FHA Mortgage Questions
Check out our list of common questions related to Utah FHA mortgages.
What is the FHA?
- FHA stands for the Federal Housing Administration. It was created in 1934 to help Americans get into homes.
What makes an FHA insured mortgage beneficial?
- An FHA insured mortgage is easy to qualify for, can be obtained with less than perfect credit, costs less and requires a smaller down-payment.
Where can I find FHA forms and other literature?
- A great source for FHA forms and information is www.hud.gov/topics/buying_a_home.
What is the FHA loan limit in my area?
- The loan limit across the country is different. Click here to see limits in your area.
Can I pay an FHA loan off early?
- Yes, however, be sure to check the pre-payment section of your contract before signing.
Can an FHA insured loan help me lower energy costs?
Is there an FHA program to help me refinance my loan?
- Yes, the recently created FHASecure is one of the ways that we can help you refinance your current home loan. Contact us now to see what we can do for you.
Can I refinance a fixed rate FHA loan?
- Yes. Talk with one of our professionals today to see if refinancing makes sense for you.
Are FHA loans assumable?
- Absolutely, you can assume an existing FHA loan or allow a buyer to assume yours as long as they qualify.
Will I have to pay mortgage insurance with an FHA loan?
- Yes, in fact, FHA mortgages often require you to carry mortgage insurance for longer than most conventional loans.
Can I get a "fixer-upper" of a home with an FHA mortgage?
- Yes, however, you might be required to fix certain problems in the home before you can get the full loan. You may also want to inquire about an FHA 203(k) loans, these loans will allow you to borrow additional money for repairs or renovations as part of your purchase mortgage loan. These loans can require additional time and require additional work, speak to a Utah mortgage broker early in the process. Not all mortgage companies in Utah offer an FHA 203(k) loan.