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FHA Mortgage Requirements

FHA Mortgage Requirements vary from one lender to another despite the existence of comprehensive guidelines issued by HUD. FHA does not make loan and it is the lender who underwrites a mortgage. The responsibility to evaluate the repayment capability of a borrower lies mostly on the lender though the security of the money lent to them is guaranteed by the Federal Housing Administration. These mortgage requirements also vary according to the types of real estate, such as condos, mobile homes and manufactured homes.

FHA Mortgage Requirements 2011



Some policy changes in HUD underwriting guidelines have made it a bit difficult to qualify for FHA loans in 2011. The depleting capital reserves have prompted this federal agency to raise the premium rates on certain kinds of loans, which will be effective during the middle of the year 2011. The down payment requirements for first time home buyers and others will remain as it is, that is below the 3 percent mark. However, one can no longer take money from the seller of a house to fulfill down payment requirement.

The minimum credit score to qualify is 500 but to avail the maximum financing one must have at least 580. Even this is not enough before many lenders who usually set a credit score requirement between 620 and 640. Credit history report, debt ratio, permanent job or income source and several other factors continue to be an essential part of the FHA qualifications standard. One can find a complete guide on HUD website or you can also browse our website to know in greater detail about FHA mortgage requirements 2011.

FHA Mortgage Requirements Mobile Homes



Financing or Refinancing for mobile homes or manufactured homes come under FHA’s Title I program. The maximum loan amount for a mobile home is $69,678 and for a manufactured home lot is $23,226. For both these, the loan amount available is $92,904. Borrowers need to have sufficient fund to make down payment as well as pay for closing costs. One must also follow HUD guidelines regarding model installation standards, home inspection and other necessary requirements.

The FHA financing and refinancing programs are available in each US state. However, the maximum loan limits may vary from one state to another. For example, the loan amount available for a single family home in Michigan is $271,050. This amount may be different for some other state, say Texas or California. You need to check the HUD website to get accurate information regarding the same.

Website: www.hud.gov





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