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Find Your LenderResources » Federally Backed FHA Loans
Many people can benefit from the use of federally backed FHA loans but what exactly are FHA loans? The Federal Housing Administration, also known as "FHA", provides mortgage insurance on loans made by FHA approved lenders throughout the United States. FHA insures mortgages on single family and multifamily homes including manufactured homes. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.
An FHA mortgage is a good choice for a borrower that has a lower credit score but good recent payment history and credit. It can also be a good mortgage choice for somebody that has little or no down payment because FHA only requires a 3.5% down payment. If a 3.5% down payment is not possible, FHA will also allow the seller to gift 3% to the buyer. This must be done through one of the many down payment assistance programs (These programs are scheduled to terminate as of 10/1/2008).
Almost anyone can apply for an FHA loan which makes them a great choice for 1st time homebuyers. Some highlights of FHA loans are:
The most popular FHA loan option is the FHA fixed rate loan. It is called the 203(b) and is available for 1-4 family dwellings. The loan can be repaid over 15 or 30 years and is a good option for anyone that wants the stability of fixed payments. For those that want to take advantage of adjustable rate loans, FHA offers several options that might have lower interest rates than the fixed rate options
FHA offers an FHA rehab loan called the 203(k). It allows home buyers to purchase a property and also include the costs of any rehabilitation that might be needed for the home. It also allows homeowners to refinance into a rehab loan and include the costs of the rehab into their new loan.
If you think an FHA loan might be right for you, ask a BeatMyBroker.com mortgage professional for more information. You should always compare conventional loans to government loans like FHA mortgages to see which one has the most benefits and fits your needs.
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