What will the FHA underwriting process look like in 2015? Much like it did last year. We do not expect any major changes to the Federal Housing Administration’s loan program, despite some new rules that came onto the scene over the last year or so. Here’s the latest.
The FHA loan program remains one of the most popular financing options for home buyers. But it has undergone some significant changes over the last couple of years. Here’s an update on minimum eligibility requirements, lending standards, and other aspects of the program. (Hint: These loans are harder to obtain than in the past, and they cost more as well.)
Summary: Home buyers who are considering an FHA-insured home loan can download our brand-new, consumer-friendly handbook. It explains the program in layman’s terms, and is available in a convenient PDF format at FHAhandbook.com. Learn how to share the book with your readers Early in 2014, the publishers of the Home Buying Institute and QualifiedMortgage.org began […]
The Department of Housing and Urban Development is giving home buyers an incentive to undergo housing counseling, before using an FHA loan to buy a house. It comes in the form of an insurance discount. That’s just one component of a new program introduced this month. Read the story for full details.
Mortgage lending standards have been high for the last few years, an over-correction from the housing crisis. But we are now seeing some easing in this area, for both FHA and conventional financing. In fact, some lenders are now offering FHA loans to borrowers with credit scores as low as 600, and sometimes even lower. […]