Frequently Asked Questions about FHA Home Loans

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Q: How complicated is it to obtain FHA home financing?

A: In the past FHA loans were extremely complicated and tedious but today they are just as simple as everyday mortgages. This is due to the so-called "streamlining" of the FHA mortgage process.

Q: This is not my first mortgage, do I still qualify for an FHA home loan?

A: Yes! FHA loans do not have a limit on the number of times they can be used by one person or family. However, you are restricted from having more than one FHA mortgage with an l-t-v over 75%.

Q: Can I get an FHA loan with a recent bankruptcy?

A: In this situation it is best that you wait two years after the bankruptcy and use credit cards and other debt to reestablish your credit. It is critical that you make payment on time every month after the bankruptcy to show payment ability. Special exceptions are sometimes made for individuals with medical emergencies and other extreme circumstances.

Q: How much money do I need to obtain an FHA mortgage?

A: The required minimum cash down is three percent of the sales price as mandated by the National Housing Act. Some of this money will be applied to closing costs and the rest will be considered a down payment.

Q: Is there any way around a down payment?

A: FHA regulations allow relatives, government agencies, and nonprofit organizations to give the down payment on an FHA loan as a gift.

Q: Do I qualify for an FHA mortgage?

A: There are very few FHA limits. The program is open to most people but usually makes the most sense for low to middle income families. View the official website for more information.

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