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FHA Loans
The Federal Housing Administration, generally known as "FHA" offers homeowners the abilityto purchase a home very easily. FHA Loans may only be issued by FHA Lenders. FHA Lendersare more comfortable giving FHA Loans due to the fact that the mortgage is federally insured byFHA.In order to apply for an FHA loan you may want to check our FHA Requirementspage to knowwhether or not you're able to qualify for an FHA loan.You may also visitWhat is FHA?in order to get a more in-depth understanding of what FHA isand how it may affect your home buying process.
Benefits of FHA Loans
- Nocredit history required. - FHA Loans are probably the easiest kinds of loan to obtain, simply because they are structuredto allow first time home buyers to get into a home. You may also qualify for an FHA loan, evenif you're not a first time home buyer.-FHA Requirementsrequire a very small or no down payment.- FHA does not supply the loan, it simply insures the loan.- Extremely low mortgage insurance.- Low closing costs.- Getting anFHA Refinance is extremely simple especially if you decide to get anFHA Streamline.
Types of FHA Loans
1.Fixed Rate Loan- An FHA Fixed Rate Loan is the most common of FHA Loans due to thesimplicity. An FHA Fixed Rate mortgages are also known as a 203(b). A Fixed Rate Mortgage basically explains itself as the rate of the mortgage is fixed and never changes. For example if you get an FHA Rate of 6% for your mortgage, it will stay 6% until you decide to get anFHARefinance.2.Adjustable Rate Mortgageor (ARM
 
) - An FHA ARM is a mortgage which has an interest ratethat is flexible and the flexibility is defined by the lenders initial contract. FHA Adjustable RateMortgages are also known as a section 251 loan. If you have an FHA ARM and your currentinterest rate is 6.25%, your rate could could go up or down if your FHA Lender if your incomeincreases or decreases.3.Reverse Mortgage - An FHA Reverse Mortgage also known as a Home Equity Conversion Mortgage or (HECM) is a loan program offered to U.S. citizens ages 62 and older. This is a great program for senior citizens who have equity in their home and are looking to get additional cashfor retirement. The FHA Reverse Mortgage program is a program that simply gives or lendsmoney to senior citizens based on the collateral of the homes equity.
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