Check out our list of common questions related to FHA mortgages. Check out our list of common questions related to FHA mortgages.
What is the FHA?
- FHA stands for the Federal Housing Administration. The Federal Housing Administration provides mortgage insurance on loans made by FHA-approved lenders throughout the United States. FHA insures mortgages on single family and multifamily homes. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.
What makes a FHA insured mortgage beneficial?
- A FHA insured mortgage is easy to qualify for, can be obtained with less than perfect credit, lowering closing costs and requires a smaller down-payment.
Where can I find FHA forms and other literature?
What is the FHA loan limit in my area?
- The loan limit across the country is different. Click here to see limits in your area.
Can I pay an FHA loan off early?
- Yes, however be sure to check the pre-payment section of your contract before signing.
Can I refinance a fixed rate FHA loan?
- Yes. Talk with one of our professionals today to see if refinancing makes sense for you.
What is the recommended debt-to-income ratio for FHA loans?
- The recommended debt-to-income ratio for a FHA loan is 30%.
Are FHA loans assumable?
- Absolutely, you can assume an existing FHA loan or allow a buyer to assume yours.
Will I have to pay mortgage insurance with an FHA loan?
- Yes, in fact FHA mortgages often require you to carry mortgage insurance for longer than most conventional loans.
Can I get a "fixer-upper" of a home with a FHA mortgage?
- Yes, however you might be required to fix certain problems in the home before you can get the full loan. Speak with us today for details on this.