FHA Loan Program
FHA Loans
What is the purpose of this program? FHA loans provide mortgage insurance for a person to purchase a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.
What are the eligibility requirements?
What are the eligibility requirements?
· Borrower must meet standard FHA credit qualifications.
· Borrower is eligible for approximately 96.5% financing. Borrower is able to finance closing costs and the up front mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
· Eligible properties are one-to-four unit structures, including farm housing located on 2 acres or more of land adjacent to an all weather road.
FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development.
FHA loans are an attractive option, especially for first-time homeowners:
· Generally easier to qualify for than conventional loans.
· Lower down payment requirements.
· Cannot exceed statutory loan limits.
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