The Federal Housing Administration’s accommodating lending standards help financially challenged Americans achieve the dream of homeownership. But buyers may be surprised to learn that FHA has minimum standards for the property condition that can potentially throw a monkey wrench into your purchase plans. What are these FHA requirements, and why does FHA require them? The… Read more »
When thinking of buying a house, a first question is often How much do I need for a down payment? Ideally, a down payment is 10 percent to 20 percent of the purchase price, which will reduce your mortgage and lower your monthly payments. But in reality, many buyers, especially first-timers, don’t have that kind… Read more »
The trend in home buying has moved away from large down payments. In fact, today’s average down payment is just 6 percent, with zero-out-of-pocket deals more common than you might think. Accumulating savings while working can be difficult, especially for young first-time buyers with large amounts of student loan debt and beginner-level salaries. Here are… Read more »
Nearly 30 percent of home buyers today are using loans secured by the Federal Housing Administration or FHA — reason enough for home sellers to consider making their homes FHA-friendly. Here are a few tips to help understand the FHA process. Lending limits. Head to HUD.gov to see if your home qualifies for an FHA… Read more »
Accumulating down payment money for a house is important, but can be challenging, especially for millennials bogged down in massive student loan debt. But don’t despair. Help is available through down payment assistance programs — in other words — free money. The Federal Housing Administration, or FHA, along with the Veterans Administration (VA) and some… Read more »
When searching out home-financing opportunities, it’s worthwhile to see if you qualify for government programs that offer attractive terms. The loans are usually administered through a private mortgage lender, but are insured by the federal government against loss due to borrower default. Here’s a quick primer on the possibilities. Federal Housing Administration (FHA) loans. Approved… Read more »
