FHA Loan Information
Since 1934 The Federal Housing Administration has
been helping people become homeowners. The FHA is not
a lender; they simply insure your loan so that
lenders can offer you better rates. For as little as
3% of the purchase price for your down payment is all
that is needed, and most closing fees can be included
in the loan. The insurance of a FHA loan provides
lenders with payment if the home buyer defaults. Good
credit and sufficient income are needed to qualify
for a FHA loan.
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FHA Home Loan
Guarantee Program
- FHA Loans offer a
loan guarantee for mortgage companies. If you
acquire a FHA Loan to purchase a home, the
FHA is not actually lending you the money to
purchase your home. The FHA guarantees the
lender that in case the borrower defaults on
mortgage payments.
- You can pay as
low as a 3% down payment, and finance your
closing costs into the mortgage loan. The FHA
can also guide you toward programs that
require no down payment.
- You can purchase
a home that needs repairs and finance the
repair money into the mortgage. This way you
can do the needed repairs immediately without
having to come up with the money yourself.
- You can purchase
manufactured homes and condominiums with an
FHA Loan.
- You can finance
the cost of energy efficient repairs you want
to make on your new home into the mortgage.
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FHA loans can be used
for many different types of loans. Whether you are
buying your first home, fixing up a home you buy or
remodeling your current home the FHA can help you. A
FHA loan can allow you to include the costs of your
home improvements in your loan. With HUD’s 203
(k) program you can purchase or refinance a home that
needs improvements and include all re-pair and
improvement costs in the loan.
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FHA Loans can even
help you make your house more energy efficient. The
FHA recognizes that with a more energy efficient
home, the homeowner can afford to pay a higher
mortgage and therefore the FHA can include these
types of repairs in the original loan also.
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FHA loans are funded
by financial institutions such as mortgage centers or
banks. The Federal Housing Administration is a branch
of HUD and provides lenders with insurance on your
loan. The FHA is here to help you become a homeowner.
The FHA and HUD both offer low interest loans to
those who qualify in order to purchase homes. The FHA
and HUD also offer mortgage insurance for those who
are part of the VA Home Loan Guarantee Program. See
if you are eligible for this type of loan by
contacting a loan specialist.
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