If you take out an FHA loan, you’ll pay mortgage insurance for the life of the loan. The mortgage insurance protects your lender should you default on the loan. It’s in exchange for the low down payment requirements and flexible underwriting requirements the FHA offers.Get Matched with a Lender, Read more
Minimum Down Payment Needed for FHA Loan Eligibility
If you can’t come up with a large down payment for a home, you may consider an FHA loan. Because you can qualify for a loan with just 3.5% down, it may be easier to buy the home of your dreams. The FHA makes it easier for first-time homebuyers as well as repeat buyers to buy a home.Looking for Read more
Maximum Debt-to-Income Ratio for a FHA Mortgage
You think you can afford a mortgage, right? You head into the lender and fill out an application. A few hours later you learn that you cannot afford what you thought. What made the difference? Chances are it was your DTI or debt-to-income ratio. This little number has a large bearing on whether you Read more
How Long Before You Can Refinance With the FHA Streamline Loan?
If you bought your home with an FHA loan, you may be able to refinance without verifying your qualifying information all over again. The FHA streamline refinance makes it easy for FHA borrowers to refinance.Compare Offers from Several Mortgage Lenders.The key is, though, you have to wait at Read more
How Long Must you Pay Mortgage Insurance
Mortgage insurance adds quite a bit to your mortgage payment. Depending on your loan type, it could cost you more than $100 extra per month. Since the insurance doesn’t benefit you, chances are you want to know how to get rid of it as quickly as you can.Get Matched with a Lender, Click Read more
