Articles Published in: 2018

January 5, 2018

Why Should I Refinance With An FHA Loan?

Why should I refinance with an FHA loan? There are many reasons why you might need or want to refinance into an FHA mortgage. Much depends on your financial needs and goals, and it’s good to know your options for FHA refinancing as you explore the finer points of refinance loans. FHA Refinancing For FHA and Non-FHA Mortgages The FHA refinance loan program has options for both existing FHA and non-FHA mortgages alike. You may also be able to get FHA financing on a property that has no existing mortgage. Talk to a participating FHA loan officer about this option. FHA refinance loan options include cash-out, no cash-out, and more. You don’t have to take cash back on an FHA refinance loan, but if you want a cash-out refinance loan | more...

January 4, 2018

What Do I Need To Know About Applying For An FHA Mortgage?

By Bruce Reichstein

What do I need to know about applying for an FHA mortgage? The answers to this question can help any potential home loan applicant go into the process better prepared and ready to begin the journey toward home ownership. Preparing For An FHA Mortgage Loan Takes Time The average preparation time for an FHA loan can be up to a year or more, depending on the borrower. Why does it take so long to plan for an FHA loan? Part of the prep time involves saving up for the fees and expenses of the loan including appraisals, compliance inspection fees, and the required minimum down payment. Borrowers should expect to pay a minimum of 3.5% of the adjusted value of the home as a down payment; this is required above | more...

January 4, 2018

What Can I Buy With An FHA Home Loan?

By Joe Wallace

What can I buy with an FHA home loan? There are many options available including town homes, condos, mobile homes, manufactured homes, and more. But there is also a list of things you cannot use an FHA mortgage loan to purchase, and that’s good to know going into your search for the right home for you. For example, FHA mortgages cannot be used to purchase any property you don’t intend to live in as your primary residence. FHA home loans are only for properties you will live in as your home address. FHA home loans can be used to purchase homes with a single living unit, but can be used to buy property with as many as four living units. That means that a borrower could potentially buy a four | more...

January 3, 2018

Can I Buy A Mobile Home With An FHA Mortgage?

By Bruce Reichstein

Can I buy a mobile home with an FHA home loan? There are many people who need to know if it’s possible, and the good news is that FHA home loan rules do include provisions for buying mobile homes with an FHA mortgage loan. Mobile home loans are unique due to the nature of the property and FHA loan requirements include some special considerations for mobile homes that include square footage and foundation requirements. FHA Home Loans For Mobile Homes: A Few Basic Rules All FHA mortgage loans are for homes that can be legally classified as real estate. Some are fooled by the term “mobile home”, thinking that the definition includes recreational vehicles commonly called mobile homes, motor homes, etc. FHA loan rules are clear-no FHA loan can be | more...

January 3, 2018

Can I Buy A Condo Unit With An FHA Home Loan?

By Joe Wallace

Can I buy a condo unit with an FHA home loan? It’s a common question, and the short answer is yes. But the FHA condo loan rules are a bit different than the rules for purchasing other types of property, so you should know what those differences are before exploring your options. FHA Condo Definition The FHA handbook, HUD 4000.1, has a specific definition of a “condo” that applies to all FHA condo loan transactions for single family home loans. According to page 150, “A Condominium Unit is a Property contained in a multi-unit project that has individually-owned Dwelling units, which may be either attached in one or more Structures or detached from each other, and is primarily residential in use”. FHA Condo Loans For Approved Condo Projects All condo | more...

January 2, 2018

Do Townhomes Qualify For FHA Loans?

By Bruce Reichstein

Do townhomes qualify for FHA home loans? It’s a variation of the question on the minds of those looking for several different types of properties to consider buying with an FHA mortgage. What do the FHA home loan rules say about purchasing town homes with an FHA mortgage? FHA Loan Rules For Property Eligibility Page 149 of the FHA Single Family Home Loan rule book, HUD 4000.1, states that the following property types may be purchased with an FHA mortgage: -detached or semi-detached dwellings -Manufactured Housing -townhouses or row houses -individual units within FHA-approved Condominium Projects As you can see from the above, FHA loans are possible for town homes. In some cases, special rules are in place regarding town homes. For example, FHA 203(k) rehab loans have specific requirements | more...

January 2, 2018

FHA Home Loan Basics For 2018

By Joe Wallace

FHA home loan basics for 2018 include a range of options depending on your financial needs and goals. Do you want to buy a new home or have one built for you with an FHA construction loan? Do you already have a mortgage but want to get into better terms or lower rates? FHA new purchase loans and refinance loan options can help you get closer to your dream of owning your home. FHA Home Loan Options For Purchasing A New Home FHA mortgages can be used to buy properties that meet FHA minimum standards including typical suburban homes but also mobile homes or manufactured housing, condo units, modular homes, and more. FHA mortgages are also available for those who want to have a home built for them from the | more...

January 1, 2018

Welcome To 2018!

By Bruce Reichstein

Happy New Year! We look forward to another year of writing about FHA home loan topics, answering questions about the mortgage process, and passing along crucial news and updates about the FHA home loan program. We pause today from our usual schedule to celebrate the new year, but our regularly scheduled posts return on January 2nd. Thank you for reading and welcome to 20181