The FHA mortgage program was designed to make affordable home ownership a bigger and better possibility for Americans. To that end, the FHA loan program has developed a number of different home mortgage solutions, all aimed at increasing the access and affordability of the U.S. home mortgage.
Benefits Of FHA Mortgage Programs
FHA mortgage programs offer a number of benefits to potential and existing home owners. With the FHA mortgage program, buyers are able to
• Purchase a home with a low down payment—as little as 3% of the home's purchase price
• Get cash out for living expenses, college, home improvement, vacation, and more
• Secure lower monthly payments
• Consolidate high-interest debts
• Pay off outstanding bills, liens, and judgments
• Achieve better financial security and financial management
• Improve cash flow
• Talk advantage of no closing cost options
• Secure a mortgage even with past credit problems or discharged bankruptcy
Many times these benefits can be secured with FHA refinancing, replacing an existing home loan with an FHA mortgage with more favorable terms and rates. To learn more you'll first need to research FHA loan information, or better still, talk to an FHA lender who can answer your questions for you.
The Possibilities With FHA Mortgages
Many homeowners mistakenly assume the FHA mortgage program is only for first-time homeowners. The FHA mortgage programs offer a much wider array of possibilities for all types of borrowers from young first-time homebuyers to previous homeowners, and even to retirees in search of reverse mortgages. With the help of an expert FHA lender, you can use HUD's lending program to
• Borrow for a first mortgage
• Buy a house
• Buy an investment property
• Improve your home
• Buy a manufactured home
• Buy a condominium or townhome unit
As you can see, the FHA loan program is not nearly as limiting as you might have been led to believe.
In addition to these advantages offered via direct borrowing with the Administration, the Department of Housing and Urban Development (HUD), which oversees the Federal Housing Administration, also offers many grant programs that can be used in conjunction with FHA loan programs. These grants exist in a great many variations, and not all will be compatible with the type of FHA mortgage program you intend to use or qualify for. This is where true FHA experts prove their worth, though, and as long as you are working with an experienced expert FHA lender; you will be able to work with him or her to maximize the lending opportunities that are open to you from the FHA and HUD.
There are many possibilities and advantages to utilizing various FHA home loan and FHA refinancing programs to fulfill your home lending needs. Talk with a qualified, experienced, proven FHA lender to get more FHA loan information and to find out how you personally can benefit given the specific nature of your finances and home buying goals.
