FHA
Government Loan Programs
December 8, 2009 by Rob Spring · Leave a Comment
Government Loan Programs
FHA loans
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available [...]
What is an FHA Loan?
November 29, 2009 by Rob Spring · Leave a Comment
What is the FHA?
The Federal Housing Administration is an agency of the federal government. The FHA insures private loans issued for new and existing housing, and for approved programs for home repairs. The FHA was created by Congress in 1934, and in 1965 became part of the Department of Housing and Urban Development’s Office of [...]
FHA Loan Program
November 29, 2009 by Rob Spring · Leave a Comment
FHA Purchase loans are the most popular loan type at Southwest Funding. We close them by the dozens each and every month. There are a few reasons for their popularity:
1. Low out of pocket requirements – You can put as little as 2.25% of the sales price down. That down payment can be a gift [...]
FHA Loans – Qualifying Using Non-traditional Credit
November 29, 2009 by Rob Spring · Leave a Comment
There are numerous reasons why an FHA loan might be the best choice for your loan. One of the greatest reasons is that non-traditional credit can be used to help you qualify. Non-traditional credit also called “Alt-tradelines” do not show up on a traditional credit report, but FHA allows those types of accounts to be [...]
FHA Credit Score Requirements
November 13, 2009 by Rob Spring · Leave a Comment
More and more people are asking – What is the FHA Score now?
For the short version just read the next 3 lines, if you want more… keep going.
I can still write FHA Purchase Loans without restriction at a 620.
I can still write FHA Refinance Loans without restriction at a 640.
Case-by-case basis (restrictions: not normal FHA guidelines) [...]
Tax Credit Extended and Expanded until June 30th 2010
October 9, 2009 by Rob Spring · Leave a Comment
The First Time Home Buyers Tax Credit has been extended and expanded to cover existing home owners until June 30, 2010. $8000 for first timer’s and $6,500 those who have owned and occupied a home for 5 of the past 8 years.
FAQ’s