The Federal Housing Administration (FHA) has issued two mortgagee letters that update its guidelines related to home warranty and. 10-year protection plan requirements, now allowing borrowers to.
New FHA loans are only available for primary residence occupancy. borrowers must have a property appraisal from a FHA-approved appraiser. Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent.
If you received your FHA loan before June 2013, you are eligible for MIP cancelation after five years. You must have 22% equity in the property, and you must have made all payments on time. For.