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What are FHA Mortgage Loans?
January 24th, 2006The Federal Housing Administration helps people with low incomes qualify for mortgage loans. The FHA offers insurance to lenders so they can lend to individuals and families that may not qualify by other means.
As a potential homeowner it will be easier to qualify for the mortgage because the FHA is insuring your mortgage. Because of this insurance most lenders will waive certain requirements to qualify.
You can still qualify even if you have had credit problems or bankruptcy. FHA loans only require a 3 percent down payment. This down payment can come from a variety of sources including relatives, charitable organizations, or even your employer.
FHA insured loans come with competitive interest rates. When you receive a FHA quote from a lender always compare it to the traditional and adjustable interest rates.
One of the most important reasons for getting an FHA loan is the agency can help you avoid foreclosure if you have financial difficulties and are unable to keep up on your payments. Talk to your lender about getting qualified for an FHA mortgage loan.
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