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Please note that the FHA experts cannot give advice on an individual particular situation. The information required to make such an analysis is detailed, and should not be handled in this forum. This forum is for discussion regarding general FHA questions. It should be used in addition to other FHA resources, and should not be the final say in your personal decision making process. For an individual analysis, please inquire here. Also do refer to the below listed answers from our FHA experts to the queries posted by our visitors.
The thoughts posted by our experts are their current opinions at the time of posting only, and are subject to change without notice. MortgageLoanPlace.com has no responsibility for their accuracy or completeness. Questions containing personal information will not be posted on this website.
FHA Loan Experts
As FHA loans are returning to the forefront of the mortgage industry, many homebuyers have questions regarding their options in obtaining an FHA mortgage and the benefits of going with the FHA as opposed to using a conventional lending product. Some common 'negatives' that most people have heard concerning FHA loans - that obtaining one is a tedious process, that they require a 3% downpayment - it's important for potential homebuyers to educate themselves beyond these common conceptions before dismissing the possibility of obtaining such a loan.
Interested in learning more? Try downloading our FHA Loan Guide!
Recently Asked Questions
Question : I've been renting an apartment for four years and I'm ready to buy a condominium instead. I've been saving money for a down payment and my credit's OK, but I've heard it can be even harder to get a mortgage for a condo than a house. Is an FHA loan a better option for a condo?
Answer : Condo mortgages are a little different than a regular mortgage, mostly because the lender needs to r.... Read More
Question : I keep hearing that home prices are going up but that mortgage rates are going up, too. I want to refinance, but I know I don't have 20 percent in home equity. I made a down payment of 10 percent when I bought my house in 2006, but then it dropped in value so I think I only have about 5 percent in equity now. Is there any way I can refinance?
Answer : You are correct about both things right now: Home values are going up in many housing markets, and m.... Read More
Question : My friend told me that FHA loans are only available for first-time homebuyers. Is that true? I rent now, but I owned a home five years ago when I was married to my first husband. I am remarried now and my husband and I want to buy a place but we may not have enough down payment for a regular loan.
Answer : First, FHA loans are available to all borrowers who can qualify and who are financing their primary .... Read More
Question : I want to buy a home soon so I can lock in low interest rates, but I live in an area with expensive homes and my credit is a little below average. My income is good and my parents are willing to give me some money for a down payment, so I could afford the payments on a $500,000 home. Is an FHA loan is a good option for me or do I have to use conventional financing?
Answer : A lot of home buyers are surprised to learn that FHA loans, even though they have limits, are often .... Read More
Question : My rent is going up again in two months and I'm thinking about buying a condo. I went through a bad patch a year or so ago, so my credit isn't great and I still have about $4,000 in credit card debt. My parents said they would give me down payment money if I can get a loan. What are my chances?
Answer : The best way to know for sure about your mortgage qualifications is to contact a lender to review yo.... Read More
Question : After two years of unemployment and bankruptcy, I finally have a steady job and can buy a house. How long until we can apply for a mortgage?
Answer : Answer: I'm glad to hear you're getting back on your feet. You'll be glad to know that you may be el.... Read More
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