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Basic home mortgage loan or 203(b) loan: The 203(b) loan is the FHA’s main home loan program for buying a home or refinancing. These loans come with fixed and adjustable-rate options, as well as ...
Second home mortgage requirements can be more strict than mortgage requirements for your first home. For example, many lenders require you to put at least 10 percent down on a second home.
In 2024, the FHA loan limit for a single-family home in most counties is $498,257, but can be as high as $1,149,825 in higher-cost areas. For Alaska, Hawaii, Guam and the U.S. Virgin Islands, this ...
An FHA cash-out refinance lets you borrow against the equity in your home without having to take out a second mortgage. An FHA cash-out refinance involves swapping out your current home loan with ...
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
The HECM reverse mortgage follows the standard FHA eligibility requirements for property type, meaning most 1–4 family dwellings, FHA-approved condominiums, and PUDs qualify. [29] Manufactured homes also qualify as long as they meet FHA standards.
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