Learn About FHA Loans and How You Can Qualify
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Can I pay off my FHA loan early without being penalized or charged a fee?
Yes, you can pay off your FHA loan without a penalty for early pay off. HUD explains that a borrower may pre-pay an FHA mortgage in whole or in part and that the mortgage lender can't charge a penalty...
What is the minimum down payment I can make for an FHA loan?
The minimum down payment is expressed in percentage of the loan, not in a dollar amount. FHA loan rules specify that this amount is 3.5%, but in some cases the lender may require a higher down payment...
What do I need to consider when I'm shopping for an FHA loan?
Shopping around for the right mortgage will help you to find the right loan type an the best deal. A mortgage is a product, just like a car, so the price and terms may be negotiable. You’ll want to co...
What do I need to know about earnest money and closing cost rules?
Borrowers don't usually know this, but lenders are required to verify where earnest money and closing costs come from. These FHA requirements are outlined HUD 4000.1, otherwise referred to as the Sing...
Can I get an FHA loan if I have credit problems?
The FHA recommends a Consumer Credit Counseling program for anyone who fears being denied a loan as a credit risk. As a rule, you should be in a satisfactory payment situation for at least one year be...
