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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...

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Reader 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...

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FHA 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...

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FHA 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 &...

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FHA 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...

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FHA 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...

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Can 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...

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Paying 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;...

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FHA 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...

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FHA 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...

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FHA 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...

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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...

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FHA 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...

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FHA 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...

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FHA 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...

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FHA 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...

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FHA 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...

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FHA 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...

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FHA Loan Downpayment and Rent Credit: A Reader Question

A reader asks, “If leasing a property that you intend to purchase can part of each month’s rent go towards the full downpayment amount?” The short answer to this question is, “It depends”. Much...

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Closing 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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