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FHA Loans: What Are They?

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In 1934, the US government established FHA: Federal Housing Administration in order to improve housing conditions for the American citizens by insuring mortgage loans. FHA promises mortgage lenders that if an FHA-backed loan goes into default, the FHA will cover up for the loss. This gives banks more confidence to loan money. FHA insured loans are a type of federal assistance for lower income Americans to borrow money to purchase a home that they would not be able to otherwise afford. One thing that must be kept in mind is that the FHA does not make loans. It only insures loans made by private lenders. These loans are typically insured on single family and multi-family homes in the US. FHA home loans are available in rural and urban areas. The first step in obtaining an FHA home loan is to contact several lenders or mortgage brokers and confirm if they are FHA-approved by the Department of Housing and Urban Development in the United States. FHA loans provide down payment assistance and community redevelopment programs in order to give affordable housing opportunities to first-time homebuyers and low and moderate- income families.

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The FHA offers a wide variety of loans which you can choose from depending on your specific circumstances and needs. These are a few types of FHA loans available in the market: 1) Fixed Rate FHA Loan: It benefits those who want to purchase a home but have not been able to put aside some money for the purchase, like newlyweds, recent college graduates or people who are still trying to complete their education. 2) Adjustable Rate Mortgage (ARM): It is specifically designed for low and moderate- income families who are trying to make the transition into home ownership. 3) FHA Secure Refinance Loan: Refinancing is basically a process of obtaining a new mortgage to replace the original for better interest rates. 4) FHA Reverse Mortgage: It is designed for homeowners age 62 and older. It allows the borrower to convert their equity into income.

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Each type of FHA loan is unique and must be applied for individually. FHA loans normally have a lower down-payment and cheaper loan rates for borrowers with low credit scores. Florida FHA lenders like Mortgage Experts Florida can offer you lower, more affordable rates. Mortgage Experts Florida is committed to delivering the highest level of quality mortgage assets. By refinancing with a FHA Secure loan, you can secure lower monthly mortgage payments. Got more questions? Contact an FHA Loan Specialist at mortgageexpertsflorida.com for further information.