Welcome to our FHA section.

Below is a succinct explanation of the basic FHA loans available, some guidelines and also explanations of the process and what you can expect. For further assistance please email us at info@educatehomeowner.com

To apply for a loan click here:

We do more than FHA loans
FHA Loans and you
FHA Refinances
FHA Home Loan Guarantee Program
FHA 203K for home purchases that need repairs
FHA 203K for home refinances that need repairs or upgrades
FHA credit and you
Down Payment assistance and how we work
Basic steps in a purchase or refinance loans

We do more than FHA loans Back to the top

At Educate Homeowner.com we help you with more than FHA loans.
Our preferred lenders are experienced and more than qualified to do loans from as low as $50,000 to loans as large as $5,000,000.00. They work with top lenders in the country and have amazing success with conventional, non-conventional, and hard money loans.
The majority of our education is focused on helping the average homeowner achieve that dream of homeownership.

Jumbo or Conventional Loans click here.

FHA Loans and You Back to the top

Discover how to get a new and easy change in your life with an FHA Home Loan
If you are a first-time home buyer or have bought a home before and have less than perfect credit you have come to the right place. At Educate Homeowner our FHA home loan Specialists will take you through the loan process step-by-step.
With an FHA Loan you can:

Purchase a Home
Remodel Your Home
Make Home Repairs
Make Energy-Efficient Improvements

And because it's an FHA loan, lenders will offer you lower, more affordable rates. They can do this because the FHA guarantees the loans, thus insuring the FHA loan lenders so they have less risk by taking you on as a borrower. Even if you have less-than-perfect credit or are a first time home buyer a FHA loan could be the right loan for you.

Experience Home Ownership with an FHA Loan
Why put your dream of home ownership off any longer when the FHA can make it happen now? If you're ready to purchase a house, the FHA has home loan programs available to help cover the cost. Because these loans are insured by the FHA, lenders are able to offer you lower, more affordable rates. No matter what your unique situation may be, the FHA can help you.

FHA Refinances Back to the top

We can help if you are considering a refinance of your current loan. You can learn more about a FHA Refinance from our FHA gurus and get connected today.

If you are having trouble meeting your monthly mortgage payments, or would just like to take cash out to make home improvements or pay off debt, an FHA refinance can help. Let us help you find the solution. Get started with your FHA refinance online. Get more information on FHA Refinances.

FHA Modernization
Currently, FHA financing requires a 3.5% down payment minimum to obtain a home loan, although legislation changes are proposed that would result in a FHA modernization that would eliminate the requirement and raise home loan limits in high cost areas.
FHA loan limits are being increased throughout the country. To help get you started and to find out how much you can qualify for, please get connected with a FHA specialist.

FHA Home Loan Guarantee Program Back to the top

FHA loans offer a loan guarantee for mortgage companies. If you acquire a FHA loan to purchase a home, the FHA is not actually lending money to you, the buyer; the FHA simply guarantees the lender in case you, the borrower, default on your mortgage payments.
You can pay as little as 3.5% of the purchase price of your home for your down payment, and finance your closing costs with your mortgage loan. The FHA can guide you toward programs that require no down payment.
You can purchase a home in need of repairs and finance the repair costs with the mortgage. This way you can make the necessary repairs immediately without having to come up with the money yourself.
You can purchase manufactured homes and condominiums with a FHA loan.
You can finance the cost of energy-efficient repairs with the mortgage.

FHA loans can even help you to make your home more energy-efficient. The FHA recognizes that with a more energy-efficient home, the homeowner can afford to pay a higher mortgage; therefore, the FHA can also include these types of repairs in the original loan also. To learn about the FHA Energy Efficient Program fill out the contact form and a specialist will contact you.

Additional FHA Information
FHA loans are funded by financial institutions such as mortgage centers or banks. The Federal Housing Administration is a branch of the Department of Housing and Urban Development and provides lenders with insurance on your loan. The FHA is here to help you become a homeowner. Both the FHA and HUD offer low-interest loans to qualified borrowers so that they may purchase homes. The FHA and HUD also offer mortgage insurance for those who are part of the VA Home Loan Guarantee Program. Contact a loan specialist to see if you are eligible for this type of loan.

As always, a loan from FHA insures that lenders will be provided with a payment, even if the home buyer defaults. We invite you to learn more about FHA Loans in our Comprehensive FHA Loan Guide, or start the FHA process below.

