FAQ's about FHA Home Loans
Q. Can only a first time home buyer use the FHA loan
A. No. You can use FHA home loans as many times as you desire when
buying a home or doing a mortgage refinance. The only FHA loan
requirements is that you cannot have
more than one outstanding FHA mortgage loan with a loan to value of
higher than 75%. You can own rental property and purchase your primary residence using FHA
Q. Can FHASecure
refinance FHA loans help me save my house from foreclosure?
A. Yes. The newly released FHA Secure loan program is designed to help people
with subprime loans that have adjusted after June 2005 who currently
have mortgage late payments or facing foreclosure can refinance using
the FHA home loan program, FHASecure.
Q. Does FHA use a FICO credit score for loan
A. No. FHA is one of the only types of real estate mortgage loans
that currently does not require a FICO credit score to obtain a loan but
those who do have a score should have a credit score of 580 or higher.
FHA requires the last two years of credit history to determine your FHA loan
Q. Can I streamline
refinance my FHA loan at any time?
A. Yes, you can do a FHA streamline refinance
assuming that the you are lowering your monthly payments or converting the loan to a fixed
Q. Can I buy a 4 Unit Home with FHA loan financing?
A. Yes, you may use a FHA mortgage for buying a 2,3, or 4 unit home
assuming that the FHA mortgage amount does not exceed the maximum FHA
loan limits for where the property is located.
Q. Can I buy a home with no down payment and get 100%
financing using a FHA loan?
A. Yes. Using a FHA insured real estate first mortgage in combination with other
specialized no down payment and first time home buyer loan programs, such as CHFA Loans, you may be able to buy a home with no money
Q. How long after a bankruptcy can I use a FHA loans
for buying a home or mortgage refinance?
A. You may buy a home or do a refinance mortgage using FHA loans two years after
the date of discharge for a bankruptcy, assuming that you have maintained perfect credit
since the discharge of the bankruptcy with a FHA
streamline refinance loan.
Q. How long after a Foreclosure can I use a FHA
mortgage loan for buying a home or a refinance mortgage?
A. FHA loans may be used for buying a home or FHA mortgage refinance three years
after the final date of foreclosure assuming that your credit since the foreclosure has
Q. Are there any other home loan resources that can
help me with buying a home or a refinance
A. There are some excellent resources on the internet to learn
about or search for real estate. First we suggest you get
pre-qualified for a home mortgage loan
especially if you are a first time
home buyer, you can search various
loan programs such as VA home loans, hard money loans for those with bad credit or CalPERS home loans (aka PERS home loans) is you are a member
of CalPERS, LRS or JRS. You should also check some mortgage
calculators to get an idea of the FHA loan amount you qualify for. If you already own California real estate you can get a home equity loan or a home equity line
of credit which can be used to purchase investment homes. If you plan doing so you
should order a annual free credit
report then you should search of homes for sale
from real estate agents or
homes for sale by owner More
FAQs of FHA Loans>
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