Today's featured FHA question

"What is FHA mortgage insurance and how much will it make my payments increase?"

Justine C. - Aventura, Florida

"FHA mortgage insurance (MIP and Upfront MIP) is an additional cost associated with your loan which is paid directly to the FHA..."

FHA Reverse Mortgage - HECM

FHA offers a Reverse Mortgage know as the "Home Equity Conversion Mortgage" that will allow the owner of the home to get cash based on the equity in the home in a fixed monthly amount, a line of credit or a combination of both.

FHA Reverse Mortgage Quick Facts...

Borrower must be at least 62 years of age
Borrower must own the property and use it as their primary residence
Borrower can not be currently delinquent on any Federal debt
Borrower must meet with an Approved FHA HECM counselor
The amount the owner can borrow is based on the borrower's age, current rate and appraised value of the home
No income or credit validation is required by the borrower
No repayment as long as the property is the principal residence
Closing costs can be financed in the mortgage

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...