FHA / VA One-Time Close Blog

Monday September 14, 2015, the new FHA Single Family Home Loan Policy Handbook takes effect. It's called HUD 4000.1 and is now the reference for all FHA single family home loans.Up to now, certain parts of the handbook have been in effect, while other portions were printed but not effective until...

FHA appraisals can be tricky to understand, depending on the outcome. For example, we get asked several times a year why an FHA appraiser required corrections on cracked or peeling paint on surfaces in a given home.The question is usually associated with the seeming cosmetic nature of these corre...

There are a lot of questions asked about FHA loans and how spouses can buy together. Can the FICO scores of one spouse make up for the lower scores of the other borrower? Can one spouse's income offset the lower income of the other? How does state law factor into FHA loan applications when spouse...

We've written elsewhere about the importance of the borrower's verifiable income when it comes time to fill out an FHA loan application and have the lender review the amount of money coming in versus how much goes out for financial obligations. A borrower's employment income is very important, bu...

One of the important selling points of an FHA mortgage loan is the basic differences FHA mortgages have from conventional loans; the lower down payment, more forgiving credit requirements, and a rule that a borrower is able to freely dispose of the property in any way he or she sees fit once the ...

One common topic many borrowers have questions about when they want to apply for FHA loans involves employment history. How long do you have to be on the job with your current employer before you can qualify for an FHA mortgage loan?Believe it or not, FHA loan rules state that there is no minimum...

Did you know that loan rules found in HUD 4155.2 cover specific aspects of the FHA loan closing procedure including taxes, closing costs, and title issues?Chapter Six of HUD 4155.2 explains these policies. For example, in Chapter Six we learn that the lender is permitted to calculate--and collect...

Every home loan is different. When you apply for an FHA mortgage, you may experience a variety of circumstances along the way that can affect how simple or difficult it is to get to your closing date.Borrowers who prepare ahead of time, who get pre-purchase counseling, and learn from the mistakes...

Recently we answered a reader question in the comments section about the nature of FHA single-family home loans. The reader wanted to know if it was possible to get an FHA home loan on a home to be used as a rental property or as a guest house for visitors, etc.The short answer to this question i...

We get many reader questions about interest rates on FHA home loans, and it's clear from these questions that a misconception still exists--some people believe the FHA sets or regulates the interest rates on FHA single family home loans. This is not true, but in spite of that we get variations on...