It's easy to understand why many people looking for a new home are turning to FHA insured loan programs. FHA Loans are insured by the Federal Housing Administration, Those who typically benefit most by an FHA loan are first-time home buyers and those who have less than perfect credit.
It is easy to understand why many people looking for a new home are turning to the FHA-insured loan programs. FHA stands for Federal Housing Administration, which is part of the Department of Housing and Urban Development (HUD). FHA loans are insured by the Federal Housing Administration and those who typically benefit the most from this program are first-time homebuyers and those who have less than perfect credit. Contact one of our licensed loan officers today to apply!
A HUD Real Estate Owned (REO) property, also known as a HUD home or HUD-owned home, refers to a 1-to-4-unit residential property acquired by HUD due to a foreclosure on a home which had an FHA-insured mortgage. HUD is the property owner and offers it to be sold to be able to recover the loss from the foreclosure claim. Contact one of our licensed loan officers today to apply!
FHA Streamline refinances are defined as the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. There are two different types of streamlines offered by FHA, which are credit-qualifying and non-credit qualifying. Contact one of our licensed loan officers today to apply!
FHA offers the 203(k) program which gives homeowners a single, long-term fixed or adjustable rate loan for both the acquisition and rehabilitation of the property. 203(k) loans are a unique and important product for homebuyers, especially if the property requires repair or modernization. Contact one of our licensed loan officers today to apply!
Check out below to understand some of the most basic benefits of an FHA mortgage.
Low Down Payment – FHA insured mortgages only require a 3.5% down-payment which makes it easier for people to own homes.
Interest Rates – with the backing of the government, these loans typically have low interest rates available.
Check out our list of common questions related to FHA mortgages.
What is the FHA?
What makes an FHA insured mortgage beneficial?
What is the FHA loan limit in my area?
Can I pay an FHA loan off early?
Can I refinance a fixed rate FHA loan?
What is the recommended debt-to-income ratio for FHA loans?
Are FHA loans assumable?
Will I have to pay mortgage insurance with an FHA loan?
Can I get a "fixer-upper" of a home with a FHA mortgage?