Purchase your new home and fix damages or upgrade with an FHA 203K loan Back to the top

A Streamlined 203K loan might be the answer.
How Does a Streamlined 203K Loan Work?
It used to be that you bought a home and then applied for a home equity loan to fix it up, resulting in two loans. But many lenders won't make rehab loans. Some won't fund equity loans at closing, especially if there is no equity.

A Streamlined 203K loan is figured into the original loan balance, resulting in one loan.
It can be an adjustable-rate or fixed-rate mortgage .
The mortgage balance can exceed the purchase price of the property.
Borrowers are not required to hire professional consultants, licensed engineers or architects.
The appraiser or home inspector can put together a list of recommended repairs / improvements.

Eligible Repairs & Improvements
The Streamlined 203K loan allows for simple repairs that can be easily estimated and completed. Many are considered light cosmetic repairs, but some will require hiring a licensed contractor if it falls out of the borrower's area of expertise. Here is an approved list of repairs / improvements from HUD:

Roofs, gutters and downspouts
HVAC systems (heating, venting and air conditioning)
Plumbing and electrical
Minor kitchen and bath remodels
Flooring: carpet, tile, wood, etc.
Interior and exterior painting
New windows and doors
Weather stripping & insulation
Improvements for persons with disabilities
Energy efficient improvements
Stabilizing or removing lead-based paint
Decks, patios, porches
Basement completion and waterproofing
Septic or well systems
Purchase of new kitchen appliances or washer / dryer

Special Conditions & Terms

No minimum loan balance required.
Borrowers must occupy the property.
Property cannot be vacant for more than 30 days.
Work must be completed within six months.
Work must be professional.
If job requires a permit, borrowers must get a permit and a sign-off.
Work must commence within 30 days from closing.

Repairs Not Permitted

Landscaping or yard work
Major remodeling
Moving a load-bearing wall
Room additions or add-ons to the home
Fixing structural damage

Requirements to Perform the Work

Borrowers can select among licensed contractors.
The lender will review the contractor's experience, background and referrals.
The lender will want a copy of the contractor's estimate and the agreement between the contractor and borrower.
Borrowers can also arrange to do some or all of the work under a "self help" arrangement.
Do-it-yourself projects require providing the lender with documentation supporting the borrower's knowledge, experience and ability to perform the necessary work.

Disbursement of Payments

Maximum of two payments to each contractor, including the borrower, providing the borrower works under a "self help" plan.
No more than a 50% advance is allowed.
Do-it-yourself allowances do not include labor; only materials costs are allowed.
Final payment is paid after submission of evidence of payment to sub-contractors / suppliers or other possible lien claimants.

Reasons to Apply For a Loan below $15,000

The lender is not required to inspect the completed work.
The lender is not required to authorize a third party to inspect the completed work.
A letter from the borrower or copies of contractor receipts will suffice as notice of completion, providing the lender has no reason to determine a third-party inspection is necessary.

FHA Green

Use a FHA Refinance to Make Home Improvements Back to the top

If you need extra cash to make improvements to your home, a FHA refinance may be an excellent option. The FHA allows you to take cash out from your home to pay off debt or make home improvements. One option to improve your home is to take advantage of the FHA Energy Efficient repairs program.
There are many options with an FHA refinance. With the FHA, you can:

Refinance Your Mortgage into a More Reasonable Monthly Payment
Refinance Your Current Loan to help Avoid Foreclosure.
Take Cash Out of Your Home's Equity for Home Improvements
So get connected with a specialist for an FHA Refinance Today!

You are just 2 minutes away from finishing the hardest part of securing an FHA loan -- simply getting the ball rolling. We don't even need your Social Security Number to get started.

FHA Energy-Efficient Repairs Program Just like the Veterans Administration has loans for veterans who want to make energy-efficient improvements to their homes to be more energy efficient, the Federal Housing Authority also has mortgage programs for people to make improvements to their homes that will lower their monthly utility expenses. you can save a lot of money over time by financing the cost of energy-efficient home improvements with your mortgage, and you can get started on the necessary improvements right away.
However, before you apply for any mortgage loan it is important to know and understand the key features and requirements of the program

FHA and Credit Back to the top

FHA Loans and Credit Issues
FHA loans are a great way for individuals and families to purchase a home with no down payment and favorable mortgage loan terms. However, it is important to consider your credit history before you apply for a FHA loan. Before you can apply for a FHA loan, the FHA will examine your credit history for any obstacles that would cause you to be denied a loan.
Some of the credit requirements the FHA has for loan approval include:

