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FHA loans have been around since 1934. The Federal Housing Administration or (FHA) is a department of HUD. HUD stands for Housing and Urban Development. HUD insures the loan which means your lender will be able to offer you a better deal. With a 30 year FHA loan you can get a low monthly payment and sometimes even avoid a down payment or lower down payment that you would otherwise. FHA loans tend to also make it easier for lower income families to find an affordable path to owning a home.
If you are a first time home buyer an FHA loan can the best alternative. Did you know that the down payment can be as little as 0% to 3.5% of the purchase price?
If you’re a senior that owns your home did you know that FHA has a reverse mortgage option that allows you to convert equity to cash?
FHA loans allow you make your home green. Take the cost and roll it up into your FHA loan.
If you are looking for a good deal in this economy FHA even has a loan that will allow you to buy a fixer-upper and include the cost of repairs into the loan.
You bet! With FHA you can finance mobile and manufactured homes.
“FHA has used the partial claim option in the past, which allows a lender to advance funds on behalf of a borrower, to reinstate a delinquent loan that was up to 12 months delinquent. Now, this program will allow HUD to bring the borrower's payment down to an affordable level. This will be accomplished by bringing the mortgage current, buying down the loan by up to 30 percent of the unpaid principal balance and deferring these amounts in a partial claim.”
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