The lower down payments and more lenient lending standards make FHA loans one of the more popular options for mortgage borrowers. An FHA loan is a mortgage loan insured by the FHA also known as, the Federal Housing Administration. Borrowers who choose this option are required to pay for mortgage insurance, which protects the lender […]
What is Condo Spot Approval?
In order to purchase a condo with an FHA loan, the condo association that runs the condos needs to be approved by HUD. That sounds easy enough, but it is a process that is hard to come by, especially in the wake of the mortgage crisis. In fact, thousands of condos that were once approved […]
What are the Benefits of an FHA Loan?
You likely hear the advantages of the FHA loan being talked about often. They are a great first-time homebuyer program, but that is not the only demographic that they are meant to help. Anyone that has extenuating circumstances may be able to benefit from an FHA loan, even those that think they are not eligible. […]
Steps to Qualify for an FHA Loan
First-time and subsequent home buyers can take advantage of the benefits of an FHA loan as it makes it easier to purchase a home when you have little funds to put down or have exceptional circumstances, such as less than perfect credit or a higher than average debt-to-income ratio. The FHA has less stringent guidelines […]
FHA Condos – What is Approved and What Isn’t?
If you are in the market to purchase a condo and were hoping to get FHA financing, you might be in for a surprise. Not every condo association is approved by HUD for FHA financing. So how do you know which properties are approved and which aren’t? And what does it mean to be approved […]