FHA Loan Types
FHA LOAN: ADJUSTABLE RATE
The FHA adjustable rate mortgage is a HUD mortgage specifically designed for low and moderate-income families who are trying to make the transition into home ownership.
FHA LOAN: FIXED RATE
An FHA loan benefits those who would like to purchase a home but haven't been able to put money away for the purchase, like recent college graduates, newlyweds, or people who are still trying to complete their education.
ENERGY EFFICIENT MORTGAGE
The FHA Energy Efficient Mortgage program (EEM) helps current or potential homeowners significantly lower their monthly utility bills. It allows them to incorporate the cost of energy efficient improvements into their new FHA home loan or FHA refinancing loan.
GRADUATED PAYMENT MORTGAGE
Graduated Payment Mortgages are FHA loans for homebuyers who currently have low to moderate incomes but expect them to increase substantially over the next 5 to 10 years.
FHA LOANS FOR CONDOMINIUM UNITS
FHA Condominium Loans are specifically designed toward those who purchase housing units in a condominium building.
GROWING EQUITY MORTGAGES
FHA Section 245(a) allows those who currently have a limited income, but expect that their monthly earnings will increase, to purchase a home with the help of a Growing Equity Mortgage in which payments start small and increase gradually over time.
There are many reasons to consider your FHA refinance options. The most obvious is if you are at risk of going into default or foreclosure on your current home loan.
There are many reasons for homebuyers to investigate an FHA home purchase. Your loan is guaranteed by the government, making your application more attractive to lenders.
FHA Streamline loans can help homeowners lower monthly mortgage payments and interest rates. But what do you need to qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage to refinance.
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FHA LOAN TYPES:
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