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If you have an FHA loan and are in default can you ask FHA to take over your loan?
Wiki User
∙ 16y ago
Hello,
You can not ask FHA to take over your mortgage. The best thing you can do if you can not continue to make your payments is sell your home. If possible, you really need to do this before the home is foreclosed on.
Wiki User
∙ 16y ago
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What are the benefits of a FHA Loan?
The benefits of a Federal Housing Adminstration (FHA) loan are the following: it is easier to qualify for a mortgage, it is insured against default by the FHA, they allow smaller down-payments as low as 3.5%.
Where can you go to obtain a loan threw the FHA?
When you get an FHA loan it is not funded directly through FHA. FHA is essentially an insurer for loan. So the Mortgage Insurance paid on an FHA loan is an insurance policy for the company giving you the actual loan. Most any bank or lender can give you an FHA loan.
Can you get a FHA loan on a second home?
Yes you can obtain a FHA Loan on a second home as long as you meet the FHA requirements.
What are the benefits of an FHA home loan?
One of the benefits of an FHA loan is that the payments are the same for the duration of the loan. One can have a low credit score and still be able to obtain an FHA loan.
How do I obtain an FHA loan?
Almost anybody can get an FHA loan. There are no income limits the FHA loan is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration.
What are some disadvantages of FHA Streamline?
FHA Streamline is a refinancing option that is available without needing a credit report. Some of the disadvantages to FHA Streamline is that you can not get this type of loan if you are in default on your mortgage and that you can not receive physical cash to pay off other debts.
If you defaulted on and FHA loan in 2004 can you get another FHA loan?
Maybe..maybe not.. FHA has a "Credit Alert System"..this program requires lenders to input your social security number into the "big brother" computer and see if there are any "outstanding" debts owed to the government. If your default balance was paid off when the property was sold then you may be okay..but if you still owe a balance on that mortgage then you will have to settle up with them in order to get a new FHA loan. Good luck....
Is a FHA loan is a type of financial aid?
False, An FHA loan is NOT a type of financial aid.
What should I look for when applying for FHA loan?
Answering "What should I look for when applying for FHA loan?"
Is FHA mortgage owner occupied?
If you're trying to obtain an FHA loan then the answer is 'yes'. If you own an investment property that has an FHA loan, then you can streamline it.
Is a gse loan a fha loan?
yes
What is the difference between a fha loan and a conventional loan?
An FHA loan has more guidelines and rules than a conventional loan does. An FHA loans are only available on certain houses and you can get a conventional loan on any house if your credit meets the requirements.
