FHA Loans








What is an FHA Loan and how do i get an FHA Loan for my Home Mortgage?

FHA loan is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration. The loan may be issued by federally qualified lenders. Over time, private mortgage insurance (PMI) companies came into play, and now FHA primarily serves people who cannot afford a conventional down payment or otherwise do not qualify for PMI. To provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.

Home loans are available to approved applicants. Fees and charges are payable. Home loans are available from several types of lenders–thrift institutions, commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you?re getting the best price.

What are the eligibility requirements?

    * The borrower must meet standard FHA credit qualifications.
    * The borrower is eligible for approximately 97% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
    * Eligible properties are one-to-four unit structures.

August 31, 2007, FHA added a new refinancing program called FHA-Secure to help borrowers hurt by the 2007 subprime mortgage financial crisis. FHA does not make loans. Rather, it insures loans made by private lenders. The first step in obtaining an FHA loan is to contact several lenders and/or mortgage brokers and ask them if they originate FHA loans. Rates on FHA mortgage loans have dropped into the 5.500% range (APR of 5.583% based on a $340k loan amount). If you meet the qualifications, now is the perfect time for an FHA Home Loan. Rates can be fixed or capped. Most revert to the standard rates at the end of the honeymoon period.

As each lender sets its own rates and terms, comparison shopping is important in this market. The PMI company insures a percentage of the consumer’s loan to reduce the lender’s risk and they guarantee home mortgage loans that are conventional, that is, non-government loans.

Interest in loans guaranteed by the Federal Housing Administration (FHA) is surging as borrowers accept the government agency’s tight restrictions in return for down payments as low as 3%. Interest rates are subject to change. Interest only mortgage products have become increasingly more popular since they were introduced to the public. Each year wholesale lenders are unveiling new programs that offer a wide range of benefits for consumers.


Payday Loans



  • Mortgage Life Insurance
  • Mortgage life insurance repays the entire or most part of the mortgage, when the borrower becomes critically ill from disease or accident, or suffers from death. So, the mortgage life insurance protects the family, co-borrowers, or co-guarantors from repaying the entire mortgage. Depending on the insurance policy, the insurance company pays for the entire mortgage or

  • Cost of Mortgage Insurance
  • Sometimes lenders will require that LMI be paid for a fixed period (for example, 2 or 3 years), even if the principal reaches 80% sooner than that. Legally, there is no obligation to allow the cancellation of MI until the loan has amortized to a 78% LTV ratio (based on the original purchase price). Although many

  • Federal Student Loans
  • Federal student loans are easier to pay and brings less long term hassle and panic if these debts are converted into Federal Student Loan Consolidation. Consolidating your loan means that all the different types of student loans you acquired will be combined in one loan 1- Getting a student loan consolidation will save you a lot

  • Second Mortgage Lenders
  • There are a number of Second Mortgage Lenders, some better than others which we will cover in this article. If you are unsure what a Second Mortgage is, see our other article which covers Second Mortgages in depth. With a second home loan, you get the chance to borrow a fairly large sum of money. Moreover,

  • Foreclosure Assistance and Hard Money Loans
  • Foreclosure rates are on the increase all over the state, inducing panic. The industry has likewise seen a growth in defaults and soaring loan-to-value proportions are making it more challenging than ever before for lenders to acquire refinancing. Nonetheless, no matter how bleak matters look, there is always an alternate to foreclosure in the shape