If you use an FHA loan to buy a house, the property will have to be appraised and inspected by a HUD-approved home appraiser. Here are some of the highlights they will be looking for during an appraisal inspection:. This will also have a huge determining factor in your home choice if you decide to get an FHA loan. These loan limits are calculated and updated annually, and are influenced by the conventional loan limits set by Fannie Mae and Freddie Mac.
The type of home, such as single-family or duplex, can also affect these numbers. The best way to ensure a speedy closing with an FHA loan is to work with an experienced real estate agent who knows the ins and outs of the HUD regulations. Orange County is one of the most desirable places to live in Southern California. Decorating and furnishing your home is a very exciting project and something only the people who have gone through can truly understand the sense of.
Home Search. Agents Offices. Thanks to their government insurance, FHA loans can offer low down payments, looser credit requirements, and low rates. This makes them popular with first—time home buyers. But repeat buyers are welcome to apply as well. You get an FHA loan from a private lender, just like you would a conventional loan.
You can get FHA financing from banks, mortgage companies, credit unions, and online lenders. You can also use our review of the best FHA lenders as a starting point. The right lender for you will depend on a few things. You should also think about how you want to work with your lender. Do you prefer person—to—person interactions? Look for a local lender that focuses on in—person and over—the—phone lending.
If you prefer to go it alone, on the other hand, there are a wide variety of lenders that will let you complete most or all of the mortgage process online. Many lenders let you apply online, though some will connect you with a loan officer to complete your application over the phone or via email. Zach Wichter. Written by. Zach Wichter is a mortgage reporter at Bankrate.
Edited By Suzanne De Vita. Edited by. Suzanne De Vita. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Reviewed By Shashank Shekhar. Reviewed by. Shashank Shekhar. Share this page. Bankrate Logo Why you can trust Bankrate. Bankrate Logo Editorial Integrity.
Key Principles We value your trust. Bankrate Logo Insurance Disclosure. What is an FHA loan? FHA loans vs. Read more From Zach. About our review board. You may also like Mortgage rates crush it again, plunge to a new all-time low.
Is a no-closing-cost refinance right for you? USDA home loans: What you need to know. Lender speed, the orderliness of your paperwork and the complexity of your case are the most common factors affecting FHA loan closing times. Hernandez has covered real estate topics since She is a licensed real estate salesperson in San Diego since Her articles have appeared in community newspapers but her work is mostly online. By Karina C. Hernandez Updated November 05, Related Articles.
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