It makes sense to refinance your FHA loan with a conventional loan if you want to stop paying for mortgage insurance premium, or MIP. MIP is the annual and monthly fees you pay for when opting to put a low down payment. Homeowners who put a 3.5 percent down payment on their FHA loan expect to pay MIP until they finish repaying the loan.
Whether you’re buying a home for the first time or you’ve already fulfilled your homeownership dream, saving money could be on top of your mind especially if your family lives on a budget. If you want to lower your monthly electricity bill, the U.S. Federal Housing Administration or FHA can help you finance energy-efficient improvements on your home through its Energy Efficient Mortgage program (EEM).
The U.S. Department of Housing and Urban Development (HUD) has a unique housing program for homebuyers engaged in certain jobs that can contribute to strengthening communities in the country. The HUD’s Good Neighbor Next Door or GNND is a sales program of the HUD that offers a 50% discount to eligible homebuyers planning to buy a HUD-owned single-family home.
Thousands of additional condominium units in the market will soon become eligible for FHA financing after the Federal Housing Administration (FHA) issued last August an important update which included the revival of its “spot approval” program. Compared with a detached single-family home, a condo is a more affordable option for a broad range of credit-worthy homebuyers who prefer a relaxed lifestyle that’s surrounded by amenities. The new policy will result in an estimated 20,000 to 60,000 FHA-insured condominium units every year.