FHA Loan Common Questions

Check out our list of common questions related to FHA mortgages. Check out our list of common questions related to FHA mortgages.

What is the FHA?

  • FHA stands for the Federal Housing Administration.

What makes a FHA insured mortgage beneficial?

  • A FHA insured mortgage is easy to qualify for, can be obtained with less than perfect credit,  requires a smaller down-payment.

Where can I find FHA forms and other literature?

What is the FHA loan limit in my area?

  • Starting January 2017, the base loan limit is $275,665

Can a FHA insured loan help me lower energy costs?

  • Yes, through the Energy Efficient Mortgages Program you can finance 100 percent of the cost of making your home more energy efficient. Contact us to see how.

Is there a FHA program to help me refinance my loan?

  • Yes. FHA will let you refinance your loan with or without a new appraisal.  Call us for more information on what type of refinance would work best for you.

Can I refinance a fixed rate FHA loan?

  • Yes, you can refinance a fixed rate or an adjustable rate loan.

What is the recommended debt-to-income ratio for FHA loans?

  • The recommended debt-to-income ratio for a FHA loan is 45%.

Are FHA loans assumable?

  • Absolutely, you can assume an existing FHA loan or allow a buyer to assume yours but the loan has to be underwritten accordingly.

Will I have to pay mortgage insurance with an FHA loan?

  • Yes, FHA has upfront  and monthly mortgage insurance.