Category Archives: FHA Loan

FHA Home Loan Limits in Illinois

FHA (Federal Housing Authority) loans on single and multi-unit properties are designed for borrowers who are unable to make large down payments. Instead of the traditional 20% down payment required by banks, FHA loans only require a 3.5% down payment … Continue reading

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Why the FHA Self-Sufficiency Test Is So Important For First-time Investors in 3- or 4-Unit Properties

An FHA loan is a mortgage insured by the Federal Housing Administration. Backed by the Federal Housing Administration, an FHA loan may require a down payment as little as 3.5% for a credit score of 580 or higher versus the … Continue reading

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FHA: Fewer Home Approvals

The Federal Housing Administration suffered a 27% drop in market share from fiscal 2010 numbers. Department of Housing and Urban Development numbers show that while FHA refinance volume has increased by 9% since August, the 12% drag on purchase production … Continue reading

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The FHA Mortgage Insurance Premium

FHA mortgage insurance is similar to the private mortgage insurance (PMI) required for conventional mortgages with down payments below 20%, but key differences exist: Up-front Fees: 1% up-front fee due at closing. Rate: For fixed rate loans, there is an … Continue reading

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