The most popular FHA home loan is the fixed-rate loan known as the 203(b). It often works well for first time home buyers. It allows individuals to finance up to 97% of their home loan and helps to keep down payments and closing costs.

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November 30, 2015
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Fixed Rate FHA Loans

The Popular 203(b) Federally Guaranteed Mortgage

Home ownership rates in America continue to increase at a steady rate due in a large part to the implementation of FHA home loans more than seventy years ago. Over the years, FHA has helped Americans gain the financial independence that comes with owning a home. By creating jobs and reasonable mortgage rates for the middle class, financing military housing, and producing housing for the low income and the elderly, FHA has helped Americans become some of the best housed people in the world with over 73 million Americans currently owning their own homes.


By serving as an umbrella under which lenders have the confidence to extend loans to those who may not meet conventional loan requirements, FHA's mortgage insurance allows individuals to qualify who may have been previously denied for a home loan by conventional underwriting guidelines.

FHA loans benefit 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. It also allows individuals to qualify for a FHA loan whose credit has been marred by bankruptcy or foreclosure.


The most popular FHA home loan is the 203(b). This fixed-rate loan often works well for first time home buyers because it allows individuals to finance up to 97 percent of their home loan which helps to keep down payments and closing costs at a minimum. The 203(b) home loan is also the only loan in which 100 percent of the closing costs can be a gift from a relative, non-profit, or government agency.

Insurance on FHA mortgages are often rolled into the total monthly payment at 0.5 percent of the total loan amount which is roughly half of the price of mortgage insurance on a conventional loan. After five years or when the loan balance reaches 78 percent, the additional mortgage insurance is typically met and therefore drops off the total monthly payment.


It is not necessary to meet a minimum income requirement in order to qualify for a FHA loan but debt ratios specific to the state in which the home will be purchased have been put into place to prevent borrowers from getting into a home they cannot afford. This is done through a close analysis of income and monthly expenses.

FHA Loan Articles

Read About Mortgage News, FHA Updates, and Guidelines
Get Ready For An FHA Loan Application

Smart borrowers take plenty of time to plan their new home purchase. It’s important to set budget, examine credit scores and reports, save up money for a down payment, plus the fees and expenses required as part of getting the loan.

FHA Loans, Co-signing, and Contingent Liability

There are many situations where getting an FHA home loan might be complicated by circumstances. A borrower who has co-signed with a family member on another financial obligation such as a rental unit or a student loan are good examples.

Can a Single Financial Mistake Jeopardize My FHA Loan?

Many questions about FHA home loans and FHA refinance loans that require a new credit check include some type of concern over a past credit mistake. Or an unforeseen situation that caused the borrower to miss payments.

FHA Home Loans and Non-Purchasing Spouses

When it’s time to apply for an FHA home loan, spouses often want to buy together--it’s a logical financial step for many couples, old and new. But not every couple comes to the FHA loan process with equal credit, employment history, or income.

Stay Informed About Home Equity Conversion Loans

The Consumer Financial Protection Bureau (CFPB) is a government watchdog agency designed to help consumers get the most out of their credit, avoid scams, and learn how to be more financially literate. It has become aware of some lenders using false or misleading language in advertising about HECM loans.