| FHA loans can qualify you for lower mortgage loan | | | | up to four units, or a condo. Seniors can also apply for |
| rates, especially if you have poor credit. With a | | | | a reverse mortgage backed by the FHA. These are |
| government backed loan, your down payment | | | | called "Home Equity Conversion Mortgages." FHA |
| requirements are reduced, usually to just 3%. In addition | | | | home loans are primarily designed for low and middle |
| the FHA provides help with loan payments if you | | | | income families, so there are loan caps. These |
| encounter future financial difficulties. | | | | amounts vary by location and change every year. It's |
| Who Qualifies For A FHA Loan | | | | best to check with your lender to find out the latest |
| The FHA loan program is open to anyone wanting to | | | | loan limits for your area. |
| purchase their primary residence. You need enough | | | | Getting Approved For A FHA Loan |
| cash for closing costs, although this can be provided | | | | Getting pre-approved for a FHA loan will help you |
| by a third party, like family, the seller, or grants. You | | | | determine how much you can borrow. And since HUD |
| also need steady income to cover your monthly | | | | doesn't establish the rate or closing costs on FHA |
| mortgage payment and living expenses. Credit is also | | | | loans, you should compare lenders to find the best |
| a factor in your FHA loan, but you don't necessarily | | | | deal. Ask for loan estimates specifically for a FHA |
| have to be in good standing. If you are concerned | | | | secured loan. Then compare rates, points, and closing |
| about your ability to qualify, ask an approved HUD | | | | costs between lenders. When you find the best offer, |
| lender. | | | | simply follow the lender's application process. They will |
| Types Of FHA Qualifying Homes | | | | coordinate the paperwork necessary for a FHA loan. |
| FHA mortgages can only be used to purchase or | | | | While a FHA loan can save you money on interest |
| refinance a primary residence. You can choose to | | | | rates and PMI, you still need to shop lenders to get the |
| finance a single family house, multiple family home with | | | | best deal possible. |