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FHA loans are not only for first-time homebuyers. As long as you do not have more than one FHA insured loan at a time, you can apply for an FHA loan.FHA loans are a good choice if you are looking to purchase a new home, because they only require a 3% down payment. The down payment can be in the form of a gift or a grant, and there are down payment assistance programs that would love for you to use their money. Ask you mortgage professional if they work with any down payment assistance programs that can help you.
People who have reasonable credit with no regard to credit scores, or income limits, will qualify for a FHA loan.
FHA now allows up to 95% cash out on a refinance, which makes it a good choice for debt consolidation.
Downpayment Assistance Programs (DAPs) can be used in conjunction with FHA mortgages to allow the homebuyer to put no money down
FHA maximum loan amounts vary by county. The FHA single family loan limits range from $200,160 to $362,790. Check with your mortgage professional to see what the loan limits are for your area.
If you are a borrower being quoted a sub prime loan ask you mortgage broker about FHA. Many borrowers who can only qualify for a sub prime loans may still qualify for FHA. Not all mortgage brokers are able to offer FHA mortgage programs.
FHA loans are great for manufactured homes. With loan amounts of up to 97% and the cost savings of a manufactures home compared to a convention built home, you may qualify for a home loan with payments about the same as your current rent. This is a great program for first time home owners.
While you will have to pay mortgage insurance on a FHA loan, you will typically have a much lower interest rate than if you took out loan for 100% financing using conventional financing. Plus if you sell your home within the first five years of the loan you will receive a partial refund of the up front mortgage insurance you paid at the start of the mortgage.
Fha Loans in the News:
| FHA challenged on projected risk to taxpayers (Washington Post) |
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The Federal Housing Administration will need taxpayer money because it failed to properly project how borrowers with FHA-backed loans are affected by job losses and diminished equity in their homes, New York University professor Andrew Caplin told a House panel Thursday.
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| FHA waives rule against house flipping (Bankrate.com) |
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Homebuyers who need a loan insured by the Federal Housing Administration, or FHA, may be able to buy a recent foreclosure house now that the FHA has waived its so-called "anti-flipping" rule.
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| Subprime Lending Crisis: Auto Loans Thrive, Housing Down (Time Magazine) |
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In the wake of the credit crisis, banks have scaled back lending to subprime borrowers. But other lenders have stepped in, making high-interest-rate loans to borrowers with low credit scores
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| NAR Urges Congress, Administration to Approach Changing FHA Slowly (Marketwire via Yahoo! Finance) |
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WASHINGTON, DC--(Marketwire - 03/11/10) - The National Association of Realtors urged Congress and the administration to move cautiously before making changes to the Federal Housing Administration program that has served the needs of millions of American families for more than 75 years without needing a federal appropriation. FHA remains financially strong because it has taken steps to ensure ...
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| Gov't official warns on home down payment hikes (San Francisco Chronicle) |
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The head of the Federal Housing Administration is warning that boosting the minimum down payment borrowers must provide to qualify for home loans backed by the agency could threaten the housing market. FHA commissioner David Stevens said at a House hearing... Federal Housing Administration - Loan - Down payment - Real estate economics - Mortgage
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