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FHA Home Loans

FHA has developed a full range of FHA home loan packages that mirror many of the products available on the commercial market, but are generally available at a cheaper cost to the consumer and available to those with previous credit problems.

The FHA 203b Loan
This is the standard loan package for a home purchase, and by far FHA’s most popular loan.  It requires a low 3% down payment, which may be provided in the form of a gift or a grant from other government or non-profit sources.  The interest rate and monthly payments are usually fixed for the life of the loan.  In recent years, however, the FHA has developed a hybrid adjustable rate mortgage (ARM) with excellent protection against explosive payment increases.

FHA Adjustable Rate Mortgages
In recent years, the FHA has developed a hybrid adjustable rate mortgage (ARM) with excellent protection against explosive payment increases.  There is also a graduated payments mortgage (GPM) that allows reduced payments for the early (perhaps 5) years of the mortgage and higher payments for the remaining years of the loan, to make up the difference.

FHA 203K Loan
The FHA 203K program is an imaginative home purchase and rehabilitation program.  The program is designed to work in partnership with state or local housing programs and is often packaged at the local level with down payment support or other assistance.  The 203K provides funding for the home purchase and the estimated cost of building rehabilitation.  It can be used for both purchase and rehabilitation, or home refinancing and rehabilitation. 

FHA Streamline Refinancing
This is a program for people who have FHA mortgages on their homes and wish to refinance them in order to get a lower interest rate.  The goal of the FHA Streamline program is to keep refinancing costs to a minimum.

The mortgage to be refinanced must already be FHA insured and payments on it must be current.  The Streamline refinance must lower the principal and interest payment of the previous mortgage; cash out to the borrower is limited to $500.

FHA Cash Out Refinancing
The FHA does have a loan option for home owners who wish to convert their home equity into cash.  The owner must have been a resident of the mortgaged property for at least twelve months, and must have made payments on time for the last twelve months.

Some credit qualification is required, and the refinancing loan must not exceed the loan limits for the home’s area.

FHA Reverse Mortgages
The Agency has also developed a reverse mortgage program which is discussed elsewhere on this website.

Before applying for any of the aforementioned programs, please consult one of our lenders.