Archive for April, 2008

FHA Mortgage – Best Blog Contest

Wednesday, April 30th, 2008

I have recently entered a contest on FHA Mortgage in which they are trying to find who has the best FHA Loan blog. There is a list of the leaders and the sites that have also entered so be sure to check it out and vote mine up.

The HUD/FHA Good Neighbor Next Door Program

Thursday, April 24th, 2008

The FHA and HUD have a special program called the Good Neighbor Next Door Program. This program is designed to help people from certain professions to purchase homes at a lesser cost. Some of the details of this program include: • Professionals in the fields of teaching, law enforcement, fire fighting, paramedics, and emergency medical […]

Funds Required to Close on a FHA Home Loan

Thursday, April 17th, 2008

FHA requires a down payment of 3% of the sale price be paid; and will allow this to be in the form of a gift from a family member, significant other or grant; however, it cannot be paid by the seller or lender. FHA will also allow a seller to pay up to 6% of […]

A Note on Mortgage Insurance with FHA Loans

Thursday, April 10th, 2008

FHA requires mortgage insurance (default insurance) on all loans except a 15 year note with 10% down payment. With the requirement of an upfront amount of 1.5% of the sale price, additionally, .50% of the loan amount is collected monthly. The upfront amount is usually financed into the loan.

Credit Scores and FHA Mortgages

Thursday, April 3rd, 2008

While the term “credit score” has grown in popularity over the past few years, it is a very important role in the credit approval process. There are three major companies, Experian, Equifax and Trans Union; whereas, each one provides a score based on the credit information provided. Mortgage lending uses all three companies called a […]