1. FHA World - Following the mortgage crisis that started in 2007, FHA became one of the main sources of mortgage financing in the United
States. The share of home purchase financed with FHA mortgages went from two percent to over thirty-five percent of mortgages in the country. Without conventional source of financing, many
borrowers ended up borrowing from FHA.
2. FHA Glossary - A glossary is an alphabetized collection of specialized terms with their meanings. Our glossary is an alphabetical list of terms found in the mortgage industry with a brief explanation. Our glossary will help the general reader to understand more about mortgages.
3. FHA Mortgage - FHA allows a home buyer or home owner to get a lower interest rate even if you don't have a perfect credit. It is much easier to qualify for an FHA mortgage than a conventional loan. Today's historically low interest rates make now the perfect time to purchase a new home or refinance.
4. FHA Purchase Loans - A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Sometimes scores down to 580 are accepted if there are compensating factors that offset the credit risk. For most Americans, an FHA loan is the best way to finance the purchase of a new home
5. FHA Down Payment - FHA requires 3.50% down payment for home buyers that have a minimum credit score of 580. Down payment funds can come as a gift from a family member.
6. FHA Closing Cost - FHA closing costs allows the seller to pay up to 6% of sales price for closing cost and other fees in Florida. Closing cost guidelines, closing cost on FHA refinance. Closing cost on FHA purchase loans.
7. FHA 30 Year Fixed Rate - Fixed-rate mortgages are the most common mortgage because they're stable. Typically the monthly mortgage payment remains the same for the entire term of the loan – whether it's a 15 year, 20 year or 30 year mortgage, allowing for predictability in your monthly housing costs.
8. FHA Credit - January 20, 2010 - FHA announced a set of policy changes to strengthen the FHA. The changes announced are the latest in a series of changes enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.
9. FHA Refinance - FHA Refinance allows up to 97.50% loan-to-value. New FHA Policy changes 580 FICO score to refinance. Refinance FHA mortgage in FL, NY, NJ. Cash out refinance up to 85% loan-to-value.
10. FHA Rates - Today's historically low interest rates make now the perfect time to purchase a new home or refinance.
For more information on buying a home, refinancing or to see if you qualify for a home loan please give FHA World a call at (888) 958-5382.
FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
FHA requires a minimum credit score of 500 to buy a home or refinance
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure must have been resolved for at least 3 years
Government loan: Seasoning is determined by the date the claim was paid
Loans other than Government: Seasoning is determined by the date of sale the lender sold the property
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?