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Buying a home with a FHA loan in 2018 has never been easier. The timing couldn’t be better for shopping FHA home loans online with excellent incentives for new house buyers. Here are 8 things you should know about the FHA home mortgage program before you start loan shopping: #1 Uncle Sam Is Not the Lender. You do not get your home loan from FHA.
If you’re considering a reverse mortgage, here are a few things to know: Reverse mortgages are loans. called Home Equity Conversion Mortgages (HECM), which are available only through FHA-approved.
Credit score needed. FHA loans have the lowest credit score requirements. All other loan types have at least a credit score condition of 600 or higher. The chart below provides a breakdown by loan type and gives you an idea of the credit score requirements to buy a home.
Let’s start with the most useful benefits of FHA loans: Low Down Payments. These loans require a low down payment. So, this is the initial cash a buyer should give when purchasing a home. And if regular mortgages require a down payment between 5-25% of the total value, the FHA loans require just 3.5%. This is very suitable for people with low income.
requirements of fha loan So what do you need to qualify for an FHA loan? You may know the basic requirements – as little as 3.5 percent down,
FHA mortgage loans has its own list of requirements and regulations that govern refinance loans. If you’re considering an application for an FHA refinance, here are a few general things you should know about going into the process.