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 Loan Modification

A loan modification is an option offered by FHA and non-FHA lenders that aims to lower your interest rate if you are having trouble making payments - regardless of the amount (or lack of) equity in your home.

FHA Loan Modification Program: Quick Facts

You can modify (lower) your monthly payment and interest rate
You can modify your mortgage even if your mortgage is greater than your homes value
No minimum credit score is required to modify your loan
No appraisal is required to modify your loan
Your mortgage must be no greater than 12 months past due
The property must be your primary residence
You have to provide a hardship letter showing that reducing your interest rate will increase your ability to repay your mortgage loan
Only 1-4 family units are eligible for a FHA loan modification
The property being modified must be your only home

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...