29 Jun 2022 20:13:22 +0000

The Federal Housing Administration (FHA) is tasked with insuring home mortgage loans and making homeownership safer and more accessible while reducing risks for lenders. The FHA’s promise to repay a loan if the borrower defaults provides lenders with a sense of financial security, encouraging them to issue home loans with lower down payments and longer...

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What Are FHA Multifamily Loans?

MoneyTips Writer — Thu, 03 Feb 2022 20:09:00 +0000

For some people, one home is enough. After all, a mortgage on a single-family home is a solid way to put a roof over your head and invest for the future. But what if one home isn’t enough for you? After all, beverages are less expensive if you buy a six-pack instead of a single...

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FHA Down Payments: What’s Required and Getting Help Paying

MoneyTips Writer — Thu, 16 Dec 2021 21:03:54 +0000

For some first-time home buyers, it can be hard to put together a down payment for a home. Just consider the following: Taking all of this into account, it’s easy to understand why it’s harder for today’s potential homeowners to save up for a down payment, especially when compared to previous generations. But don’t despair....

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Government Home Loans and More: A MoneyTips Guide for First-Time Borrowers

Josh Richner — Thu, 16 Dec 2021 14:45:15 +0000

Buying a home can be challenging, especially if you’re struggling to save enough for a down payment or your credit score is less than ideal. Fortunately, you may be able to clear those hurdles with the help of government home loans. Government-backed loans have helped millions of aspiring home buyers unlock the door to homeownership....

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