Remember the pointers from this video - as of 2013, the FHA allows you to use 29percent of your income towards housing costs and 41percent towards housing expenses and other long-term debt.
The video puts this in more visual terms, but yes! You can assume most existing FHA-insured loans, or, if you are the one deciding to sell allow a buyer to assume yours.
As we show you in this video, as of 2013, FHA loan limits vary throughout the country. Ask your lender for details and confirmation of current limits.
The FHA works to make homeownership a possibility for more Americans.Watch the video.
While this video simplifies things to help you remember, except for the addition of an FHA mortgage insurance premium, FHA closing costs are similar to those of a conventional loan.
The video puts this in more visual terms, but 203(b) is the most commonly used FHA program, while 203(k) loans enable homebuyers to finance both the purchase and rehabilitation of a home through a single mortgage.
As the video says, the name is misleading - they are not loans FROM the VA. VA loan guarantees cover buying, building, repairing, retaining and adapting homes for personal occupancy by eligible Veterans and survivors.
Major Veterans Affairs loan programs described in this video include purchase, cash out, interest rate reduction and others.
The COE is the key document that verifies to lenders that someone is eligible for a VA-backed loan.
This video could save some veterans thousands. VA loan applicants pay a funding fee which can be thousands of dollars. Some veterans and spouses are eligible for exemption.
As the video explains - under the right conditions, yes-eligible veterans may qualify for another VA loan.
The video puts this in more visual terms, but with the exception of a few additional forms the FHA loan application process is similar to that of a conventional loan.
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