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Qualifying for a FHA loan just got easier! Most lenders have required a 640 minimum FICO score for FHA purchases and refinance transactions. Effective TODAY, the minimum credit score for FHA Fixed Rate loans has been lowered to 620. Another good reason for buyers to get off the fence!!! Click here for more real estate news and advice. For more mortgage and finance information, visit my website's mortgage center .

The Federal Housing Administration (FHA) is giving homeowners and buyers until October 4 to lock in a low monthly insurance premium. After October 4, the monthly insurance premiums on FHA loans will increase by over 63%. What does this mean for home buyers? A home buyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. If the same home buyer waits until after October 4, the insurance premium would jump to $148.01. Although the upfront mortgage insurance premium is going down after October 4, the long term impact to the home buyer is actually a net increase in their out of pocket costs because the monthly premium is going up by 63%. Sellers can pay the upfront premium or it can be financed into the loan amount, so homebuyers rarely pay the upfront premium out of pocket. On the other hand, the increase in the monthly premiums will be paid right out of the home buyer's pocket with their mortgage payment each m...

FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA). In the last three years, home buyer interest in FHA loans has gone from practically zero to upwards of 87 percent. However, many buyers still do not fully understand the benefits of these loans. So, in an effort to change that, here are seven things you should know: 1. FHA Loans Are Not Only For Lower-Income Borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans. Borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are truly able to afford their future homes. 2. FHA Loans Are Not Only For First-Time Buyers. Many people believe FHA ...