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 Condo Loan Requirements

You can get an FHA home loan if you are buying or refinancing a condominium. The qualifying process for an FHA condo mortgage is very similar to that of a single family home.

The 1st thing you must do to see if you can get a FHA mortgage on a Condo is check to see if the condo project or building itself is approved by the Federal Housing Administration. The FHA may not approve a mortgage loan for a condo if there are more non-owner occupied units than there are owner occupied units with in the building. Your FHA lender will not approve your mortgage loan unless the condo project is approved by the FHA. To see if the condominium is approved, your lender will want to do a S.P.O.T. approval but you can check to see if it is approved by using the "Condo Lookup" feature on the HUD web site; just click the link below:

Click here to check if a condo project is FHA approved

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...