WHAT IS FHA LOAN?

What is FHA Loan and has any one used it before? Is it simpler to get FHA than the unchanging loan from a bank?

{ 3 comments }

angela February 22, 2014 at 6:07 am

FHA loans generally require a lower down payment. You do need to have good credit and the house has to be in good shape. A lot of people get FHA loans. Here’s a link to a wikipedia article about FHA loans. http://en.wikipedia.org/wiki/FHA_loan

markmyword February 22, 2014 at 6:28 am

FHA loans are loans guaranteed by HUD. It is easier to get an FHA loan than a conventional loan. FHA also requires that you put only 3% down on the loan and allows up to 6% sellers concessions, i.e. the seller can contribute to your closing costs.

The wikipedia link above is a good place to learn more about FHA loans.

If I can be of any assistance, please email me.

Quicken Loans February 22, 2014 at 6:34 am

FHA loans are loans that are insured by the Federal Housing Administration but the loan itself can be written by any licensed lender.

You can use an FHA loan for either a purchase or refinance. The big attraction with FHA loans is that they require very little down when purchasing and little equity when refinancing. They also tend to be a bit more flexible when it comes to credit scores as opposed to conventional loans.

Hope this helps – including a couple good articles for you.

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