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Sunday, September 14, 2008

FHA LOAN PROGRAM: IMPORTANT FACTS

FHA LOAN PROGRAM: IMPORTANT FACTS

Learn about the details that can make this the right plan for you. The FHA program will let you purchase a home with a low down payment and flexible guidelines. With no income limits or credit scoring, many people who can afford the monthly mortgage payments and have reasonable credit will qualify for an FHA mortgage.This section allows you to find the FHA mortgage limits for a variety of housing types in your state or county.[ - more on FHA lending limits - ]

The FHA defines allowable closing costs that may be charged to the borrower. These costs are determined as reasonable and customary by each local FHA office.[ - more on FHA closing costs - ]

FHA insured mortgages require mortgage insurance. Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages.[ - more on FHA mortgage insurance - ]

According to FHA guidelines, borrowers and / or their spouse must qualify according to set debt ratios which are used to determine whether the borrower can reasonable be expected to meet the expenses involved with home ownership.[ - more on FHA debt to income ratios - ]

FHA will analyze a borrower's past credit performance in determining the loan for approval. A borrower who has made timely payments serves as a guide and demonstrates their willingness to repay future credit obligations.[ - more on FHA credit issues - ]

Before you start the loan process, you'll need to have some information at hand for all loan applicants. In addition, you will need to pay for a credit report and appraisal of the property.[ - more on FHA loan checklist - ]

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