| Check out our list of common questions related to FHA mortgages.:
What is the FHA?
- FHA stands for the Federal Housing Administration. It was created in 1934 to help Americans get into homes.
What makes a FHA insured mortgage beneficial?
- A FHA insured mortgage is easier to qualify for, can be obtained with less than perfect credit, costs less and requires a smaller down-payment than Conventional financing.
Where can I find FHA forms and other literature?
What is the FHA loan limit in my area?
- The loan limit across the country is different. Click here to see limits in your area. Tulare & Kings Counties are at $325,000.
Can I pay off an FHA loan early?
- Yes, however be sure to always check the pre-payment section of your documents for details before signing.
Can a FHA insured loan help me lower energy costs?
- Yes, through the Energy Efficient Mortgages Program you can finance some of the cost of making your home more energy efficient.
Is there a FHA program to help me refinance my loan?
- Yes, FHA also insures Streamline, Rate & Term, and Cash out Refinances. Contact us now to see what we can do for you.
Can I refinance a fixed rate FHA loan?
- Yes. Talk with one of our professionals today to see if refinancing makes sense for you.
What is the recommended debt-to-income ratio for FHA loans?
- The recommended debt-to-income ratio for a FHA loan is 43%. Higher ratios allowed with compensating factors.
Are FHA loans assumable?
- Absolutely, you can assume an existing FHA loan or allow a buyer to assume yours, with Lender approval.
Will I have to pay mortgage insurance with an FHA loan?
- Yes, FHA mortgages have an upfront premium that can be financed in your loan and also a small monthly premium that is added to your monthly payment. FHA charges this premium to insure your loan against future default.
Can I get a "fixer-upper" of a home with a FHA mortgage?
- Yes, Kings Mortgage Services offers Streamline 203K loans to make minor repairs - up to $35,000. Speak with us today for details on this handy loan program.
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