What kind of benefits can a first time home buyer receive?
4 Time Champ asked:
Especially the way the economy is. I know the prices are down, but is there special programs available to 1st time home buyers?
I live in Texas if that matters.
Especially the way the economy is. I know the prices are down, but is there special programs available to 1st time home buyers?
I live in Texas if that matters.
Thanks
Beth
Why Did The Democrats Today Oppose Extension On 8k First Time Home Buyer Tax Credit?
Marxist Radicals R Destroyers asked:
The republicans pushed for it, but majority democrats – did not.
They wanted to extend unemployment benifits another 6 weeks- but not the home buyer tax credit? Why do you think that is? Don’t they want the banks to be saved?
Thelma
The republicans pushed for it, but majority democrats – did not.
They wanted to extend unemployment benifits another 6 weeks- but not the home buyer tax credit? Why do you think that is? Don’t they want the banks to be saved?
Thelma
First time home buyer tax credit and Owner Financing?
~~LaLaLa~~~ asked:
We are buying a home for the first time but we are owner financing it. This home is his grandmother’s home and we are actively in the process of setting up the owner financing with her and the bank. Since we aren’t borrowing money from the bank but paying to his grandmother and the house will still be in our name and we will be paying taxes on it, are we still eligble for the first time home buyer credit signed yesterday as long as the process is completed by the end of the year?
Sarah
We are buying a home for the first time but we are owner financing it. This home is his grandmother’s home and we are actively in the process of setting up the owner financing with her and the bank. Since we aren’t borrowing money from the bank but paying to his grandmother and the house will still be in our name and we will be paying taxes on it, are we still eligble for the first time home buyer credit signed yesterday as long as the process is completed by the end of the year?
Sarah
Obama’s First Time Home Buyer Stimulus
Suzan Smith asked:
Obama’s first time home buyer stimulus is for those people who had postponed buying a house due to the sudden outbreak of recession in late months of 2008. The US President Barack Obama and his team of administrators have planned and signed 2009 economic stimulus package and there are many sections and programs under this mega stimulus package. The first time homeowners are in fact the tenderest section of borrowers and they have lot of fear in their mind before and after possessing the loan.
However first time homeowners need to be very careful while seeking loan and believe the reliable sources only. The financial crisis has left everyone with postponed dreams, shopping and spending even on useful accessories. There are people who have postponed the renovation or modification in their house, or if they had previously planned to buy a house, they have postponed that too. But the government wants to help the first time homebuyers to come forward and buy their dream house. And for this they are offered very fewer rates of interest and the tenure for repayment is also increased.
Obama’s first time home buyer stimulus has much more to offer than just lower rate of interest to the first time homebuyers. This policy aims to give tax credits to the first time homebuyers who purchased their house between January 1, 2009 and December 31, 2009. The tax credit has $8,000 at its upper limit and is 10% of the present value of your house. This will help the homeowner save a lot as tax benefits and they will have considerable amount of money left to spend on other liabilities, responsibilities or mere luxuries.
The people when relieved of the financial tension and with some money left in their pocket every month, will go out and spend them in the sectors of their needs and interests, boosting up the country’s economy in return. So the main intension of the Obama government was to allow people have surplus money in their hands, which will directly affect the customer-spending percentage. This will help money stimulate in different areas of the market and society, which ultimately will increase employment opportunities in various sections and departments too.
The first time home buyers stimulus has fixed the income limitations of the buyer which is a very good sign so the less privileged class will get the benefit of the stimulus plan.
Colleen
Obama’s first time home buyer stimulus is for those people who had postponed buying a house due to the sudden outbreak of recession in late months of 2008. The US President Barack Obama and his team of administrators have planned and signed 2009 economic stimulus package and there are many sections and programs under this mega stimulus package. The first time homeowners are in fact the tenderest section of borrowers and they have lot of fear in their mind before and after possessing the loan.
However first time homeowners need to be very careful while seeking loan and believe the reliable sources only. The financial crisis has left everyone with postponed dreams, shopping and spending even on useful accessories. There are people who have postponed the renovation or modification in their house, or if they had previously planned to buy a house, they have postponed that too. But the government wants to help the first time homebuyers to come forward and buy their dream house. And for this they are offered very fewer rates of interest and the tenure for repayment is also increased.
