Are you a homeowner with a current Federal Housing Administration (FHA) loan? If so, there are options in today’s mortgage lending market that could help save you money. Options include refinancing to a Conventional home loan with a low rate, eliminating FHA mortgage insurance (MIP), or using the FHA streamline refinance program.
FHA Loans Articles
Applying for an FHA loan
Home ownership is a goal that can be tough to reach. FHA loans can make it easier. With low down payments, relaxed credit requirements and competitive rates, FHA loans are designed to meet the needs of first-time homebuyers and other buyers whose credit or finances might make it difficult to qualify for a conventional mortgage.
The thing about being a first-time homebuyer is you only get to do it one time. Buying your first home happens just once, giving you the chance to take advantage of lending programs meant to help people buy their first home with low down payments and low credit scores, such as an FHA loan.
Loans insured by the Federal Housing Administration, better known as FHA loans, are attractive to buyers. That's mainly because they require down payments of just 3.5 percent of a home's purchase price for borrowers with FICO credit scores of 580 or higher. But will applying for an FHA loan hurt your chances of landing your dream home?
Less than an hour after being sworn in as president, Donald Trump signed his first executive order, eliminating a drop in FHA mortgage insurance premiums that was to take effect a week later.
Want to add a new bathroom to your home this summer? Maybe it’s time to replace that 20-year-old roof. Or maybe a sagging foundation needs shoring.
When you get an FHA home loan, you need to pay for FHA mortgage insurance. This is true regardless of whether you're buying or refinancing, getting a 203(k) or Title 1 home improvement loan, or if you're a senior citizen taking out a reverse mortgage. Mortgage insurance fees are always part of the package.