Got your california FHA Mortgage?
Welcome Get information for first time home buyers
This is your one source for answers to all of your FHA home loan questions. Buying a home, selling a home or just needing a FHA mortgage? You will find the FHA related information you need here.
For all your FHA answers
What are FHA Home Mortgage Loans? free pre-approval
Explore your mortgage options by financing your home with FHA insured loans! Learn what it takes to qualify and maximize your financing potential with FHA mortgages.
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FHA vs. Conventional Home Loans free pre-approval
Confused about the differences between FHA home loans and conventional "low-down" mortgages? Learn the differences between the two mortgages here.
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FHA Down Payment Assistance Programs Free pre-approval
Are you buying a home and would like local information on HUD/FHA approved down payment assistance programs?
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Single Family Mortgage Insurance FREE PRE-APPROVAL
FHA requires a mortgage insurance premium (MIP) for its home buying programs. An up-front premium of 1.50% of the loan amount is paid at closing and can be financed into the mortgage amount. In addition, there is a monthly MIP amount included in the PITI of .50%. Condos do not require up front MIP - only monthly MIP.
The mortgage insurance premium paid on an FHA loan
is always significantly higher than on a conventional program. On an FHA loan
the borrower will be charged a mortgage insurance premium equal to 1.50% of the
purchase price of the property and a renewal premium of .500% in subsequent
years. By contrast the mortgage insurance premium charged at closing on a
conventional program is as low as .500% (with 10% down payment) with renewal
rate in subsequent years as low as .300% in subsequent years.
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Streamline Refinancing for FHA Mortgages FREE PRE-APPROVAL
FHA has permitted streamline refinances on insured mortgages since the early 1980's. The streamline refers only to the amount of documentation and underwriting that needs to be performed by the mortgage company, and does not mean that there are no costs involved in the transaction.
The basic requirements of a streamline refinance are:
- The mortgage to be refinanced must already be FHA insured.
- The mortgage to be refinanced should be current (not delinquent).
- The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
- No cash may be taken out on mortgages refinanced using the streamline refinance process.
Companies may offer streamline refinances in several ways. Some companies offer "no cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the company pays any closing costs that are incurred on the transaction.
Companies may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed what is currently owed, i.e., closing costs may not be added to the new mortgage with those costs either paid in cash or through the premium rate as described above. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal and, thus, closing costs may not be included in the new mortgage amount.
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First Time Home Buyers FREE PRE-APPROVAL
FHA is a program that the government has to help more people get into homes with LITTLE to NO money down. Buyers can use gift funds as their down payment and can be done thru the use of non-profit organizations. By writing in the contract a seller agrees to donate money to a non-profit organization and in turn the non-profit agrees to donate the funds needed to the buyer.
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