FHA loans are insured by the government to allow a greater number of Americans to own or refinance a home of their own. A variety of FHA mortgage programs are offered to fit your needs.
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.
FHA NEWS and RELATED ARTICLES
New changes give more flexibility to loan servicers, plus new help for home owners who are stuck in homes that are worth less than what is owed on the property. There’s also more help for unemployed home owners. 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. One way to raise the value of your property and lower your utility bills at the same time is to apply for an FHA Energy Efficient Mortgage or FHA EEM.ADDITIONAL ARTICLES
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FHA LOAN TYPES:
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