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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Mortgages > FHA
FHA ABCs
The Federal Housing Administration (FHA) insures loans made to borrowers who can’t afford the usual down payment. FHA loans are popular with first-time homebuyers and people who have good incomes but minimal savings.
3% down
With an FHA loan, the buyer can put down as little as 3% of the selling price. And that entire amount can be a gift from a family member. (With a conventional mortgage, at least 5% of the down payment must come from the buyer personally.)
A liberal view of credit
Even if you have some credit issues, or no credit history at all, you should apply! FHA underwriting guidelines are more liberal than those for most mortgages.
Open to all income levels
FHA is not a low-income program. There are no income ceilings for FHA loans. People whose income puts them above the cut-off for other federal programs may still qualify for FHA.
Eligible properties
FHA loans can only be used toward the purchase of a primary residence (no vacation homes or rental properties). Maximum loan amounts vary by region.
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Mortgages > Purchase Articles Archive
• Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford!.
• Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
• Rent vs. Buy Are you better off buying your home, or should you continue to rent?.
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
• ARM vs. Fixed Rate Mortgage Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
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