Check out our list of common questions related to FHA mortgages. Check out our list of common questions related to FHA mortgages.
What is the FHA?
- FHA stands for the Federal Housing Administration.
What makes a FHA insured mortgage beneficial?
- A FHA insured mortgage is easy to qualify for, can be obtained with less than perfect credit, requires a smaller down-payment.
Where can I find FHA forms and other literature?
What is the FHA loan limit in my area?
- Starting January 2019, the base loan limit is $351,900 in Cumberland and York Counties. $314,827 in the remaining counties for Maine.
Can a FHA insured loan help me lower energy costs?
- Yes, through the Energy Efficient Mortgages Program you can finance 100 percent of the cost of making your home more energy efficient. Contact us to see how.
Is there a FHA program to help me refinance my loan?
- Yes. FHA will let you refinance your loan with or without a new appraisal. Call us for more information on what type of refinance would work best for you.
Can I refinance a fixed rate FHA loan?
- Yes, you can refinance a fixed rate or an adjustable rate loan.
What is the recommended debt-to-income ratio for FHA loans?
- The recommended debt-to-income ratio for a FHA loan is 45%.
Are FHA loans assumable?
- Absolutely, you can assume an existing FHA loan or allow a buyer to assume yours but the loan has to be underwritten accordingly.
Will I have to pay mortgage insurance with an FHA loan?
- Yes, FHA has upfront and monthly mortgage insurance.
