FHA Mortgage Loan
The FHA mortgage loan is a mortgage loan that is insured by the Federal Housing Administration. Because of this insurance, the FHA guidelines are more inclusive and the interest rates are also generally lower than you may receive with a comparable conventional loan. There are several benefits with the FHA loan over other loan programs:
- Lower down payment and equity requirements.
- Low interest rates.
- More flexible standards for credit worthiness.
- Fair mortgage insurance payment rates.
- Fix and hybrid adjustable ARM programs available.
- The FHA loan is geared to provide access to home financing for a larger percentage of borrowers. For many people the FHA loan programs could mean the difference between home ownership, and renting an apartment.
Speak with a mortgage professional today and find out if the FHA program is right for you!