Obama’s first time home buyer stimulus has much more to offer than just lower rate of interest to the first time homebuyers. This policy aims to give tax credits to the first time homebuyers who purchased their house between January 1, 2009 and December 31, 2009. The tax credit has $8,000 at its upper limit and is 10% of the present value of your house. This will help the homeowner save a lot as tax benefits and they will have considerable amount of money left to spend on other liabilities, responsibilities or mere luxuries.
The people when relieved of the financial tension and with some money left in their pocket every month, will go out and spend them in the sectors of their needs and interests, boosting up the country’s economy in return. So the main intension of the Obama government was to allow people have surplus money in their hands, which will directly affect the customer-spending percentage. This will help money stimulate in different areas of the market and society, which ultimately will increase employment opportunities in various sections and departments too.
The first time home buyers stimulus has fixed the income limitations of the buyer which is a very good sign so the less privileged class will get the benefit of the stimulus plan.
Colleen
Obama’s First Time Home Buyer Stimulus – Lucky Break For First Time Buyers
Suzan Smith asked:
The economy is terrible; the housing market as well. Foreclosures are at an all-time high and the market value of most homes has dropped to the point many homeowners do not even have equity any more. It is a very difficult time to sell a house.
But, it is a GREAT time to buy a house, and if you qualify, Obama’s First time Home Buyer Stimulus may help put you in that position! You may be able to take advantage of this stimulus program to purchase your first home and get a great deal of home for your money.
This program provides a 10% tax break for buyers who have never owned a home before or who have not owned a home for three years. The maximum amount is $8000. This stimulus money is in the form of a tax break, but you don’t have to owe that much in taxes to take advantage of it. It is a refundable tax break.
This money is not a loan; you do not have to pay it back if you stay in the house for at least three years. That is called recapture.
The income requirements for this assistance is in the form of a cap; a single purchaser cannot make more than $75,000. A couple who are purchasing together cannot have an income that exceeds $150,000. This home has to be your primary home.
To receive assistance from Obama’s First Time Home Buyer Stimulus, the home has to be purchased between January 1, 2009 and December 1, 2009. You should find out if you are able to take advantage of this great opportunity to not only get a sizeable chunk of financial assistance, but to be able to buy a home at a time when home prices are at their lowest in many,many years.
Gladys
The economy is terrible; the housing market as well. Foreclosures are at an all-time high and the market value of most homes has dropped to the point many homeowners do not even have equity any more. It is a very difficult time to sell a house.
But, it is a GREAT time to buy a house, and if you qualify, Obama’s First time Home Buyer Stimulus may help put you in that position! You may be able to take advantage of this stimulus program to purchase your first home and get a great deal of home for your money.
This program provides a 10% tax break for buyers who have never owned a home before or who have not owned a home for three years. The maximum amount is $8000. This stimulus money is in the form of a tax break, but you don’t have to owe that much in taxes to take advantage of it. It is a refundable tax break.
This money is not a loan; you do not have to pay it back if you stay in the house for at least three years. That is called recapture.
The income requirements for this assistance is in the form of a cap; a single purchaser cannot make more than $75,000. A couple who are purchasing together cannot have an income that exceeds $150,000. This home has to be your primary home.
To receive assistance from Obama’s First Time Home Buyer Stimulus, the home has to be purchased between January 1, 2009 and December 1, 2009. You should find out if you are able to take advantage of this great opportunity to not only get a sizeable chunk of financial assistance, but to be able to buy a home at a time when home prices are at their lowest in many,many years.
Gladys
can i buy a home with the credit score of 554 with the first time home buyer grant before Dec. 1, 2009?
Goldengirl37 asked:
im attending the first time home buyer classes and i have already attended the first class, now i have to go back for a one on one counsel at the end of the month. but i affaid that i wouldnt have enough time to buy a home before the deadline december 1, 2009 and i have to get my credit score up from 554 which is really bad.
