What is an FHA Loan?

Posted on January 2, 2009
Filed Under FHA Home Loans, Home Loans | 13 Comments

What is an FHA Mortgage Loan?

HUD (Department of Housing and Urban Development) which was formed in 1965 operates the Federal Housing Administration which administers the Govenment Home Loan Mortgage Insurance Program.    This program insures the lender against default by a borrower whose home loan is insured by the FHA.  Hud and FHA do not make the loans – FHA only insures the loans.

FHA issues insurance for several types of loan programs.   FHA 203b is used for 1-4 units residential purchases and only requires 3.5% down payment which can be gifted from relatives, a government agency or non-profit organization.  The seller can contribute up to 6% towards closing costs.   The FHA 203b is also used for cash out refinances, rate & term refinances and streamline refinances.

FHA 203k is used for rehabilitation of 1-4 unit properties.

FHA 234c is used a condiminium loan

FHA 251 is an adjustable rate mortgage

Energy Efficient Morgage Program

Reverse Mortgages for Seniors

FHA Hybrid adjustable rate loans

FHA 2-1 Buydown

Comments

13 Responses to “What is an FHA Loan?”

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  10. Vancouver Washington Real Estate Information on January 5th, 2009 9:55 am

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  11. BrowningVelma35 on May 17th, 2011 4:07 pm

    That is understandable that cash can make people autonomous. But what to do if someone doesn’t have cash? The one way only is to receive the mortgage loans or term loan.

  12. AngelitaArnold32 on July 17th, 2011 5:03 am

    Cars and houses are expensive and not everybody can buy it. But, home loans was invented to help people in such kind of hard situations.

  13. TonyaLindsay26 on November 20th, 2011 6:44 pm

    According to my own investigation, billions of people on our planet receive the loan at good banks. Thence, there is good chances to find a small business loan in every country.

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