Home Loan Type
 
  State
 
  Property Value
 
  Mortgage Balance
 
  Credit Rating
 
  First Name
 
  Last Name
 
  email
 
  Phone
  ( ) -
 
 

Quick Quote

 

FHA Streamline

 

FHA Cash Out Refinance

 
     
     

Frequently Asked FHA Questions

Question: How much is required for a down-payment with FHA?

Answer: There are home financing options that are available with a down payment of 3% of the purchase price. Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan. When considering the size of your down payment, consider that you'll also need money for closing costs, moving expenses and house repairs and decorating.

Question: What is the debt-to-income ratio for FHA loans?

Answer: The FHA scorecard approves 29 percent of your income towards housing costs and 43 percent of your housing expenses. Additional long-term debt is also included in this calculations. With most conforming mortgages, these minimum ratios allow 28 percent toward housing and 36 percent towards housing expenses.

Question: What types of lending fees should be expected with FHA-insured loans?

Answer: FHA requires a mortgage insurance premium to be paid at funding, FHA lending fees are similar to those of a conforming home mortgage. The FHA guidelines require a single, up-front mortgage insurance premium equal to 2.25% of the mortgage to be paid when the mortgage funds. In some cases, the insurance premium may be partially refunded if the loan is paid in full during the first seven years of the loan term. After the loan funds, you will charged an annual premium which will be rolled into your monthly payment. However, if your home loanis over 15 years or if you have a 15-year term with a loan-to-value more than 90%.