Jonathan
im attending the first time home buyer classes and i have already attended the first class, now i have to go back for a one on one counsel at the end of the month. but i affaid that i wouldnt have enough time to buy a home before the deadline december 1, 2009 and i have to get my credit score up from 554 which is really bad.
Jonathan
First Time Home buyer. Can someone tell me how much down I would need for a $175,000 in CA?
tonyscourtside22 asked:
Hi. I’m a first time home buyer in Monterey County of Ca. I’m trying to figure out how much I would need to put down on $175,000 home in my area. I would greatly appreciate any insight or tips on buying my first home as well. Thanks a bunch.
Darryl
Hi. I’m a first time home buyer in Monterey County of Ca. I’m trying to figure out how much I would need to put down on $175,000 home in my area. I would greatly appreciate any insight or tips on buying my first home as well. Thanks a bunch.
Darryl
3 Ways your First Time Home Buyer can come up with the Down Payment
Heather Dunlop asked:
I love the house, but I don’t have a down payment”
How many times have you thought that? Many buyers are looking at houses and they think they don’t have a down payment. Don’t walk away from the house. There are ways you can come up with the down payment.
Here are 3 ways you can come up with the down payment.
1. Use money from an IRA (it doesn’t have to be their own IRA)
The IRS allows a first time homebuyer to withdraw up to $10,000 from an IRA penalty free and tax free.
If your are married, each spouse can each withdraw $10,000 penalty free, giving you $20,000 to put down on the home.
What if you don’t have an IRA? You can ask someone in your family if they have an IRA. Family members are allowed to give you money from their IRA to use toward the down payment of a home for a first time home buyer. The IRS will allow the first time home buyer, their spouse, a child, a grandchild, a parent or other ancestor, to withdraw $10,000 from their IRA penalty free and apply it to the purchase of the home.
For the withdrawal, the IRS defines a first time home buyer as “you are a first-time homebuyer if you had no present interest in a main home during the 2-year period ending on the date of acquisition of the home which the distribution is being used to buy, build, or rebuild. If you are married, your spouse must also meet this no-ownership requirement.” (http://www.irs.gov/publications/p590/ch01.html#en_US_publink10006447)
Before you withdraw funds from an IRA, make sure you check with your accountant.
2. Use the First Time Home Buyer Tax credit
Some states allow the tax credit to be used as the down payment for the home of a first time home buyer. That’s great if you are in one of these states.
If you are buying a house that is not in a state that allows the first time home buyer tax credit to be used as the down payment, there are some other ways to accomplish the same thing.
That is why it is critical that you speak with an accountant before taking the loan out of your 401K.
You could borrow money from a relative or family member and pay back that loan when you receive the first time home buyer tax credit. The advantage here is that you can repay the loan in full when you receive the tax credit, instead of making monthly payments. You should first check with your accountant to see how much of the tax credit you will qualify for.
3. Borrow from family
Many family members want to see you in their first home. You can ask family if they will lend you the money for the down payment. To entice them to lend you the money, you need to offer them something in return. You should offer to pay them interest and set the amount of time it will take to pay back the loan, and how much you will pay them each month/quarter/year.
This loan can also be secured by the house as a second mortgage. There is no rule that states the 2nd mortgage has to come from a bank. As long as the bank is secured in 1st position at an LTV that is acceptable to them, and they know where the down payment is coming from, they should be OK with making the original loan. The family member that is loaning money to you is in a secure position because their loan is secured by the house.
These three items should help you get you into your first home.
Marlene
I love the house, but I don’t have a down payment”
How many times have you thought that? Many buyers are looking at houses and they think they don’t have a down payment. Don’t walk away from the house. There are ways you can come up with the down payment.
Here are 3 ways you can come up with the down payment.
1. Use money from an IRA (it doesn’t have to be their own IRA)
The IRS allows a first time homebuyer to withdraw up to $10,000 from an IRA penalty free and tax free.
If your are married, each spouse can each withdraw $10,000 penalty free, giving you $20,000 to put down on the home.
What if you don’t have an IRA? You can ask someone in your family if they have an IRA. Family members are allowed to give you money from their IRA to use toward the down payment of a home for a first time home buyer. The IRS will allow the first time home buyer, their spouse, a child, a grandchild, a parent or other ancestor, to withdraw $10,000 from their IRA penalty free and apply it to the purchase of the home.
