Federal Housing Administration Loan
Specialists
FHA loans can be
used for many different types of loans. Whether you are buying your
first home, fixing up an investment property, or remodeling your current
home, the FHA can help you. Since 1934 The Federal Housing
Administration has been helping people to become homeowners. The FHA is
not a lender; they simply insure your loan so that lenders can offer you
better rates. All that is needed for your down payment is as little as
3% of the purchase price of your home, and most closing fees can be
included in the loan. A loan from FHA insures that lenders will be
provided with a payment, even if the home buyer defaults.
Which Type of Loan is
Right For You?
FHA Home Loan Guarantee
Program
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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 money to you, the
buyer; the FHA simply guarantees the lender in case you, the
borrower, default on your mortgage payments.
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You can pay as little
as a 3% of the purchase price of your home for your down payment,
and finance your closing costs with your mortgage loan. The FHA can
guide you toward programs that require no down payment.
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You can purchase a
home in need of repairs and finance the repair costs with the
mortgage. This way you can make the necessary repairs immediately
without having to come up with the money yourself.
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You can purchase
manufactured homes and condominiums with a FHA loan.
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You can finance the
cost of energy-efficient repairs with the mortgage.
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 repair and improvement costs in the loan.
FHA loans can even help
you to make your home more energy-efficient. The FHA recognizes that
with a more energy-efficient home, the homeowner can afford to pay a
higher mortgage; therefore, the FHA can also include these types of
repairs in the original loan also.
Learn About the FHA
Energy Efficient Program
FHA loans are funded by financial institutions such as mortgage centers
or banks. The Federal Housing Administration is a branch of the
Department of Housing and Urban Development and provides lenders with
insurance on your loan. The FHA is here to help you become a homeowner.
Both the FHA and HUD both offer low-interest loans to qualified
borrowers so that they may purchase homes. The FHA and HUD also offer
mortgage insurance for those who are part of the VA Home Loan Guarantee
Program. Contact a loan specialist to see if you are eligible for this
type of loan.
FHA LOAN SPECIALISTS
US Government Home Loans can connect you with knowledgeable FHA loan professionals who are waiting to answer all of your questions and
help you with the entire FHA home loan application process. You may
contact a specialist using our simple online form or at
1-888-526-4589.
