| FHA Loan Programs |
How Can FHA Help Me Buy A Home?
"FHA insured mortgages offer many benefits and
protections that only come with 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% 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 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). HUD's internet site can provide
additional information on FHA mortgages by
going to: http://www.hud.gov/buying/index.cfm
You can also find an FHA approved lender in your
area by going to:
http://www.hud.gov/ll/code/llplcrit.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. You
can find a list of these agencies at
http://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 http://www.hud.gov/buying/localbuying.cfm
Finally, if you would like to see a short webcast
video about the homebuying process, visit the
following web site:
http://www.hud.gov/webcasts/archives/buying.cfm
"
What is the purpose of this program?
To provide mortgage insurance for a person to
purchase or refinance a principal residence. The
mortgage loan is funded by a lending institution,
such as a mortgage company, bank, savings and
loan association and the mortgage is insured by
HUD.
What are the eligibility requirements?
The borrower must meet standard FHA credit
qualifications.
The borrower is eligible for approximately 97%
financing. The borrower is able to finance the
upfront mortgage insurance premium into the
mortgage. The borrower will also be responsible
for paying an annual premium.
Eligible properties are one-to-four unit structures.
To learn more about the mortgage limits in your
area, go here.
"FHA insured mortgages offer many benefits and
protections that only come with 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% 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 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). HUD's internet site can provide
additional information on FHA mortgages by
going to: http://www.hud.gov/buying/index.cfm
You can also find an FHA approved lender in your
area by going to:
http://www.hud.gov/ll/code/llplcrit.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. You
can find a list of these agencies at
http://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 http://www.hud.gov/buying/localbuying.cfm
Finally, if you would like to see a short webcast
video about the homebuying process, visit the
following web site:
http://www.hud.gov/webcasts/archives/buying.cfm
"
What is the purpose of this program?
To provide mortgage insurance for a person to
purchase or refinance a principal residence. The
mortgage loan is funded by a lending institution,
such as a mortgage company, bank, savings and
loan association and the mortgage is insured by
HUD.
What are the eligibility requirements?
The borrower must meet standard FHA credit
qualifications.
The borrower is eligible for approximately 97%
financing. The borrower is able to finance the
upfront mortgage insurance premium into the
mortgage. The borrower will also be responsible
for paying an annual premium.
Eligible properties are one-to-four unit structures.
To learn more about the mortgage limits in your
area, go here.
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