All about FHA Loans

Posted on Monday, February 18th, 2008 at 11:54 pm.

Want to know more about FHA loans? Here is a great FHA Guide, as well as some helpful information from this government website:

FHA-Insured Mortgage. In this type of loan, the Federal Government insures the lender against loss in case the home buyer defaults on the loan. This program was set up so that Americans who can't afford the 10 percent to 20 percent down payment required by most lenders can still buy a home. Many HUD Homes can be bought with FHA-insured mortgages, which allow you to purchase the home with a low down payment. You do not have to be a first-time buyer in order to qualify for an FHA loan. HUD BRINGS UP-FRONT COSTS DOWN.The costs of buying a home are more than just the price you agree to pay for it. Before you move in, you'll have to pay various charges, which we explain below. The good news is, with HUD Homes these costs may be lower than they are with other homes. DOWN PAYMENT.Most people know that a down payment is a percentage of the price of the home that must be paid up front, in cash. The typical downpayment is three percent and family members may give a gift to make up the balance of the downpayment.

Here are answers from two lenders we trust:

The internet is the best source:http://www.myfha.net/http://www.myfha.net/FHAguidelines/credit.htmlIt is not that hard to figure, it is just like any high loan-to-valueconventional loan, except there is always mortgage insurance (even if youuse a second trust or have 20% down).It is also good to know that it is a pretty liberal loan, as far asunderwriting, debt ratios, gift money, credit scores, etc.Another thing to remember is that the loan amounts are somewhat limited.You can go to my website and to figure out the maximum loan amount:http://www.getloans.com/loanprograms/fha/ Brian Martucci-Loan OfficerNationwide Home Mortgage, Inc.brian@getloans.com202-588-2400my website: www.getloans.commeet me: www.getloans.com/introcommercialreverse mortgages: www.getreverseloans.com

And also:

I found this website that has a lot of good info on it.http://www.fha.com/important_facts.cfmPatrick A. CollinsVice President703-564-1756 Phone703-564-1786 Fax703-282-5982 Mobilepcollins@firstsavings.comApply online at www.PatrickACollins.net

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