Your Guide To Understanding FHA Mortgages
FHA Mortgage Loans
What does FHA stand for?
FHA is an acronym for the Federal Housing Administration. They are government backed agency that provides insurance for mortgage loans.
What type of loans can I receive from the FHA?
It is important to understand that the FHA does not directly lend money to homeowners. Their role is to provide insurance a lender against default or foreclosure. To obtain a FHA mortgage you will need to apply with a lender that is approved by the FHA
What are the advantages of an FHA mortgage?
FHA allows for purchasers to qualify with a smaller down payment and often allow for more flexibility with non traditional credit scoring.
Can I refinance with an FHA mortgage?
Yes, assuming you qualify FHA does allow for refinance mortgage loans. They have specific loan size limits based on counties and allow for cash out refinancing up to 95% of the homes value.
What is the FHA Secure loan?
This is a new program that allows homeowners to refinance who may presently be behind on their mortgage and who are in an adjustable rate loan presently.
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