Buying a home using FHA

New FHA Condominium Approval Rule October 2019

October 29th, 2019

There is a new FHA Condominium approval rule as of October 15, 2019. The notable change in the rule is that it will allow some individual condominium units to be possibly eligible for FHA mortgage insurance even if the condominium project itself is not FHA approved. This is a big, positive change, as the approval [...]

FHA Mortgages Allow for Downpayment to be a Gift

February 7th, 2017

FHA mortgages allow for the full downpayment to be a gift. Currently, FHA mortgages require a 3.5% downpayment from a buyer, in addition to local closing costs, including transfer taxes, mortgage costs, title company and local charges, and possibly other closing costs. What many FHA homebuyers may not know is that the 3.5% downpayment can be [...]