FHA Mortgage Loan Program
In todays housing market FHA oftentimes is the most suitable loan program. Make sure you properly evaluate this mortgage loan program before making any kind of home financing decision.
The Federal Housing Administration (FHA) loan is a great mortgage loan program for first time home buyers, borrowers with low credit scores, and those needing down payment assistance. It is not required that you meet all three criteria to qualify for the loan but it’s good if you at least meet one of them. Otherwise a regular conventional mortgage is a lot suitable.
Since this loan is insured by the federal government, lenders are able to offer competitive interest rates. Contrary to popular belief the loan process is similar to as that for a conforming loan and is not necessarily more difficult to navigate.
Is the FHA Loan Program Right For Me? - I have attempted to provide a basic overview of how the FHA loan qualification is done, and a few distinct features of the FHA loan program. This should help you understand who the FHA loan is for and how what the lender considers when approving a FHA loan. Read more.
FHA's Upfront Mortgage Insurance Premium and Monthly MI- FHA under the 203b, 234(c), & 203k programs charges an upfront MIP equal to 1.5% of the loan amount..... but you have the option to make a cash payment at close as well. Read full article.
Refinance Your Subprime Mortgage in Six Easy Steps- I have prepared a checklist of six things you need to do so you can make a smooth transition from an adjustable subprime mortgage to a FHA loan. Read full article.
FHA
Modernization Act of 2007 passed in the US Senate today and is now
headed to President Bush. It had passed the house on June 25th.
For those unfamiliar with this bill here is a brief summary from the HUD
website
- Create a new, risk-based insurance premium structure for FHA
- Eliminate the current statutory three percent minimum down payment
- Increase and simplify FHA’s loan limits.
Caution
Be aware that not all lenders are qualified to wirte FHA loans, so ask them if they tell you that a FHA option is not suitable for you. It may be just that they don't do the loan.
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Aimee Ghimire
Equal Housing Lender
BKBR-0105292
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