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FHA Loan Reader Questions: Upcoming PMI Changes

A reader asks, “My expected closing date is March 31, 2013. I see that there will be some new guidelines regarding PMI effective this year. Would I be required to pay private mortgage insurance until...

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FHA Loan Answers: What Does Your Lender See On Your Credit Report?

When you apply for an FHA guaranteed home loan, you’re required to list a variety of items on your application form including credit data. Your recent debts and other recurring financial obligations...

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FHA Loan Answers: Rules For Occupancy

We answer a lot of reader questions about FHA loans. One of them most common involves the FHA occupancy regulations for single family loans. Readers want to know if they can rent out a house purchased...

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Your FHA Loan Down Payment

One of the most commonly asked questions about FHA loans is “How much will my down payment be?” The answer to that question depends on how much your home loan is and whether you’re paying the minimum...

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FHA Loan Reader Questions: Loan Applications

A reader asks, “Are all FHA loans , down payments, and everything regarding my future home have to be dealt with an authorized lender or can I deal with FHA directly? If this is the case, where do I...

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FHA Loan Questions: Down Payments On Homes Sold Between Family Members

Sometimes an FHA loan transaction involves the sale of a home between family members. In such cases there are FHA loan rules that may apply depending on the circumstances. A reader asks, “If I buy a...

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FHA Mortgage Insurance Premium Changes

Effective on 1 April 2013, the FHA changed its mortgage insurance premium rules. We’ve discussed this at length in other blog posts, but now that the date has come and gone for the changes to take...

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FHA Loan Rules For Loan Documentation

FHA loans require paperwork. Whether it’s filled out on line, on paper, or using some combination of the two, there are several ares where borrower and lender must work together to complete. You’ll...

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FHA Loan Reader Questions: Foreclosure Waiting Period

A reader asks, “I’m in the process of obtaining a FHA Loan. I completed my Chapter 13 bankruptcy a year ago after completing five years of payments on time. My credit score is not an issue right now....

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FHA Loan Answers: Is a Credit Check Required For FHA Loan Assumptions?

FHA loans are assumable, which means that if you buy a home with an FHA mortgage and decide to do so later down the line, you could allow someone else to assume the loan–taking over responsibility for...

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FHA Refinance Loans, Disaster Assistance, and Loan Forbearance

The FHA has updated its disaster relief policies to help those recovering from the effects of Hurricane Sandy, but also natural disasters in a federally declared disaster area in general. One area...

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FHA Loan Reader Questions: FHA Loans For Retired People

A reader asks, “Have been trying to get my Freddie Mac loan reduced for 16 months with no good results.  Can a retired person get an fha/obama loan if they have excellent credit, no debt and low...

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FHA Loan Reader Questions: Credit Score Minimums and FHA Requirements

A reader asks, “We have been working for the last year to clean up our credit with the help of a credit repair company. We have made strides. We have been living in our home the last three years which...

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FHA Credit Report Rules

When you apply for an FHA loan, your loan application will include forms you sign to give your loan officer permission to pull your credit reports, check your employment history and other items that...

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FHA Loans and Non-Traditional Credit

One commonly asked question about FHA mortgage loans involves the eligibility of borrowers who don’t have what are considered “traditional” credit histories. Can a borrower with little or no credit...

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Deadline For New FHA MIP Policy Approaches

The deadline for a new FHA mortgage insurance premium policy is approaching; beginning on June 3, 2013 most FHA loans endorsed on or after that date will be affected by the following changes as...

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FHA Loan Reader Questions: FHA Minimum Standards Vs. Lender Standards

A reader asks, “I recently applied for a mortgage loan…my middle score is 642 which is in the requirement for FHA loans. I’m first time home buyer. They added on more requirements like…at least 4...

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FHA Loan Reader Questions: Short Sales, Credit Scores and FHA Loans

A reader asks, “I was in the Independent Foreclosure Review. I was put in a modification for a year made all my payments and they sold my mortgage and then sent me a letter saying I was denied. I...

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FHA Loan Answers: Legal Age For FHA Loans?

A reader asks, “Does one of the co-borrowers have to be enrolled in college, or can one of the applicants be a young employed adult?” FHA loan rules require borrowers to be of legal age acceptable in...

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FHA Loan Reader Questions: Do All Homes For Sale Require an Appraisal?

A reader asks, “Do all homes need an inspection and an appraisal? My sister-in-law is the seller and is worried (about an) older kitchen; FHA may not give me a loan. The home is in good condition and...

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