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Frequently Asked Questions

When do credit reports expire for FHA?

FHA Appraisals and Credit Approvals. Although FHA appraisals are valid for 180 days before signing your mortgage loan note, lenders often require appraisers to re-certify their report results ...

How your credit report affects your FHA loan?

FHA loans technically permit borrowers with FICO scores between 500 and 579 to apply for a loan with a higher down payment. And that’s just one way your credit scores affect your home loan beyond simple approval/denial issues. The lower your credit score is, the closer you may get to having a larger down payment requirements.

What happens when your FHA loan is approved?

When your FHA loan application is approved, Chapter One, Section A instructs the lender to act as follows: “When a borrower is approved, the Direct Endorsement (DE) underwriter records the results of the credit analysis on the HUD-92900-LT, FHA Loan Underwriting and Transmittal Summary

When does FHA PMI end?

With FHA loans, you have to continue making this additional payment for the first five years after you begin your mortgage. After five years have passed, you can talk to the mortgage lender about eliminating this insurance coverage. Your mortgage has to have been in good standing the entire time to eliminate it.

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