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What is a an FHA loan?
An FHA insured loan is a Federal Housing Administration mortgage insurance backed mortgage loan which are provided by FHA-approved lenders. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium(MIP) equal to a percentage of the loan amount at closing is required, and is normally financed by the lender and paid to FHA on the borrower's behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well.
How can I remove FHA mortgage insurance from my loan?
To remove FHA mortgage insurance from your loan, you can either refinance your loan into a conventional mortgage or make a substantial payment to reduce your loan-to-value ratio below 80.
What are the interest rates for an FHA loan?
The interest rates for an FHA loan differ depending on the type of FHA mortgage, such as adjustable rate, fixed rate, energy efficient mortgage, graduated payment mortgage, etc.
FHA Mortgage Loan Calculator?
FHA Mortgage Loan CalculatorUse this calculator to determine the maximum FHA mortgage that would be allowed for your home purchase and an estimate of your required downpayment and closing costs. This calculator is designed to determine the mortgage FHA limit for a particular purchase, not the maximum allowed for any home in your state and county. To determine the maximum purchase price for your area you should use https://entp.hud.gov/idapp/html/hicostlook.cfmat the HUD.gov. Then use the calculator below to determine the required downpayment and FHA mortgage limit.-
Is it possible to remove FHA mortgage insurance from a loan?
Yes, it is possible to remove FHA mortgage insurance from a loan, but it typically requires refinancing the loan into a conventional mortgage once you have built enough equity in the property.
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.
Pay the Mortgage Insurance Premium at closing and in your monthly payment?
If it is an FHA loan, you will pay Upfront Mortgage Insurance (around 1.75% of the loan amount) at the time of closing ( usually added to the balance of the loan ). Then you will pay a monthly MI payment ( about .55% added to the interest rate) every month.
How can I take advantage of the FHA mortgage insurance reduction for my existing mortgage?
To take advantage of the FHA mortgage insurance reduction for your existing mortgage, you can contact your lender to inquire about refinancing your loan under the new guidelines. This reduction may lower your monthly payments and save you money over time.
When can FHA mortgage insurance be removed from a loan?
FHA mortgage insurance can be removed from a loan when the borrower has reached a certain amount of equity in the home, typically when the loan-to-value ratio reaches 78 or less.
How can I FHA refinance my home mortgage loan?
The federal government administers FHA loans. Any information that you desire to learn about refinancing a government FHA loan can be found on the FHA web site.
I am in need of a loan to mortgage my house. Where can I find an FHA loan?
Zillow and Relator have agreements with many banks to give you this FHA mortgage on your house. Have them look at your house, and some background checks (including your credit score), and then they'll check to see if your qualify for a FHA loan.
What is the advantage of obtaining an FHA mortgage loan?
There are many advantages to obtaining an FHA mortgage loan. Among others, these include allowing for a blemished credit history and offering competitive rates and charges.
