What are FHA loans? What is the FHA? FHA is an abbreviation for the Federal Housing Authority, which is a national government organization. The goal of the FHA is to allow more Americans to realize the dream of home ownership, as owning a home is good for the individual, the family, and the society as a whole.
How does the FHA go about meeting this mission to get more Americans into their own homes? FHA loans. That is the common terminology used by realtors and most people, but the terminology can be a little misleading if you are not yet aware of what an FHA loan is. The FHA does not actually lend money to potential homeowners. What FHA loans really are is a type of mortgage protection called mortgage insurance.
The concept is really a simple one to understand, although some folks are confused about it. This is how a real estate transaction works. You, the buyer, find the home of your dreams. You, the buyer, need to borrow money to get the house. You seek out a lender and apply. The lender, whether it is a mortgage company, a bank, or some other lender, decides whether or not to loan you the money. Once a lender agrees to loan you the money, a lump sum of money...
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