Federal Housing Administration (FHA) insured loans are made by private lending intuitions such as banks, savings & loans, or mortgage companies to eligible borrowers for the purchase of a home. FHA insured loans offer a number of benefits for both lender and borrowers. Since 1934, the program has insured over 35 million home mortgages.
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In addition to the favorable financial terms, FHA insured loans offer the following benefits:
- Equal opportunity for all qualified borrowers
- Required down payments as low as 3.5% of the purchase price
- Ability to finance up front Mortgage Insurance Premium
- Ability to finance the cost of repairing and / or improving a property in need of rehabilitation
- Right to prepay without penalty
- Credit Improvement in the qualifying process for some borrowers
- Availability in all areas of the country
- Default assistance and foreclosure prevention
Call me today to learn more about homeownership and what options you may have through the FHA program.
