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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 : How much cash do I need to buy a $200,000 home?
Answer : It's great that you've saved $7,000 towards your home purchase, it's very difficult for most people .... Read More
Question : What is mortgage insurance?
Answer : Many buyers find mortgage insurance confusing, particularly because, when you buy a home, you must p.... Read More
Question : I'm living with my parents and trying to save up for a house, but I'm worried that because I don't have a long credit history I might not qualify for a loan when I'm ready to buy next year. What should I be doing besides saving money?
Answer : It's great that your parents are helping you this way and that you're thinking ahead. Mortgage lende.... Read More
Question : My parents said they'd give my husband and me down payment for a house as a wedding present next month. We want to buy a house as soon as we can but we've only saved about $2,000 so far. Can we use my parents' money for everything or do we have to have our own savings, too?
Answer : Congratulations on your wedding and your nice parents. The rules about gift money depend on the kind.... Read More
Question : I'm trying to a buy a house this year. My income is good and I don't have much debt, but my credit score isn't great and I don't have a lot of cash in the bank. I know an FHA loan is probably my best option, but does that mean I can only get a 30-year fixed-rate loan?
Answer : FHA loans are a good option for borrowers with a low or average credit score and those who don't hav.... Read More
Question : I've been saving up to buy a house next year, but now that mortgage rates are going up a little and the prices are rising in my area, I'm afraid I won't be able to afford a house if I wait. I've saved about $5,000 but I don't think that's enough. Houses where I want to live cost around $250,000. Are there any options for me?
Answer : It's good that you've been saving money because lenders want to see a pattern of savings and some ca.... Read More
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