Think it’s easy to get an FHA loan these days? Think again. The program guidelines have become more strict over the last few years, due to financial losses. As a result, more and more would-be borrowers are being turned down. Here are the most common reasons for rejection.
FHA loans have become the financing tool of choice for many home buyers. They offer lower down payments and more flexible approval criteria, when compared to conventional mortgages. But these loans are slowly but surely becoming more expensive and harder to obtain. The latest change, scheduled to take effect next month, will increase the FHA […]
They’re at it again. The Federal Housing Administration (FHA) recently announced a series of changes to the FHA loan program. The new rules and regulations are designed to shore up the agency’s capital reserves, which became severely depleted during the housing crisis. This is the latest in a series of new rules that will affect […]
The FHA loan program is one of the most popular financing tools for first-time home buyers. It could become even more popular in 2013, as a new set of lending rules take effect. The so-called qualified mortgage rule, or QM, could stiffen the requirements for conventional loans, driving more borrowers toward FHA.
FHA financing is still going strong, now more than ever. The housing and mortgage crisis caused lenders to tighten their standards. They began requiring higher credit scores, smaller debt loads, and a lot more documentation. In short, it suddenly became a lot harder to qualify for a loan. That’s why so many borrowers turned to the FHA financing program. It will continue to be the loan of choice for many buyers, especially those with shaky credit or other qualification problems.