FHA Loans

FHA Loan Types

and Special FHA Program

FAQ's

What is an FHA Loan?

What are the advantages of an FHA loan?

Are FHA loan processes complicated?

Who is eligible for an FHA loan?

What is mortgage insurance, and how does it apply to FHA loans?

What are the different types of FHA loans?

What are the interest rates on FHA loans?

What are my expenses when taking out an FHA loan?

Great new changes from the FHA

The FHA is always trying to simplify the process of getting a loan so that more people can realize the dream of homeownership. Recently the FHA has changed some of their procedures in order to help more people purchase homes that are insured by the FHA.

Some of the ways in which the FHA had made getting a loan easier for Americans include:

They have changed their appraisal rules. They used to require that if a person began to apply for a non-FHA loan then they would have to get another appraisal once they switched to the FHA loan application. They do not usually require this anymore.
The FHA is also slowly moving away from their old inspection and repair requirements. The home does still need to be inspected, but the home no longer has to have minor repairs completed on the home before you can close the loan.
A borrower with an FHA loan is now permitted to get up to 95% cash out when they refinance through the FHA. The FHA used to only allow up to 85% which made it more difficult for homeowners who needed cash out of the equity of their homes.
The FHA has also made the home improvement loan process simpler and faster for minor improvements like remodeling kitchens, replacing roofing, and more.
The FHA also allows more fees to be collected from borrowers to mortgage companies. The past guidelines were very strict and if the lender had certain fees they charged and the FHA did not consider them acceptable then the loan process may be terminated.
Current legislation is in the works to increas the FHA Loan Limits in the years to come. Currently the loan limits will remain the same as 2006 and 2007 for 2008.

The FHA is working hard to make it easier for more people and families to purchase homes. For more information on how the FHA is changing their requirements to make this process easier go to www.fha.gov. Be sure to check back for all updated FHA news.