FHA Home Loan Financing and Benefits

familyhome250.jpg

FHA Home Loan Financing and Benefits FHA home mortages have many advantages from lower downpayments to stronger protections.

Benefits of an FHA insured Mortgage

How can the FHA help you buy a home? FHA insured mortgages offer many benefits and protections that you can only have with the FHA.

    • Easier to Qualify: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
    • Less than Perfect Credit: You don't have to have a perfect credit score to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.
    • Low Down Payment: FHA loans have a low 3.5% downpayment and that money can come from a family member, employer or charitable organization as a gift. Other loan programs don't allow this.
    • Costs Less: FHA loans have competitive interest rates because the Federal government insures the loans. Always compare an FHA loan with other loan types.
    • Helps You Keep Your Home: The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, FHA has many options to help you keep you in your home and avoid foreclosure.

FHA Financing

FHA does not provide direct financing nor does it set the interest rates on the mortgages it insures. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. In order to initiate the loan application process, please contact an FHA approved lender.

An FHA insured mortgage may be used to purchase or refinance a new or existing 1-4 family home, a condominium unit or a manufactured housing unit (provided the manufactured housing unit is on a permanent foundation).

Get More FHA Mortgage Information for Your Home Loan

HUD's internet site can provide additional information on FHA mortgages by going to: www.hud.gov/buying/index.cfm.

You can also find an FHA approved lender in your area by going to: www.hud.gov/ll/code/llslcrit.html.

You may also wish to contact a HUD approved housing counseling agency in your area for unbiased and free counseling on your particular situation. Find a list of these agencies at: www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm.

There are also many local and State government programs available that use HUD and/or non-HUD funds to provide grants for the downpayment or to help pay closing costs. To find out what programs are available in your area, visit: www.hud.gov/buying/localbuying.cfm.

To see a short webcast video about the homebuying process, visit: www.hud.gov/webcasts/archives/buying.cfm.

For more information, visit: www.fha.gov.

Related Articles

Source: www.fha.gov
Search All Articles
Related Articles
How To Save On Closing Costs
HomecashsmMany are shocked when they learn how much they owe to close on their mortgage. But there are ways to save before you sign on th
What are the FHA Loan Requirements?
FhaThe FHA makes it easy to secure a home loan. The FHA Loan Requirements are described in detail in this article.
Homeowners Insurance
HomeinstTips on how to shop for homeowners insurance and save money-also avice on flood insurance
Asbestos
Asbestosdanger2_thAn information guide on asbestos and asbestos abatement. Also discusses vermiculite and how it relates to asbestos.

More...
Most Popular
Egg Safety
EggsthumbEgg-associated illness caused by Salmonella is a serious public health problem.
Association Consistency Key To Success
ConsistencyiskeythumbPerhaps the most frustrating thing for a customer is inconsistent service.
Drones! Does your HOA need rules addressing Drones?
DroneDrones have been attracting a lot of attention in the last few years, along with some criticism from certain HOAs
Ten Tips to Protect Children from Poisonings
PoisoncontrolthumbThese simple steps can help you save children from environmental hazards around the home

More...

Zip Code Profiler

Neighborhoods, Home Values, Schools, City & State Data, Sex Offender Lists, more.

Instant Home Value!