FHA (Federal Housing Administration) Get Qualified Today

Best FHA Rates Available!The Federal Housing Administration (FHA)  was created in 1934 to insure mortgageloans on residential property and, by thus protecting lenders against loss, encourages the use of long-term mortgages with high loan-to-value ratios. The Department of Housing and Urban Development (HUD) oversees home ownership, low income housing assistance, fair housing laws, homelessness, aid for distressed neighborhoods, and housing development programs. HUD administers RESPA and FHA.

Remember FHA does not make home loans, however insures against any losses a mortgage lender will incur in case of default.  In addition, FHA promotes low to moderate income earners to purchase or refinance the home with extremely favorable terms without any pre-payment penalties or exotic loan products.

Some other highlights of FHA programs are:

  • Minimal down payment (3.5% of purchase price) requirements needed when purchasing.
  • No reserves are required for qualifying purposes.
  • Seller can credit up to 3% of sales price towards buyers closing costs.
  • No minimum FICO credit score or credit score requirements (alternative trade lines are used to qualify)
  • Bankruptcies must be seasoned for a minimum of two years
  • Prior foreclosures must be seasoned for a minimum of three years
  • Less than two years work employment is allowed.
  • Self-Employed borrowers are allowed
  • Property must be owner occupied
  • Property types allowed are one to four units residential
  • Loan amounts ranging from $410K for a single family home to $788K for a 4 unit property (depending upon the county)