For the withdrawal, the IRS defines a first time home buyer as “you are a first-time homebuyer if you had no present interest in a main home during the 2-year period ending on the date of acquisition of the home which the distribution is being used to buy, build, or rebuild. If you are married, your spouse must also meet this no-ownership requirement.” (http://www.irs.gov/publications/p590/ch01.html#en_US_publink10006447)
Before you withdraw funds from an IRA, make sure you check with your accountant.
2. Use the First Time Home Buyer Tax credit
Some states allow the tax credit to be used as the down payment for the home of a first time home buyer. That’s great if you are in one of these states.
If you are buying a house that is not in a state that allows the first time home buyer tax credit to be used as the down payment, there are some other ways to accomplish the same thing.
That is why it is critical that you speak with an accountant before taking the loan out of your 401K.
You could borrow money from a relative or family member and pay back that loan when you receive the first time home buyer tax credit. The advantage here is that you can repay the loan in full when you receive the tax credit, instead of making monthly payments. You should first check with your accountant to see how much of the tax credit you will qualify for.
3. Borrow from family
Many family members want to see you in their first home. You can ask family if they will lend you the money for the down payment. To entice them to lend you the money, you need to offer them something in return. You should offer to pay them interest and set the amount of time it will take to pay back the loan, and how much you will pay them each month/quarter/year.
This loan can also be secured by the house as a second mortgage. There is no rule that states the 2nd mortgage has to come from a bank. As long as the bank is secured in 1st position at an LTV that is acceptable to them, and they know where the down payment is coming from, they should be OK with making the original loan. The family member that is loaning money to you is in a secure position because their loan is secured by the house.
These three items should help you get you into your first home.
Marlene
First Time Home Buyer Credit Extended Until April 30th, 2010
Safiur Rahman asked:
If you are looking to buy your first home, this could very well be the best time to do it. If you’ve been keeping up with the news, it is likely that you are familiar with President Obama’s economic stimulus package aimed at boosting ailing housing market. The first time home buyer stimulus is an important part of this stimulus package as it awards home buyers a tax credit of 10% of the purchase price of their home (with a maximum of $8000). This is essentially money in your pocket because you do not have to pay this back unless you sell your home within the first three years. The great news is that the deadline has been extended until April 30th, 2010 from the previous deadline of December 1st, 2009. You actually have until June 30th, 2010 to close but must be in a binding agreement by April 30th, 2010. This gives you a few more months to shop around, get in touch with mortgage brokers, and apply for a loan with terms that work for you.
There are two key requirements that you must meet in order to qualify for the tax credit. The first requirement is that both you and your spouse (if applicable) must meet the definition of a first time home buyer as per the current legislation. You are considered a first time home buyer if you have not purchased a home as your primary residence in the three years prior to your current purchase. Vacation homes and rental properties do not count as primary residences; therefore, if you purchased one of those, you may still qualify for the credit. The specific type of home (e.g. townhouse, condominium, mobile home, houseboat, etc) also does not matter as long as it is your primary residence. Secondly, you must fall within certain income limits. For homes purchased after November 6th, 2009 single tax payers must not earn more than $125,000 per annum and couples filing jointly must not earn more than $225,000. Until recently, these income limits were significantly lower and unfortunately the changes are not retroactive. If you purchased a home between January 1st, 2009 and November 6th 2009, then you must not have made more than $75,000 per annum if filing as a single tax payer and not more than $150,000 if filing jointly with your spouse in order to claim the credit.
Having discussed the two key requirements above, I must also mention that there are other factors that may preclude you from qualifying for the tax credit or require you to repay it. For example, if you buy new home from a close family member such as a parent, grandparent, child, or spouse then you do not qualify. Similarly, an RV or recreational vehicle does not qualify for the tax credit because it is considered “personal property” that is not affixed to a piece of land. The law may also change from time to time so you really have to stay on top of the latest developments. The best advice I can give you is to plan ahead, do all your research and due diligence, and familiarize yourself with the legal caveats in a way that will make this program work for you.
