Before an FHA loan application can be approved, there must be an FHA appraisal performed on the subject property by a FHA-approved appraiser. FHA appraisals work a little different than conventional loan appraisals because they factor in more things that could affect the health of the borrowers, and it’s not up to the applicant to pick the FHA appraiser. Instead, strict rules provide for the appraiser to be randomly chosen by the lender. That doesn’t mean that the lender or applicant can’t learn a little more about the appraiser if they want. You can research the FHA appraiser roster across the U.S. through the links below.
2015 FHA Approved Appraisers
The home is often considered an “investment.” Many of us buy a home in the hope that it will build equity and that it will be a valuable asset down the road. Of course, being able to tap that asset when you need to is one of the most important aspects of homeownership. Read More
FHA Upfront Mortgage Insurance Premium Rates
The Upfront Mortgage Insurance Premium (UFMIP) is a fee that’s charged to the borrowers up front for all FHA purchase loans, cash-out refinances and rate-term refinances that aren’t streamline loans. Purchase and non-streamline refinance loans have Upfront MIP amounts of 1.75% of proposed loan amount and is added to the mortgage balance at closing.
- Purchase Loans, Cash-Out Refinance or Rate-Term Refinance
- FHA Streamline Refinance
- Original FHA loan endorsed before 6-1-2009 – UFMIP Rate of 0.01%
- Original FHA loan endorsed after 6-1-2009 – UFMIP Rate of 1.75%
FHA mortgage loans are a good choice for home buyers who don’t have a lot of cash on hand. The fees involved for FHA loans can be complicated to figure sometimes, however. Our FHA mortgage payment calculator can help you figure it all out. Don’t forget to calculate the following fees first:
- Upfront Mortgage Insurance Premium (MIP) – The FHA UFMIP is 1.75% of the initial loan amount. The MIP isn’t actually paid up front, though. It’s actually added to total loan amount and paid though your payments. FHA MIP Calculator
- Monthly Mortgage Insurance (MI) – FHA loans also require monthly mortgage insurance, which is figured based on and loan-to-value, mortgage length and total loan amount. FHA Mortgage Insurance Calculator
- Property Taxes and Homeowners Insurance – Annual property taxes and hazard insurance are combined with the mortgage payments and paid monthly. Be sure to get accurate estimates of your taxes and insurance so your estimated payment is not wrong.
