HOME PROGRAMS FIXED RATE ADJUSTABLE RATE CONTACT INFO FHA LOAN VA LOAN BALLOON LOAN
FHA
The goal of the FHA is to make housing more affordable for more homebuyers. They do this by offering easier loan qualifications in comparison to a conventional loan. Also, the lower down payment and relaxed qualifying guidelines combine to make FHA loans ideal for first-time and low-to-moderate income homebuyers. FHA loans are available with long-term fixed or short-term adjustable rates. Fixed rate loans offer payment stability and predictability. Adjustable-rate mortgage loans provide lower initial monthly payments with reasonable annual and lifetime adjustment "caps." FHA maximum loan amounts may vary by state and county. The agency does not generally provide the funds for the mortgages, but rather insures home mortgage loans made by private industry lenders. The insurance issued by FHA is paid for with premiums collected from the borrowers who use the programs. The mortgage insurance protects lenders against loss resulting from borrower defaults and foreclosures.
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