April 2015 - Page 6 of 6 - FHA News and Views

Articles Published in: April 2015

April 1, 2015

New Purchase FHA Mortgage Loans: Some Basics

If you are thinking about applying for an FHA mortgage instead of a conventional home loan, there are aspects of the FHA loan program you should know about before starting the house hunting process that will save you time. Knowing what types of homes you can purchase with an FHA loan, for example, will help you focus your efforts. FHA loan rules published in HUD 4155.2, the Lender’s Guide To The Single Family Mortgage Process, states: “FHA’s single family programs are limited to one- to four-family properties that are owner-occupied principal residences. FHA insures mortgages secured by • detached or semi-detached dwellings • manufactured housing • townhouses or row houses, or • individual units within FHA-approved condominium projects.” The FHA will not approve or guaranty mortgage loans that are secured | more...

April 1, 2015

Spring Thaw, Natural Disasters, and FHA Loans

By Joe Wallace

With the advent of spring comes melting snow, and in some areas that can mean flooding or worse. Some homeowners may find themselves in the way of rising flood waters because of spring showers, storms and other events. What can an FHA borrower do to prepare in case natural disaster strikes near them? The first thing to do is become familiar with the FHA loan natural disaster policy, found on the FHA official site at FHA.gov. That policy page includes the following introduction: “Was your home or your ability to make your mortgage payments harmed by an event that the President declared a disaster? You may qualify for relief to help you keep your home. Much of the mortgage industry and The United States Department of Housing and Urban Development | more...