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FHA Home Loans                                                                                                                        

FHA home loans reflect the Government's commitment to expanding homeownership and through FHA home loans reduced down payment requirements and relaxed underwriting standards when compared to conventional home loans. Email FHA home loans questions

FHA has recognized several areas as a high housing cost area and has increased the maximum FHA home loans amount to $362,790 incresing the number of homes which qualify for FHA home loans. Nationally, the FHA home loans limits are:

FHA home loans high cost area

  • One Family Homes       $362,790
  • Two Family  Homes      $464,449
  • Three Family  Homes    $561,411   
  • Four Family  Homes      $675,000

The FHA home loans program is an outstanding choice for first time homebuyers because the program requires only 3% cash (which may be a gift) into the transaction and is significantly more forgiving of past credit issues. We will look at the last two years of your credit history. If there are some credit problems, we may overcome them with sufficient explanations and supporting documents of why the issues occurred. Never rule yourself out of qualifying for FHA home loans because of credit, prequalify and have me review your credit. 

This page is focused on the using FHA home loans programs to purchase a home. If your interest is in refinancing an existing FHA home loan please go to my FHA home loans refinance center. For extensive information on the FHA 203(k) program to remodel a home please see my renovation loans page. Please email with questions on FHA home loans.

There are some credit issues that we must allow for a certain time to past before you can qualify for FHA home loans. They are follows:

  • Two years from the date of discharge for a bankruptcy
  • Three years from the date of foreclosure

FHA requires any outstanding collection accounts, judgments, charge off's be paid before closing.

If you have one and are considering refinancing to lower your monthly payment there is a simple low cost " streamline" refinance process which you should consider. One feature of the program is that the loan is assumable should you sell in the future. If interest rates rise, an assumable mortgage may be the difference between being able to sell or not.

Streamline Refinance

They have permitted streamline refinances on insured mortgages since the early 1980's. The basic requirements of a streamline refinance are:
  • The mortgage to be refinanced must already be insured.
  • The mortgage to be refinanced should be current.
  • The refinance is to result in a lowering of the borrower's payments.
  • No cash may be taken out on mortgages refinanced using the streamline process.

Read more about FHA Home Loans Closing Costs

I have included a page on how to calculate your FHA Home Loans qualification ratios.

I have included a page on FHA home loans documentation requirements. I also have a Free report "Buying your First Home" available by email.

Learn more about improving your credit scores

I have an article "Buying your home in 2008" by email explaining negotiating strategy in today's market.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

FHA Home LoansPrequalify for your FHA Home Loans.

     

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