An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations.
FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Some of the other benefits of FHA financing:
Only a 3.5% down payment is required.
Closing costs can be paid by the seller.
Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
More flexible underwriting criteria than conventional loans
FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).
Loans are assumable to qualified buyers.
203k FHA loans allow you to buy a home and finance the repairs that are needed.
$100 down payment when purchasing HUD Foreclosures
FHA Mortgages are changing, for more Information Checkout:
If you are buying a home in Harris County, Brazoria County, Fort Be
nd County, Montgomery County or any part of Texas call me today to find out why a FHA loan maybe best for you.
AmericaHomeKey, Inc
If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, The Woodlands, Kingwood, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!
