What is the difference between FHA and Conventional Loans? There are multiple differences between an FHA loan and a Conventional Loan. An FHA loan means that the loan is insured by the Federal Housing Administration. With a Conventional Loan, the mortgage company assumes the risks of issuing the loan. It is not insured by a [...]
The Department of Housing and Urban Development (HUD) just announced that the FHA Annual Mortgage Insurance Premiums will be reduced by 30 basis points. Basis points are charged to homebuyers who procure an FHA-insured mortgage. The Federal Housing Administration (FHA) states that this reduction, which goes into place on March 20, 2023, could possibly save [...]
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 [...]
2014 FHA Loan Limits are going to drop tremendously in the Baltimore real estate area. The Baltimore area includes Baltimore County, Baltimore City, and Harford County. There are other areas included per the HUD.gov site. In 2013, FHA loan limits for Baltimore County homes has been $560,000. In 2014, Baltimore County FHA loan limits are [...]