What is an FHA loan?
An FHA loan is a real estate mortgage. The mortgage is insured by FHA. Since the FHA insures these mortgages, lenders can work with borrowers even when they’ve had credit problems, accounts forwarded to collections, past bankruptcy filings, or debt-to-income ratios that are higher than normally allowed.
Can I get an FHA Mortgage?
Many more people qualify for FHA mortgages than for traditional mortgages. To find out if you qualify, speak with our Loan Specialists. They’ll be able to provide a definite answer, quickly.
What if I have “bad credit”?
“Bad credit” is a very misleading term. We’ve worked with many people who have described themselves as having “bad credit” but who are now homeowners. The truth is, most people do not even know their middle credit score. If you’d like to find out yours, click here. To find out your middle score, write down all three of your credit scores from lowest to highest, the one in the middle (not the lowest and not the highest) is your “middle score”.
Which houses/properties qualify?
Single family houses, duplexes, triplexes, 1-4 unit primary residences, Planned Urban Developments (PUDs), approved condominiums, double-wide manufactured homes, and modular or pre-cut housing are all eligible.
Isn’t it harder for houses to qualify for an FHA mortgage than a traditional mortgage?
As of January of 2006, FHA has eliminated most of the barriers to a property qualifying. Generally, if a home is in good enough condition to qualify for a traditional mortgage, it will also qualify for an FHA mortgage.
How about manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. We have two loan products – one for those who own the land that the home is on and another for mobile homes that are – or will be – located in mobile home parks.
How long does the process take?
During the initial phone call, our mortgage specialist will spend as long as you need to have all of your questions answered to your satisfaction. Once you’ve found a home, you can complete an application in as little as 20 minutes. It takes an average of 30 days from the day your application is submitted to close your mortgage.
What is the FHA loan limit?
FHA loan limits vary throughout the country. FHA Maximum Loan Amounts are set by HUD for every county in the United States. Maximum loan amounts vary from one county to another. Because these maximums are linked to the conforming loan limit and average area home prices, FHA loan limits are periodically subject to change.
Are FHA loans assumable?
Yes. You can assume an existing FHA-insured loan, or, if you are the one deciding to sell, allow a buyer to assume yours. Assuming a loan can be very beneficial, since the process is stream- lined and less expensive compared to that for a new loan. Also, assuming a loan can often result in a lower interest rate. The application process consists basically of a credit check and no property appraisal is required. And you must demonstrate that you have enough income to support the mortgage loan. In this way, qualifying to assume a loan is similar to the qualification requirements for a new one.
How long after a bankruptcy can I purchase a home using FHA financing?
You may purchase a home using FHA financing two years after the date of discharge for a bankruptcy, assuming that you have maintained excellent credit since the discharge.

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