February 2, 2011
When you want to get an FHA loan--especially for that first home purchase--there are a lot of options to choose from. How does a buyer know which FHA loan product to choose? There are many ways to answer that question, but it all depends on the buyer, what his or her goals are, and how important certain kinds of savings are to the future home owner.
January 17, 2011
The FHA and HUD issue loans to homeowners who want to initiate home improvement projects. Some FHA insured loans require the borrower to complete the work, submit a list of costs and get reimbursed for the amount of the improvements or upgrades. Others may allow energy-efficient upgrades or improvements as part of a construction loan or other FHA mortgage loan product. One of the home improvement programs is known as Title I, a program that allows "light" or "moderate" property rehab.
December 10, 2010
FHA Energy Efficient mortgages are available to any borrower taking out an FHA mortgage on a single family home (co-op units aren't eligible for an EEM) who meets FHA income requirements for the FHA Section 203(b). In order to get an FHA EEM loan, energy efficient improvements must be selected and the amount of energy savings calculated on a monthly basis. The calculations must be done by a Home Energy Rating System expert or consultant, and the buyer will pay a fee to have this work done. Fortunately the cost and any associated fees can be included into the FHA EEM. An FHA Energy Efficient Mortgage can be used for existing and new properties,and may be included in FHA Streamline Refinance loans.
December 1, 2010
There are many types of homes available to buy with an FHA home loan. Some borrowers are looking for new or recently built properties, but others seek less expensive properties. Some turn to fixer-upper properties, houses that have been foreclosed upon and in a state of disrepair, or similar purchases that require some additional work to make them ideal living spaces. The FHA understands the needs of the budget-conscious house hunter; but it's also understood that a buyer might not be able to afford all the repairs, upgrades or improvements to a property as an out-of-pocket expense. That's one reason for the FHA Streamline 203(k) Limited Repair Mortgage program.
November 4, 2010
For FHA borrowers who live in areas with seasonally high utility bills, there is help from the FHA in the form of the FHA Energy-Efficient Mortgage or EEM. This is a program that started as an experiment in 1992 and expanded to a full-time national FHA loan option in 1995.
November 1, 2010
As the official site of the Department of Housing and Urban Development says, the FHA loan program has been running since 1934. This program is designed to help ordinary people get into affordable home loans with low down payment requirements, low closing costs and credit requirements that are more lenient than conventional loans.