To be eligible for a FHA loan you must have at least two lines of credit, such as rent history, or utility or cell phone bills. In some cases, the FHA may accept other forms of credit that do not appear on your credit history. If you do not have a credit history, it is to your benefit to establish some type of credit and make the payments on time. This will improve your credit score and show a history of timely payments that the FHA needs to approve you for a loan.
If you have a history of late payments, the FHA may overlook them. To qualify for a FHA loan you must have an overall on-time payment history. The FHA understands that sometimes financial difficulties occur and may overlook a period of late payments on your credit history as long as your overall payment history is consistent.
In most cases you cannot get a FHA loan if you have had a foreclosure within the last three years. The FHA will look at the circumstances surrounding the foreclosure and then decide if you are eligible for a loan.
If you have any delinquent federal debt such as student loans or tax liens, you are not eligible for a FHA loan.
If you have judgments against you, you still may be eligible for a FHA loan if the judgments are paid before closing.
If you have items that are in collections, you still may still be eligible for a FHA loan if your credit history meets FHA requirements.
If you have filed for a Chapter 7 bankruptcy, you still may qualify for a FHA loan if the bankruptcy has been discharged for a minimum of two years, you have stable employment, and you have re-established good credit. If you are married, these conditions also apply to your spouse.
If you have filed for a Chapter 13 bankruptcy, you must have made your payments on time and adhered to a payment plan for at least one full year to qualify for a FHA loan. You must re-establish your credit and be in good standing. You must also have a stable job and be able to make the payments on the amount of the loan for which you apply. You will also need written approval from the bankruptcy court trustee, and you must submit a written explanation of why the bankruptcy occurred with your loan application.
***NOTICE*** Any lender may choose to add its own guidelines and or requirements to the borrower. FHA can only give a minimum set of rules the lender may at its discretion add to them at any time they see fit without warning.

Down Payment Assistance Back to the top

We at Educate Homeowner are affiliated and approved by Miami-Dade county and other Federal and Government programs to assist you, the home buyer, in getting into a home as soon as possible with as little money down as possible.

We are dedicated to you as well as to our preferred FHA Lender Loan Network LLC. We will make sure you are approved first and are in a price range you can afford as well as meet any and all present criteria for First Time Home Buyer assistance before we feel you will be ready to shop for a home.

There is no charge to get down payment assistance.

We make it easy, safe, and we guarantee you will love the results!

Steps to a home purchase or refinance. Back to the top

Here are the logical and ethical steps to getting a home OR doing a refinance:

Meet with a Certified Mortgage Planning Specialist or
A Certified Liability Advisor first
Get a life spending Plan
Go over your short and long term goals for homeownership
Fill out an application with an FHA approved lender
Receive a Truth In lending and Good Faith Estimate ONCE the application has been signed and interest in a loan established.(This does not constitute an approval or obligation on either side i.e., the Lender or yours)
Make a commitment if you so choose to with the lender
If a purchase and down payment monies are needed then we will gladly review your qualifications for County, City, and State and Federal monies.
***Notice*** we can only look at what the criteria is to receive monies for down payment assistance. Our specialists can tell you if you qualify but cannot give an approval. The agencies have the right to change guidelines as they see fit or are requested to do by government agencies, they also may from time to time exhaust their funds for that calendar month and request that all applications be held or reviewed on the following month. Neither Educate Homeowner nor any of our lenders can give a "guarantee" you will get the monies requested.
Once you have the monies for down payment and approvals we can (as a courtesy) connect you with a trusted Realtor to assist you in finding a home that is right for you.
Once you find a home, a contract is accepted, it passes inspections, appraisal review is done and you have insurance you then will proceed to close.
*** Notice*** If any changes occur that would affect your payment or closing costs, generally, depending on the change the lender has to re-disclose this to you in written format and give you additional time to rethink your loan.
Once you close THEN our real job starts. We assist you in the following:

Debt elimination
Wealth creation
Paying off your home in ½ to 1/3 the time WITHOUT changing your current lifestyle
College planning
Retirement saving
Long and short term insurances...and much more.

*** Notice*** If this were a REFINANCE numbers 8-11 do not apply.

Please see what your neighbors have said about us Click here.

Please beware we are a totally separate entity from any lender and/or any agencies. We are approved by them but work on our own.

When another Mortgage company lied to me while I was 8 months pregnant I did not know where to turn. I was told I would pay almost 8k more in closing costs then first quoted. Then when I was trying to pull out of the purchase due to lack of monies...

L. Duarte , Miami

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