FHA Loans for Homebuyers
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FHA Refinancing
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Need to Know
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FHA Programs for Homebuyers
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Qualify for an FHA Loan
Compare Refinance Mortgage Rates
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FHA is a very popular route for the first time homebuyer to take. But it's not reserved only for first time home
buyers. You can buy your third or fourth home with an FHA loan. The only stipulation is that you may only have one
FHA loan at a time.
Today, the FHA plays a critical role in financing for minority borrowers, first-time homebuyers, borrowers who have
troubled credit history, and borrowers who have little money to put down on a home.
FHA Mortgage Loans allow for a low 3% down payment, have great interest rates due to being insured by the
Federal Housing Administration, allows for less than perfect credit and makes it much easier to
qualify due to FHA insuring the home loan.
The Expanding American Homeownership Act
FHA and HUD Want to Modernize Loans
This Act is an attempt to modernize the Federal Housing Administration or FHA which will make
an FHA home loan a more important mortgage option in today's marketplace. The proposed legislation will bring
FHA Mortgage Loans into the forefront of ownership options. This Act would:
- Allow flexible down payments as low as zero on FHA loans for first-time homebuyers, low and moderate income families.
- Raise the cap on FHA loan terms from 30 years to 40 years.
- Increase the FHA loan limits to $271,050 nationwide and to $417,000 in FHA designated high cost areas.
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to Buying a Home with an FHA Loan
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> FHA Step 1
How much can you afford?
> FHA Step 2
FHA says, "Know your rights."
> FHA Step 3
Shop for an FHA loan.
> FHA Step 4
Shop for a place to call home.
> FHA Step 5
Make an offer for the home.
> FHA Step 6
Get a home inspection.
> FHA Step 7
Your homeowners insurance.
> FHA Step 8
Sign on the dotted line and move in.
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FHA Mortgage Rates
May 24, 2013
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15 Yr. Fixed
No Points
Low Interest
Best APR
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30 Yr. Fixed
No Points
Low Interest
Best APR
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