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FHA - Federal Housing Administration
| The Federal Housing Administration has insured over 35 million home mortgages and 47,205 multifamily project mortgages since 1934. Currently, FHA has 4.8 million insured single-family mortgages and 13,000 insured multifamily projects in its portfolio. |
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What are the benefits of a FHA Loan?
Is FHA mortgages the right loan for us?
What other mortgage loans are available?
How do I apply? |
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Why rent when you can buy ?
Questions and Answers:
Purchasing a Home.
Q: How much Down Payment will I need to purchase a home?
A: Currently 3.5% of the purchase price - you may get a Gift from a relative or employer
Q: What is the Minimum credit score requirements?
A: The lowest Middle Score if both borrower can not be below 620.
Refinance your current mortgage:
Q: I currently have a FHA mortgage - can I refinance?
A: Yes you can, and in some cases we will not need to see any income documents or assets - this will be considered a "StreamLine Refinance"
Q: What is the Maximum Loan to Value FHA will loan on?A: Up to 97.75% of your appraised Value if you have a FHA loan and 95% if you are refinancing a Conventional Loan.
FHA News from FHA.gov
FHA on FaceBook
Find out the Maximum Loan FHA will allow in your county
FHA Current Headlines
4/1/09: Effective for all new loans as of April 1st, HUD will limit cash out refinance loans to 85% LTV
12/31/08: FHA Secure Program is discontinued. Borrowers should look at the regular refinance programs or the Hope 4 Homeowners programs.
10/1/08: HOPE for Homeowners Guidelines released: H4H program is designed to help lenders and homeowners come to a workout solution.
10/1/08: Use of Seller Funded downpayment programs is no longer allowed. This includes programs like Ameridream, Partners in Charity, Nehemiah.
9/19/08: Converting Existing Homes to Rental: FHA revises the treatment of these in an effort to avoid "Buy and Bail" scenarios. See the new caluculation in the other income section.
9/5/08: Revised Downpayment and Maximum Mortgage Requirements: Effective 10/1/08 all Seller funder down payment programs are eliminated. New requirements now call for a 3.5% downpayment from the buyer. Read more.
9/4/08: Moratorium on Risk Based Premiums: Effective for all loans originated on or after October 1st, 2008 HUD has suspended it's prior Mortgage Insurance Premium that took effect July 14 until September 30th, 2009. Get the correct MI premium here. - posted 1/2/2009 6:10:35 AM
5/7/08: Expansion of FHA Secure: Effective for loans originated on or after July 14th, FHA has expanded the FHA Secure program to help more homeowners. Read more about the program under the FHA Secure tab or link. - posted 1/2/2009 6:09:34 AM
NEW MORTGAGE INSURANCE PREMIUMS TO TAKE EFFECT JULY 14, 2008 Read about the new risk based mortgage insurance premiums. - posted 10/9/2008 12:46:14 PM
If you prefer a secured application site - Click Here
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