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Guide to FHA Home Loans

2020 FHFA and FHA Loan Limit Changes

Posted in Guide to FHA Home LoansPosted by Maple Tree FundingGraph with upward arrow and 2020 representing the increase in FHA and FHFA loan limits

Both the Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA) have increased maximum loan limits for 2020. 2020 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, and in 2018 the limit increased to $453,100, and in 2019 the limit increased to $484,350. In 2020, the one-unit conforming loan limit has been increased to $510,400. This increase…

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What is the Minimum Credit Score for an FHA Mortgage?

Posted in Guide to FHA Home LoansPosted by Maple Tree FundingWoman Wondering If Her Credit Score is Good Enough For an FHA Loan

Unfortunately, there isn’t just one answer to the question “what is the minimum credit score for an FHA Mortgage.” Obtaining a mortgage is more than just having a good credit score. It also includes factors like having a steady income (work history) and reserves or assets for a down-payment. These additional factors along with your credit score help to determine whether or not you qualify for an FHA mortgage. FHA Mortgage Qualification Requirements The FHA Department…

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Update: New FHA Mortgage Insurance Rates in 2017 Suspended Indefinitely

Posted in Guide to FHA Home LoansPosted by Shane Latza2017 FHA Mortgage Insurance Reduction Change Suspended

UPDATE: As of January 20, 2017, the Department of Housing and Urban Development has announced that the reduction of the FHA Mortgage premium slated to take effect on January 27, 2017 has been suspended indefinitely.  Here, you can get the details on the FHA Mortgage Insurance Rate changes initially proposed in early January 2017. Please note that as of January 20, 2017, these changes have been placed on hold and the lowered annual MIP premiums for…

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New FHA Mortgage Insurance Rates in 2015

Posted in Guide to FHA Home LoansPosted by Shane Latza

In early 2015, the Federal Housing Administration (FHA) will reduce annual mortgage insurance premiums (MIP) from 1.35% to 0.85%. The last time the FHA reduced its mortgage insurance premiums for U.S. homebuyers was back in 2001. Now, 14 years later, it is an excellent time for new homeowners to compare FHA loans as rates are far lower than they have been in recent years. What Do These FHA Mortgage Insurance Premium Changes Mean for Homebuyers?…

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2013 FHA Bankruptcy Foreclosure Changes

Posted in Guide to FHA Home LoansPosted by Maple Tree Funding

FHA has decided to cut the wait times for clients to get approved after hard times.  The Federal Housing Administration that is behind what we call FHA Mortgages has recently changed its policy on how long a potential home buyer must wait after having a Bankruptcy, a Foreclosure, or a Short Sale. In the past, FHA made a client wait two years after a completion of a bankruptcy and three years after a foreclosure or…

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