FHA Loan Reader Questions: Seller “Assistance” Limits
We always encourage people to ask us questions about the FHA home loan process in our comments section, and one thing that definitely helps us to answer them properly is to provide as much specific...
View ArticleReader Question: FHA Down Payment Requirements
A reader asks, “I am in the process of buying a home and trying to get an FHA loan. The mortgage company said we could no longer use gift money for down payment that we had to have the money in our...
View ArticleFHA Loan Reader Question: Down Payment Funds for FHA Mortgages
A reader asks, “Just for clarification, can tax credits be used in calculating the required down payment? I have always been told they can not. Also if they use a credit card for a deposit it can not...
View ArticleFHA Loan Down Payment Rules-What Borrowers Should Know
A reader recently asked us in the comments section, “I am in the process of selling my home & looking to buy another house.” “My question is: do I have to have the money for the down payment &...
View ArticleFHA Loan Appraisals: Can I Get A Refund?
When a buyer looking for a home to purchase with an FHA mortgage finds a home, before the loan can be approved there must be an FHA appraisal. This appraisal will determine the FHA loan amount which is...
View ArticleFHA Loan Rules For Interest Rate Lock-Ins
Many people are considering the purchase of a new home lately since, at the time of this writing, mortgage loan interest rates are at or near historically low amounts. Borrowers who might have wondered...
View ArticleCan A House Seller’s Appliances Reduce The Amount of My FHA Loan?
When you want to buy a home with an FHA loan, unless you’re having a house built to spec, chances are good that appliances like a washer/dryer, stove, refrigerator and other items could be included in...
View ArticlePaying The Up Front Costs Of Your FHA Loan
The FHA loan program is designed to help borrowers get into an affordable home. However, those new to the FHA loan program might not realize there are up front expenses which must be budgeted for;...
View ArticleFHA Loan Reader Questions: First Time Home Buyers and Down Payments
A reader asks, “Is it true the first time buyer with an FHA Loan can purchase the home with no money down?” The FHA loan program is similar in some ways to another government-backed loan program–VA...
View ArticleFHA Loans and Closing Costs–What You Should Know
FHA loans require a minimum down payment, but those funds are not the only money needed at closing time. Borrowers should know and budget for a variety of expenses that are due on or before closing...
View ArticleFHA Loan Answers: Seller Concessions
We’ve written in the past about the FHA rules on “seller concessions” which limits the amount a seller can contribute to the purchase of a home. According to FHA loan rules, “Certain expenses paid by...
View ArticleFHA Loan Reader Questions: Seller “Assistance” Limits
We always encourage people to ask us questions about the FHA home loan process in our comments section, and one thing that definitely helps us to answer them properly is to provide as much specific...
View ArticleFHA Loan Reader Questions: Closing Costs
A reader asks, “Can you have the closing costs added to your mortgage loan in California? Or do you have to pay them before escrow closes?” Let’s see what the FHA loan rules, as described in HUD...
View ArticleFHA Loan Rules: Maximum Loan Amounts and Down Payments
FHA loan rules include guidance for lenders and borrowers about maximum loan amounts and down payment requirements. There’s a myth about today’s FHA home loans that some still repeat–variations on the...
View ArticleFHA Loan Answers: All About Seller Concessions
Seller concessions are a commonly asked-about topic related to FHA home loans. FHA loan rules permit a seller (or a “third party”) to contribute up to six percent of the sales price or appraised value...
View ArticleFHA Loans and the Cash Needed At Closing Time
When it’s time for you to close your FHA home loan, you’ll be required to pay cash up front for certain items not to be included in the loan amount. These items include Up Front Mortgage Insurance...
View ArticleFHA Loan Rules For Earnest Money
In previous posts, we’ve discussed the rules for FHA loans when it comes to the sources of your required minimum cash investment or downpayment. But did you know the FHA has rules concerning the...
View ArticleFHA Loan Downpayment Sources: A Reader Question
A reader asks, “Can I use money from a residential loan or my thrift savings towards a FHA downpayment and closing costs?” The rules that cover down payment funds for FHA insured mortgages are found...
View ArticleFHA Loan Downpayment and Rent Credit: A Reader Question
A reader asks, “If leasing a property that you intend to purchase can part of each months rent go towards the full downpayment amount?” The short answer to this question is, “It depends”. Much...
View ArticleClosing the FHA Loan: Settlement Costs
When you learn about FHA home loans, the phrase “cash required to close” is one you’ll soon become familiar with. One of the reasons so many experts recommend taking as much time as possible to...
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