FHA Loans

FHA loans are a government-backed loan designed for people who have mediocre credit scores, a small amount of cash for a down payment, or are overextended on credit - but otherwise can afford to make a mortgage payment. The loans are backed by the Federal Housing Administration, under the Department of Housing and Urban Development (HUD). Preset spending limits are the hallmark of an FHA mortgage. The loan amounts are set by the median prices of a home in different cities within a particular area. The difference in loan amounts between rural and densely populated areas can vary by several hundred thousand dollars. The best part about an FHA loan is that you are only required to put down 3.5 percent of the sales price in cash. All FHA loans carry mortgage insurance (also known as MI), even if you put down more than 20 percent on the property. (If you're putting down that much in cash, you may wish to explore other types of loan programs other than an FHA mortgage.) FHA loans are assuma

Featured FHA Loans Article

Zero Down Payment Loans Difficult To Find

What can you do if you want to buy property but you don't have the money for a down payment? You either need to save or get down payment money from a friend or family member. You must have at least 3 percent of the purchase price to put down on an FHA loan.

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