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  FHA Learning Center

FHA123.com is dedicated to providing you with up-to-date FHA loan information to help you understand FHA loans. We make it as easy as 1-2-3 to get the facts, here and now.

COMMON QUESTIONS AND ANSWERS

Can I include the closing cost into my FHA mortgage?

Answer: YES, closing cost can be included into your new FHA loan, keeping more money in your pocket.  In addition, when you buy a home with a FHA purchase loan you can include up to 6 % sellers concession towards closing cost into the mortgage.


What is this mortgage insurance premium ( M.I.P ) and do I have to pay it ?

Answer: YES, All borrowers must pay a mortgage insurance premium (MIP) to offset the insurance risk involved.  HUD provides insurance for mortgages placed by private lenders and is designed to encourage lenders to make credit available in areas and to borrowers who may not otherwise qualify for conventional loans on affordable terms.


Can I finance MIP into my new FHA loan and what does it cost me?

Answer:  YES, in a FHA loan we can build in your FHA MIP premium so you do not have to pay it upfront.  We can also get you a MIP premium credit applied to you, if you are applying for a FHA streamline refinance, since you already paid for it the first time. In addition, you have to pay MIP on a monthly basis along with your regular loan payment and the one time MIP fee is collected at closing payable to the Federal Housing Administration. The fees are determined by a risk based pricing system.


Is it easy to get approved for a FHA loan based on my credit?

Answer: YES, It is easier to qualify for a FHA loan than a traditional conventional loan.


What tax benefits do I receive with FHA mortgage?

Answer: MANY, All borrowers’ mortgage interest and property tax payments are tax deductible. Your rent payment is not!  ALSO, your credit cards and installment loan payments you may be paying now are not tax deductible. When you consolidate your debts into a FHA debt consolidation mortgage, the interests is now tax deductible.


I am confused, I get advice from everyone and I need the right advice. Can you help me decide?

Answer: YES, we all get advice from friends, family members and co-workers, we respect there advice because they care about you.  We care about you as well. Now is time to get the facts and get approved for a loan that’s best for you. 

At FHA123.com, our FHA mortgage experts are highly trained mortgage professionals. Apply online today to get started!

 

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