FHA loans are popular with mortgage borrowers because of lower down payment requirements and less stringent lending standards. Simply stated, an FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the [...]
Very few things in this world are perfect. There is always a bit of negative with any product or service. However, one or two bad experiences can taint an otherwise exceptional service. Here are four common myths about the FHA 203k loan that are simply not true. Myth #1 Takes too long to close the [...]
If you or someone you know has plans to use a cash gift as their down payment for an FHA loan, pay close attention. While the cash gift is not only allowed but encouraged by the Federal Housing Administration, there are rules to how the money can change hands and how it is all documented. [...]
The costs of home ownership are decreasing, and recent changes in mortgage interest rates and credit score requirements are making home ownership even more accessible to the masses. Not to mention, there are a variety of low down payment loan options available for buyers to take advantage of. For many buyers, the choice of which [...]
Homeowners who missed the last refinancing boom have been given another chance! Interest rates for 30-year fixed mortgages are at their lowest level in over a year and a half last week, and remain close to their lowest level in 50 years. Not many experts expect rates to stay low, however. According to the Mortgage Bankers Association, 30-year [...]
Reduction to increase credit affordability and reflects improved economic health of FHA WASHINGTON – As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half of a percent. This action is projected [...]
