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FHA Loan – (FHA 203B is the most common FHA Loan)

An FHA-insured mortgage provides many benefits and protections that do not exist with Conventional financing.

  • Easier to Qualify: Because FHA insures your mortgage, lenders are able to provide loan terms that make it easier 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 3.5% down payment.  FHA also allows that money to come from a family member, employer or charitable organization as a gift.  No other loan programs don’t allow this.
  • Less Costs: Because FHA loans are insured by the Federal Government, they have competitive interest rates.

FHA Streamline 203(k)
The “Streamline (K)” Limited Repair Program allows a homebuyers to finance an additional $35,000 into their mortgage for upgrades and improvements.  With this product, a homebuyer can easily and quickly tap into cash to pay for property repairs or improvements

FHA 203(k)
The Section 203(k) program is HUD’s primary program for the rehabilitation and repair of owner occupied single family one-to-four unit properties.  As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.

FHA Mortgage Insurance Program

The purpose of this program is to provide mortgage insurance for a person to purchase or refinance a principal residence.  A lending institution such as a Bank, Savings and Loan or a mortgage company actually funds the loan and the mortgage is insured by the Department of Housing and Urban Development (HUD).

To be eligible for an HUD-insured FHA loan, the borrower:

  • Must meet standard FHA credit qualifications.
  • Will be eligible for approximately 96.5% financing.
  • Can finance the upfront mortgage insurance premium (UFMIP) into the mortgage.  (As of April, 2010, the UFMIP is 2.25% of the loan amount).
  • Will be responsible for paying an annual premium which is included in your monthly payment.
  • Can purchase a one-to-four unit residential property or condominium.

To learn more about HUD and FHA:

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