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Today, we're here to help you understand the new FHA guidelines on rental income and Accessory Dwelling Units (ADUs) in Pennsylvania. The Federal Housing Administration (FHA) has recently made some significant changes with the recently released Mortgagee Letter 2023-17 that…
Choosing the right mortgage broker is a critical step in your home-buying process. It's not just about finding someone who can secure you a loan—it's about building a relationship with a company that understands your needs and works in your…
Are you considering purchasing a home in PA that needs a little, or perhaps a lot, of TLC? If so, you may be exploring your financing options and have come across something called a 203k loan. At Innovative Mortgage Brokers,…
Introduction Explanation of what an FHA mortgage is A Federal Housing Administration (FHA) mortgage is a government-backed loan program designed to help homebuyers secure affordable financing for their homes. It was established in 1934 as part of the National Housing…
When it comes to buying a home, there are two main types of mortgages to consider: FHA mortgages and conventional mortgages. Here are some key differences between these two mortgage types to help you decide which one is right for…
You might consider FHA loans if you don’t have perfect credit or need flexible underwriting requirements. This loan program offers more flexible guidelines, including allowing credit scores as low as 580. Lenders can offer more flexible guidelines with FHA loans…
Approximately two weeks ago FHA announced they will be lowering mortgage insurance premiums for all FHA borrowers. This is welcome news for many because the MIP discount is as much as 30 basis points lower. The FHA dropped MIP from…
Buying a house with no down payment is possible. It sounds crazy, but there are loan programs that don’t require money down; however, you must still cover the closing costs, in some cases. So you’ll need some money to close…
FHA loans have a reputation for being only for first-time homebuyers, but they could be a solution for almost any homebuyer. If you don’t have ‘great’ credit or your debt-to-income ratio is higher than conventional loans allow, an FHA loan…
Getting ready to purchase a home? You’ve probably heard about the FHA loan, especially if you are a first-time homebuyer. What is this home loan option and is it right for you? Using an FHA loan in Philadelphia can be…
