If you have never heard of the FHA or have no idea what the FHA does in helping you obtain a mortgage loan then you will be interested to learn more about the FHA or Federal Housing Administration.
The Federal Housing Administration often referred to as FHA is a government backed agency that provides insurance for mortgage loans. The FHA has been in place for over 50 years and is the oldest government program designed to help homeowners. What this means is that they are not a direct mortgage lender and do not offer any type of home loans directly to the public. FHA's sole responsibility is to provide mortgage lenders insurance against default of mortgage loans. To obtain an FHA mortgage loan you will need to apply with a lender that is approved by the FHA.
There are many advantages with FHA mortgage loans. For example, FHA insured loans allows for purchasers to qualify with a smaller down payment and often allow for more flexibility with non traditional credit scoring.FHA mortgages are available as both refinance and purchase loans and are offered by most major national lenders. You can utilize a FHA mortgage to purchase a home with as little as a 3% down payment. Recently the government announced a program called the FHA Secure loan program. This is a new initiative to help homeowners who are in adjustable rate mortgages refinance into an FHA mortgage loan. In the past if you were behind on your present loan payment you would not be able to qualify into an FHA mortgage loan. Under the new FHA secure program if you can demonstrate that you fell behind because your interest rate adjusted then you will be eligible to refinance into a fixed rate mortgage under the relaxed guidelines of the FHA Secure.
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