Crystal
If you are looking to buy your first home, this could very well be the best time to do it. If you’ve been keeping up with the news, it is likely that you are familiar with President Obama’s economic stimulus package aimed at boosting ailing housing market. The first time home buyer stimulus is an important part of this stimulus package as it awards home buyers a tax credit of 10% of the purchase price of their home (with a maximum of $8000). This is essentially money in your pocket because you do not have to pay this back unless you sell your home within the first three years. The great news is that the deadline has been extended until April 30th, 2010 from the previous deadline of December 1st, 2009. You actually have until June 30th, 2010 to close but must be in a binding agreement by April 30th, 2010. This gives you a few more months to shop around, get in touch with mortgage brokers, and apply for a loan with terms that work for you.
There are two key requirements that you must meet in order to qualify for the tax credit. The first requirement is that both you and your spouse (if applicable) must meet the definition of a first time home buyer as per the current legislation. You are considered a first time home buyer if you have not purchased a home as your primary residence in the three years prior to your current purchase. Vacation homes and rental properties do not count as primary residences; therefore, if you purchased one of those, you may still qualify for the credit. The specific type of home (e.g. townhouse, condominium, mobile home, houseboat, etc) also does not matter as long as it is your primary residence. Secondly, you must fall within certain income limits. For homes purchased after November 6th, 2009 single tax payers must not earn more than $125,000 per annum and couples filing jointly must not earn more than $225,000. Until recently, these income limits were significantly lower and unfortunately the changes are not retroactive. If you purchased a home between January 1st, 2009 and November 6th 2009, then you must not have made more than $75,000 per annum if filing as a single tax payer and not more than $150,000 if filing jointly with your spouse in order to claim the credit.
Having discussed the two key requirements above, I must also mention that there are other factors that may preclude you from qualifying for the tax credit or require you to repay it. For example, if you buy new home from a close family member such as a parent, grandparent, child, or spouse then you do not qualify. Similarly, an RV or recreational vehicle does not qualify for the tax credit because it is considered “personal property” that is not affixed to a piece of land. The law may also change from time to time so you really have to stay on top of the latest developments. The best advice I can give you is to plan ahead, do all your research and due diligence, and familiarize yourself with the legal caveats in a way that will make this program work for you.
Crystal
Florida First Time Home Buyer FHA Loans, 97% down to 530 FICO
FHA home loan Lender asked:
irst Time Home Buyer Loans
Every Florida home buyers should know the many advantages that come with an FHA mortgage loan. FHA loans were created during the great depression to help increase home ownership. For the Florida mortgage applicant the FHA program can simplify the purchase of a Florida home, making financing easier and less expensive than a conventional or subprime mortgage loan. Some highlights of the Florida FHA loan program include:
Minimal Down Payment and Closing costs.
Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 year after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.
To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or visit http://www.fhamortgageprograms.com/florida/ to find out more about the FHA mortgage program in Florida
FHA mortgage Loans insured by the Federal Housing Authority and are designed to help Florida homebuyers realize the dream of owning a Florida home. And they’re ideal for Florida first-time home buyers! Because the FHA insures these Florida home loan mortgages, Florida FHA mortgage lenders can offer Florida mortgage applicants a better deal and work with Florida applicants to qualify regardless of past credit problems, collections, past bankruptcy filings, or higher than average debt-to-income ratios
Applying for an Florida FHA loan
Applying for a Florida FHA home loan through www.FHAmortgagePrograms.com is easy. As a Florida mortgage lender we have combined the speed and ease of the Internet with a hands on approach help Florida mortgage applicants qualify for FHA financing.. Once you apply online, we enter your information into our FHA mortgage database and quickly approve your Florida home loan request. And, Within hours we will contact you for your Florida FHA home loan approval.
Apply now at http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
The FHA Interview
During the FHA loan consolation and phone interview, your Florida FHA mortgage consultant will go through your application to determine your eligibility. If you don’t pre today for an FHA home loan we will make recommendations, and provide you with a road map to FHA loan approval. So as some point you will be approved for a home loan. The FHA loan interview is also a great chance to get acquainted with your Florida FHA loan officer, who plays an important role guiding your towards approval. . Good communication with your Florida FHA loan officer will increase your chances of get pre-approved for an FHA home loan in Florida.
