You may have heard blips on the news about the federal interest rate. It can…
In your house hunting you may have come across a mention of FHA loans. FHA stands for Federal Housing Authority, and the loans available through this program are designed to help people qualify for loans and purchase homes more easily. If you are wondering about getting an FHA loan for your home purchase, the first thing to do is to learn a little about them and find out if you might qualify. Let a licensed A.S.A.P. Mortgage loan originator help you unravel complicated industry terms and put them into real-everyday terminology to better help you know your buying power.
FHA And HUD
The FHA is part of HUD-the U.S. Department of Housing and Urban Development. It exists to help people who might not otherwise be able to apply successfully for a home loan purchase a home. The FHA insures the loan against default, which means that if the buyer fails to pay the mortgage, the lender will not lose the money because the FHA will cover it.
Just about anyone can apply for an FHA loan. There are no income level requirements, either on the high or low end, and even people with some credit problems can qualify. You will have to meet a certain credit level, however, and you must have a debt to income ratio that is acceptable for the program to prove you can pay the mortgage.
There are specific FHA loan programs for first time buyers, seniors, and people looking to purchase a “fixer-upper” home as well. The many programs can suit just about any buyer. So call one of our Licensed Loan Originators and learn more about the different programs and let us help you find the program that fits your needs.