FHA LOANS
What is an FHA Loan?
An FHA Loan is a mortgage loan insured by the Federal Housing Administration (FHA). The FHA does not provide the loan; rather, it insures the loan for the lender. If the borrower defaults, the lender can seek recourse from the FHA. This lowers the lender's risk and makes them more likely to issue a loan.
FHA Loan Limits |
FHA Loan RatesFor information on FHA Rates please fill out a FREE Loan Quote Form. |
What makes the FHA Program unique is the variety of benefits it offers to borrowers, particularly First Time Home Buyers. When compared to a conventional loan, FHA becomes a much better deal for borrowers.
- Lower Down Payment, as low as 3.5%
- Low monthly mortgage insurance
- Low, government-capped closing costs
- Relaxed credit score requirements
- Quicker qualify post-bankruptcy
FHA Allows for a Blemished Credit History
In today's tight lending environment, an FHA is often the best choice for borrowers with past credit issues. Many borrowers find it much easier to qualify for an FHA Loan. Borrowers can have lower FICO scores, some blemishes on credit and don't need to put as much money down.
Lower FICO Scores OK - FICO scores can be lower for FHA than they can with a conventional loan.
Bankruptcy - The FHA only requires a 2 year waiting period after a bankruptcy. Just 1/2 of the 4 year waiting period for a conventional loan.
Foreclosure History - FHA required a 3 year waiting period after a foreclosure compared to the 4 year waiting period for a conventional loan.
FHA Loan Links
Wikipedia – FHA Loan
HUD
Federal Housing Administration
FHA Loan Guide (23 pages)
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