FHA Loan Processing
We provide in-house processing for Florida FHA loan applicants so we know where you loan is throughout the entire approval process. with one phone call all Florida applicants will know how close they are towards obtaining the home of their dream. Processing an FHA home loan involves gathering documents to verify the information in your application. Documents may include (but are not limited to) W-2 forms, pay stubs, credit reports, and bank statements. After your phone interview, you’ll receive an FHA pre-qualification letter that includes a checklist of FHA documentation needed to submit your home loan request. This checklist will itemize all of the necessary items the Florida FHA mortgage lender will need to finalize and close your FHA loan request.
Closing your FHA mortgage loan
The closing is the “end of the line” in obtaining an FHA mortgage. At the FHA mortgage closing, you will sign all of the required FHA mortgage documents. If it’s a new FHA mortgage loan, you’ll then take possession of your new home. If it’s an FHA refinance, you’ll start to enjoy the benefits of a low FHA mortgage rate, cash out, or both..
FHA frequently asked questions http://www.fhamortgageprograms.com/faq/fha.shtml
Corey
irst Time Home Buyer Loans
Every Florida home buyers should know the many advantages that come with an FHA mortgage loan. FHA loans were created during the great depression to help increase home ownership. For the Florida mortgage applicant the FHA program can simplify the purchase of a Florida home, making financing easier and less expensive than a conventional or subprime mortgage loan. Some highlights of the Florida FHA loan program include:
Minimal Down Payment and Closing costs.
Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 year after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.
To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or visit http://www.fhamortgageprograms.com/florida/ to find out more about the FHA mortgage program in Florida
FHA mortgage Loans insured by the Federal Housing Authority and are designed to help Florida homebuyers realize the dream of owning a Florida home. And they’re ideal for Florida first-time home buyers! Because the FHA insures these Florida home loan mortgages, Florida FHA mortgage lenders can offer Florida mortgage applicants a better deal and work with Florida applicants to qualify regardless of past credit problems, collections, past bankruptcy filings, or higher than average debt-to-income ratios
Applying for an Florida FHA loan
Applying for a Florida FHA home loan through www.FHAmortgagePrograms.com is easy. As a Florida mortgage lender we have combined the speed and ease of the Internet with a hands on approach help Florida mortgage applicants qualify for FHA financing.. Once you apply online, we enter your information into our FHA mortgage database and quickly approve your Florida home loan request. And, Within hours we will contact you for your Florida FHA home loan approval.
Apply now at http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
The FHA Interview
During the FHA loan consolation and phone interview, your Florida FHA mortgage consultant will go through your application to determine your eligibility. If you don’t pre today for an FHA home loan we will make recommendations, and provide you with a road map to FHA loan approval. So as some point you will be approved for a home loan. The FHA loan interview is also a great chance to get acquainted with your Florida FHA loan officer, who plays an important role guiding your towards approval. . Good communication with your Florida FHA loan officer will increase your chances of get pre-approved for an FHA home loan in Florida.
FHA Loan Processing
We provide in-house processing for Florida FHA loan applicants so we know where you loan is throughout the entire approval process. with one phone call all Florida applicants will know how close they are towards obtaining the home of their dream. Processing an FHA home loan involves gathering documents to verify the information in your application. Documents may include (but are not limited to) W-2 forms, pay stubs, credit reports, and bank statements. After your phone interview, you’ll receive an FHA pre-qualification letter that includes a checklist of FHA documentation needed to submit your home loan request. This checklist will itemize all of the necessary items the Florida FHA mortgage lender will need to finalize and close your FHA loan request.
Closing your FHA mortgage loan
The closing is the “end of the line” in obtaining an FHA mortgage. At the FHA mortgage closing, you will sign all of the required FHA mortgage documents. If it’s a new FHA mortgage loan, you’ll then take possession of your new home. If it’s an FHA refinance, you’ll start to enjoy the benefits of a low FHA mortgage rate, cash out, or both..
FHA frequently asked questions http://www.fhamortgageprograms.com/faq/fha.shtml
Corey