Today's featured FHA question

"What is the difference between FHA home loans and conventional mortgages?"

Gabriel P. - Glen Cove, New York

"In most cases, FHA loans are easier to qualify for and offer great rates but may be slightly more expensive than conventional loans..."

FHA Home Appraisal Requirements

Whether you are refinancing or buying a home, the subject property will have to be appraised by a licensed FHA appraiser. The FHA lender requires a property to be appraised to ensure the homes market value, overall condition, occupancy status, number of units and more.

FHA Appraisal Information - Quick Facts

FHA appraisals must be completed by an FHA licensed appraiser; not all appraisers are FHA licensed
An FHA appraisal can cost you anywhere from $100 to $1000 depending on the number of units in the home, location and condition of the home
FHA streamlines do not require a home appraisal
An appraisal of any kind is NOT a home inspection
Your FHA lender or broker will likely be required to order your home appraisal through an appraisal management company and have little or no contact with the actual appraiser
From the time your FHA lender orders your home appraisal until the time the appraisal report is complete and reached your lender could take anywhere from a few days to a few weeks

An appraisal is a determination of the value of your home by a licensed professional and is an essential part of the refinance, home buying or home valuation process. If you are refinancing you home, buying a home or just want to know what your home is worth, click here to contact an FHA specialist who can help you.

FHA Loan Update

August 2nd, 2011

FHA Loan Requirements

What will you need? Click the link below to read about FHA Loan Requirements, credit and income requirements, FHA lender guidelines and the documents that may be required by your FHA lender....

Using a Mortgage Broker?

As of April 1st, 2011, mortgage originators will no longer be allowed to collect Yield Spread Premium (YSP) - a fee charged by mortgage brokers that is normally paid for by the lender upon closing a purchase or refinance transaction. This can mean higher up front fees for [you] the consumer....

FHA Mortgage Insurance Increase

On February 14, the FHA announced a new premium for FHA single-family mortgages, increasing the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30-year and 15-year loans.

How will this affect you? [click]

For Home Buyers

Everything you need for Buying a Home FHA

FHA loans allow you to buy a home at very affordable terms. With FHA's low down payment requirements, light qualification guidelines and competitive fixed rates, millions of American's have turned to an FHA loan for their home purchase...

More about FHA loans for buying a home

FHA Refinance

Refinancing With a FHA Loan

If you are thinking about a refinance, an FHA refinance might be the solution. FHA loans offer rates just as low as conventional loans and in many cases are easier to qualify for...