| FHA Loans |
FHA loans offer low down payments and closing costs, and easier credit qualification standards. The FHA (Federal Housing Administration) doesn’t lend directly. It insures
home mortgage loans, making it possible for mortgage lenders to offer better deals.
The FHA is part of the HUD (U.S. Department of Housing and Urban Development).
If you want to buy or refinance a principal residence, you can get a FHA home loan with a down payment as low as 3.5 percent of the price of the home. Most of the closing costs and fees can be included in the loan. FHA
home loans
are offered on 1-4 unit properties.
You can get a FHA fixer-upper loan that includes the cost of buying a home and fixing it up. If you already own a home you would like to remodel or repair, you can refinance the amount you owe and include the cost of repairs in a single loan.
The FHA also provides financial help for seniors. If you are 62 years or older, you can opt for the FHA Reverse Mortgage, which will allow you to convert some of your equity into cash. To be eligible, you must live in your own home and have a low loan balance, or own it outright.
You can include the costs of improving the energy efficiency of your home in an FHA Energy-Efficient Mortgage.
There are also
FHA home loans for financing for factory-built housing and mobile homes. There is a loan product for those who own the land on which the home is, and another is for mobile homes that are, or will be, located in mobile home parks.
For more information about FHA loan products, you can talk to a FHA lender. You can find FHA loan lenders in your area by visiting the website of the HUD. A housing counselor who is approved by the HUD can give you practical advice.
If you need help with your down payment, you can also find out about state and local government programs.
Use the FHA loan calculator to make your mind up about how much you can afford to borrow. If you shop around, compare offers, and negotiate with lenders, you may be able to save thousands of dollars. Check the past performance of the lenders and read the fine print before you sign up.
We can help you to get free, no-obligations
mortgage quotes from pre-screened FHA loans lenders in your area, from the comfort of your home. We will not disclose your contact details to anyone without your permission and there are no costs or commitments involved at all.
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