Form HUD-9991 is needed for anyone seeking a HECM loan on a single-unit condominium, while form HUD-9992 is used to process FHA approval for condominium projects.

FHA loan qualifications are fairly similar to any other home loan. Here’s how to qualify, including a step-by-step application process and the documents you’ll need when applying.

Preparing Your Finances Prior to submitting your application for an FHA loan, it is crucial to take the necessary steps to organize your finances.

FHA loans have less stringent eligibility criteria than conventional loans. However, they also have smaller loan amounts and stricter appraisal requirements.

SoFi reports that FHA loans are ideal for first-time buyers with lower credit scores and smaller down payments, though they come with mortgage insurance costs.

Before diving into the application process, it's essential to know the exact down payment you'll need. This knowledge helps you plan your savings and make sound financial decisions. For a $100,000 ...