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Guide to FHA Home Loans

FHA Loans vs. USDA Loans

Posted in Guide to FHA Home Loans, Guide to USDA Home LoansPosted by Maple Tree FundingYoung couple consulting with mortgage broker about FHA vs. USDA home loan options

When choosing a loan program, it’s important to understand your options. Let’s take a look at two different types of popular government loan programs – FHA loans and USDA loans – and how they compare to one another. Weighing Your Options: FHA Loans vs. USDA Loans Government mortgages are backed by the government, as their name indicates, meaning that the government ensures repayment to the bank or lender if you happen to default on your…

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2021 FHFA and FHA Loan Limit Changes

Posted in Guide to FHA Home LoansPosted by Maple Tree FundingUpward arrow and 2021 representing the increase in FHA and FHFA loan limits

Both the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA) will have increased maximum loan limits for 2021. 2021 FHFA Loan Limits On the conforming side (FHFA), in 2016 the loan limit for one-unit properties was $417,000. In 2017 this increased to $424,100, in 2018 the limit increased to $453,100, and in 2019 the limit increased to $484,350. The conforming loan limit was increased to $510,400 in 2020. In 2021, the one-unit…

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FHA Property Flipping Rules

Posted in Guide to FHA Home LoansPosted by Maple Tree Fundingvector image showing the transformation of a fixer upper

The Federal Housing Administration offers home loans that provide buyers with lower down payment requirements and more flexible lending standards than many conventional loans and other types of government loans. As a result, FHA mortgages are a terrific option for many home buyers – including home buyers interested in purchasing fixer uppers. But what if you’re interested in purchasing a flipped home that has recently been fixed up by another owner? What if you’re hoping…

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How To Apply For An FHA Loan

Posted in Guide to FHA Home LoansPosted by Maple Tree FundingFHA loan application form

Applying for an FHA Loan is not much different than applying for a standard conventional mortgage. There are extra documents specific to FHA that must be filled out, including FHA Addendums, an FHA notice to homebuyers, and a few other FHA standard mortgage documents. However, the core documents remain the same. Getting Started with an FHA Mortgage Application Step 1: Fill Out a Loan Application If you’ve decided to apply for an FHA Loan, you…

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Do I Qualify for an FHA Loan?

Posted in Guide to FHA Home LoansPosted by Maple Tree FundingBusinessman explaining FHA loan policy to young couple.

The Federal Housing Authority (FHA) backs mortgage loans for people who don’t quite fit the traditional underwriting criteria for getting approved for a home of their own. People that benefit from these loans are first time home buyers, people who don’t have much credit history, and people who have had credit issues in the past but have everything back on track. Because these loans are designed to help an underserved segment of the population, they…

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