It sounds perfect – buy a home with two accessory dwelling units (ADUs) with just 3.5% down using FHA and rent out the ADUs. If only it were that simple. Unfortunately, FHA does not finance homes with two ADUs on the property. The HUD 4000.1 states, “The Appraiser must notify the Mortgagee of the deficiency […]
Can You Use FHA On A Property With 2 ADUs? Read More »
FHA student loan rules 2024: FHA now uses 0.50% of the loan balance for income-based or deferred student loans where the payment is $0. This replaces the old rule of 1.0%. These guidelines could help you qualify for a $25,000 higher home price based on the current student loan balance average. See if enhanced student
FHA Student Loan Guidelines 2024: Afford $25,000 More Home Read More »
You might be surprised that FHA, a U.S. government-sponsored mortgage, is available to non-U.S. citizens. What’s more, non-citizens are eligible for the same FHA rates and terms as citizens. Homebuyers immigrating from other countries often find this hard to believe, but it’s true. Permanent and non-permanent residents are eligible. Here’s how to get an FHA
How To Get An FHA Loan As A Non-U.S Citizen Read More »
Two powerful features of FHA loans are 1) buying a multifamily home, and 2) rehabbing a property. But can you combine these features to get an FHA 203k rehab loan on a multifamily? Yes, you can. FHA allows its 203k loan to be used on 1-4 unit homes as long as you plan to live
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While FHA loans are only for owner-occupied properties, you can buy a quadplex with one of these loans. That’s because FHA considers a property “owner-occupied” when you live in one of the units. This applies even if you rent out the remaining units. But the question arises: what if you find a quadplex that you
Can You Buy A Fully Occupied FHA Quadplex? Read More »
FHA jumbo loans are available well over $1 million. And the require just 3.5% down. According to HUD data, about 4,000 FHA loans over $500,000 are originated each month. Nearly 100 of these per month are over $1 million. So how do you get an FHA jumbo loan, and what is the loan limit? Start your
FHA Jumbo Loans: $1 Million Home for 3.5% Down? Read More »
One of the biggest deterrents to FHA loans could soon become history. Most buyers using FHA pay mortgage insurance as long as they have the loan. They must refinance into a conventional loan to get rid of it. Many prospective homebuyers on platforms like Reddit, TikTok, and Instagram cite lifetime mortgage insurance as the top
The End of Permanent FHA Mortgage Insurance? Read More »
If you earn bonus income consistently, it can help you qualify for a mortgage. Here are guidelines for FHA loans, plus rules for other programs. See if your bonus income qualifies you for a mortgage. FHA rules for bonus income The key ingredient to use bonus income for an FHA loan or other loan types
Bonus Income: How to Qualify for FHA, Conventional, USDA, VA Read More »
If you earn overtime income consistently, it may help you qualify for a mortgage. Here are guidelines for FHA, plus how other loan programs view OT income. See if your overtime income qualifies you for a mortgage. FHA rules for overtime income The key ingredient FHA lenders need to use overtime pay is history. Luckily,
Overtime Income: How to Qualify for FHA (+ Conventional, USDA, VA) Read More »
If you earn commission as any portion of your income, it may help you qualify for a mortgage. Here are guidelines for FHA loans, but principles here apply to most loan types. See if your commission income qualifies you for FHA. FHA rules for commission income The key ingredient lenders look for with commission is
Commission Income: How to Qualify for FHA, Conventional, VA, USDA Read More »
