Is an FHA Loan Right for me?

The FHA home loan program is a popular route to take for many first time homeowners because of the ease and affordability of obtaining the loans. However, it is not restricted to first time buyers. Even if you are on your third or fourth home, the FHA can help make the process as inexpensive as possible for you.

History of the FHA Loan Program

In 1934 the US Government created the Federal Housing Administration (FHA) as a means to help American families afford their homes. This was during the Great Depression when foreclosures were at an all time high. Since it was first implemented, the FHA has helped millions of Americans afford new homes and avoid foreclosures with their current mortgages. Today there are currently 4.8 million FHA loans in circulation.

How the FHA Can Help You

The FHA is still helping American families today by making the loan process easy and affordable for all. The program does this by insuring privately issued loans, making you a more secure borrower. As a secure borrower, you get to take advantage of great benefits like low down payments, low interest rates, streamline refinancing and easy approval.

Avoid Foreclosure

If you already have an FHA loan, or any type of conventional loan, the FHA has programs in place to help you avoid foreclosure. Through programs like HOPE for Homeowners and FHASecure, you have the option of refinancing your home if you find yourself in financial trouble. You can even refinance if you have already defaulted on your loan. In this way, the FHA makes sure as many people as possible continue to keep their homes.

Getting Started

If you are interested in obtaining an FHA loan, you will need to find a lender who participates in the FHA loan program. The lender can be a bank, mortgage company or even a savings & loans association. Be sure to shop around a bit before you settle on one lender, as each one will offer different rates and guarantees.

Get Pre-approved Today!

You can start the loan process today by taking a minute to fill out our secure online form. It’s fast, secure and 100% free with no obligations. Pre-approval has never been easier!

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