FHA Learning Center
FHA loan is a home loan the
Federal Housing Administration
'insures'. FHA loans are
noted for having smaller down payments,
lower closing costs and easier lending standards
to help homeowners who don?t qualify for a conventional mortgage.
The FHA Loan allows a down
payment of as little as 3.5%
on a mortgage. This can make it possible for lower income &
and middle income borrowers to purchase buy a home when they
may not qualify for a conventional loan ? which has must stricter
credit requirements, including a higher credit score and strong
credit history, and conventional loans traditionally require
a larger down-payment (usually 20%
of the Purchase Price).
FHA Government Program provides insurance to the
bank or lender of your home, promising them financially in case
the borrowers does not pay the mortgage.
FHA Loan Limits
FHA loan limits vary based on location and property
type (single-family home / 2 unit / 3 unit), and are calculated
individually for each state and each county within that state.
You can find the
FHA Mortgage Limit
for your area by visiting this page:
The FHA in Your State.
of the purchase price for down-payment
a valid U.S. Social Security number.
of U.S. citizenship, evidence of legal permanent residency
or eligibility documentation to work in the U.S.
age to sign mortgage loan documentation under your state?s
a one- to four-unit (Maximum) property.