FHA Loans

An FHA loan is insured by the Federal Housing Administration, a federal agency within the US. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MlP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy families who do not meet requirements for conventional loans.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

    Some of the other benefits of FHA financing:
  • A low down payment of 3.5% is required to be paid by the borrower. 
  • 203k loans can be made to include repairs and renovations cost
  • Lower monthly mortgage insurance premiums and Higher Debt to Income ratios allowed than most other types of loans.
  • More flexible underwriting criteria than conventional loans.
  • FHA LOANS are available for qualified DOUBLE-WIDES that are OWNER OCCUPIED.
  • Loans are assumable to qualified buyers.

For current FHA Requirements please click here


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