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FHA mortgage loans explained at LoanNetwork.com

 

FHA Mortgage Loans

FHA stands for the Federal Housing Administration. They are a government agency that insures against defaults of mortgage loans. The FHA has been around for a long time and helps to guarantee homeowners loans with mortgage lenders. Their role is to set qualifying standards for lenders to follow, in exchange they insure the loan in the open market, which helps lenders to qualify borrowers who may not have been eligible for a conventional home loan. The FHA itself is not a lender and you can not contact them to apply for a mortgage loan. You will need to contact a lender that is a licensed FHA lender to apply for a mortgage.

President Bush recently announced some proposed changes to the FHA program, including his proposal for the FHA Secure program. This program would help homeowners who have fallen behind on there house payments as a result of originally taking out an adjustable rate mortgage. Traditionally these homeowners would not be able to qualify into an FHA refinance if they were over 30 days late on their mortgage payment. Under the new proposal you may be eligible if you can prove your late payments were a result of your interest rate adjusting from your original variable rate loan. If you would like further details our lender partners can offer you more insight and free interest rate quotes to find the best program for your situation.

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fha mortgage loans @ loannetwork.com

Looking for a great deal on your next mortgage refinance? Let the nations top lenders compete to see if you qualify to refinance into a FHA mortgage loan. Our lender network matches you with up to 4 custom mortgage refinance quotes.

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