FHA Home Loan Advice... From the FHA
This site itself is, as our disclaimer says, not a government agency, a government official site, etc. We are not endorsed by the FHA or the Department of Housing and Urban Development. But we do review these agencies and their official sites.
Do you know what advice the FHA gives to applicants of its’ own Single-Family Home Loan programs and Single Family Refinance Loan programs?
The FHA Advises Borrowers to Learn What You Can Afford to Buy First
In order to know what to buy, you need to know your price range. You need to know which home prices add up to a monthly mortgage payment you can afford along with your other financial responsibilities.
You can do this by using an online mortgage calculator, and using one is a very good idea because your monthly payment is NOT just your principal and interest divided by the number of months you plan to borrow for (usually 15 years or 30 years).
The FHA Advises Borrowers to Know Your Rights
Do you know what constitutes a violation of the Fair Housing Act when you search for a home to buy or rent? Sexual harassment is a violation of the Fair Housing Act, and so is refusing to rent, sell, or lend to people because they have children.
You cannot be refused a rental, a home loan, or a house purchase because you are of a different religion, ethnicity, gender, etc. than the seller. You cannot be refused housing on the basis of your status as a member of the LGBTQ community, or because you have a disability or perceived disability.
In short, you can’t be refused housing for non-financial reasons or for reasons that have nothing to do with qualifying financially. Know your Fair Housing rights.
The FHA Advises Borrowers to Get a Home Inspection
For your protection, the FHA advises, get a home inspection. A home inspection is NOT the same thing as an appraisal.
The appraisal is a tool for the lender, NOT a tool for the borrower and you cannot know whether the home has hidden problems after an appraisal. The appraisal process won’t uncover all problems with the home since it is designed to insure the property meets MINIMUM standards.
Ask a lender about these issues and how they can affect your home loan transaction. You can also call the FHA at their toll-free number (1-800 CALL FHA) to request a referral to a HUD-approved housing counselor who can help you prepare for your home loan.
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