5 W’s of FHA Loans

1. What is an FHA Loan?

An FHA Loan is actually a guaranty on a privately issued loan. The FHA does not issue the money itself. Instead, the FHA insures the loan for you, thus making you a very secure and desirable borrower to private lenders. The lenders, in return, are willing to pass on huge benefits to you.

2. Who can qualify for an FHA Loan?

While FHA Loans specifically help first time homeowners and those who might not have the best credit, anyone is allowed to apply for an FHA Loan. The FHA Loan program aims to help as many Americans as possible realize the dream of homeownership.

3. Why should I apply?

When you apply for an FHA Loan you get to take advantage of great benefits that you wouldn’t find with a conventional loan. For starters, you can finance up to 96.5% of the total cost of your new loan. That means you are only responsible for 3.5% for a down payment. You also won’t need to purchase additional costly private mortgage insurance. Other great benefits include easy approval, flexible mortgage plans and streamline refinancing.

4. When Can I apply for a loan?

You are free to apply for an FHA Loan at anytime. If you are considering going this route, you should think about getting pre-approved first so you can make sure you meet the lender’s requirements for the loan.

5. Where can I find more information?

You can find out more information on FHA insured home loans by visiting the website for the US Department of Housing and Urban Development (HUD). There you will be able to find more information on the types of mortgages available and what the loan limits are for your county.

You can also find out more about the FHA Loan program when you contact one of our FHA home specialists. Simply fill out our secure online form and we’ll be happy to assist you. The form only takes a minute, is completely free and has no strings attached. Getting pre-approved for an FHA Loan has never been easier!

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