FHA Home Loan Information – Buying A Home With Help From The Government
The federal government wants to help you buy a home. They see it as a way to improve the economy, provide a stable tax base, and help grow communities. To encourage homeownership, the federal government backs loans for those who might have trouble qualifying for a conventional loan.
Loans For Low To Moderate Income Buyers
The Federal Housing Administration (FHA), an agency of the Department of Housing and Urban Development (HUD), provides several mortgage loan programs for low to moderate income home buyers. FHA loans offer market rates with a lower down payment requirement.
FHA loans require a minimum down payment of 3%, cash to close the loan, and an acceptable credit score. Closing costs can be part of the loan amount, and credit score requirements vary with programs.
To apply for a FHA loan, you must submit an application with a HUD approved lender. Most traditional lenders already are approved by HUD.
Loans For Veterans
Loans guaranteed by the Department of Veterans Affairs (VA) are available to most veterans and service persons. Usually these...
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