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The Federal Housing Administration (FHA) is a part of the U.S. Department of Housing and Urban Development and is the largest housing insurer in the world. While FHA does not make mortgage loans, over the past 70 years, the agency has stepped in to provide housing insurance to lenders to keep mortgage financing available to all Americans. Today is no exception. With the rapidly changing mortgage markets, FHA loans have once again become a popular source of mortgage financing for many home buyers.
FHA loans offer down payments as low as 3.5%, flexible qualifying criteria, and a number of loan programs to meet many different borrower needs. Whether you are a first time home buyer with limited down payment funds, a move-up buyer looking for a “fixer-upper”, a buyer with good but imperfect credit, or even a homeowner who is looking to refinance to a lower rate, FHA loans offer an excellent alternative to conventional mortgage loans.
Some attractive features of FHA-insured loans include:
-Down payment as low as 3.5%
-Flexible qualifying criteria
-Sellers can pay closing costs up to 6% of sales price
-Affordable mortgage insurance premiums
-Loan limits are geographically determined
-FHA Jumbo, Renovation, and Refinance Loans are available
-FHA loans are available through a number of FHA-approved mortgage lenders.
Looking for an FHA loan in Texas? AMCAP Mortgage has the best mortgage loan program available.
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What are FHA loans?
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