Fha Loan Program Guidelines: Which Fha Loan Programs Will Work for You?
Author: AccessNationalFHA loan programs can help almost any American homebuyer. With the flexibility inside each program, much more than people think, homebuyers with good credit and a small down payment can go out and buy, fix-up or refinance a home.
How FHA Loan Programs Work
FHA loan programs do not fund loans for home borrowers; instead FHA loan programs provide insurance for home mortgages. The FHA makes sure that home loans are insured up to a particular amount (depending on the loan and related program) so lenders can give better terms on the mortgage being offered. The assurance will save buyers money, allowing
them to purchase a home with little down payment. Borrowers are able to buy more house because, in the eyes of the lender, they are giving a larger down payment.
Different Uses of FHA Loan Programs
FHA loan programs emphasize residential home ownership. The FHA loan program guidelines are created in such a way as to help buyers in getting financing to that all Americans have the ability to qualify for a quality home. FHA loan programs will assist borrowers with the purchase of:
•New and existing homes
•Single family homes
•Manufactured homes
•Townhouses and condos (in approved projects, in which at least 51 percent of the units are owner-occupied)
•2-3 unit investment properties, as long as the buyer occupies one unit
•Farms, if the residence is lived in by the owner on the property
•Homes in need of rehabilitation, in which loans can cover both the purchase and fixing of the home
Homeowners over 62 years old can also tap into the ‘reverse’ FHA loan program, which allows seniors to use the equity in their homes to get money for their retirement living expenses.
FHA loan program guidelines also allow for existing loans to be refinanced and convert loans into the FHA loan programs or to help existing FHA insured loan-holders to secure better terms.
Things about FHA Loan Program Guidelines
There are restrictions and FHA loan program guidelines which must be followed in order to govern eligibility and use of the FHA loan programs. Basic FHA loan program guidelines that borrowers should know include:
•FHA loan program guidelines have limited on the size of loan and those limits vary from state to state and county by county. For information about these limits can be provided by an approved FHA lender.
•FHA loan program guidelines for loan size depend on the cost of housing in an area. Single-family homes can be as high as $290,000 in some areas.
•Loan limits are set by the current FHA loan program guidelines and can vary with the market. Again, check with a lender for more information.
•FHA loan programs also provide for such things as home improvement, refinancing and Energy Efficient Mortgages.
FHA loan program guidelines have been expanded by Congress of late. For some home owners who may not have found FHA programs helpful before may see new advantages in FHA home loans now. For many, the security of the FHA home loan program and a FHA lender are the most beneficial advantages of all.
About the Author:This article is provided by Access National Mortgage, based in Denver Colorado. Access National Mortgage provides progressive and superior financial solutions like a New Mexico FHA Loan Application, a Wyoming FHA Mortgage Calculator, debt consolidation loans, information about California FHA refinance benefits and whole host of other mortgage products all across the United States.
Article Source: http://www.articlesbase.com/mortgage-articles/fha-loan-program-guidelines-which-fha-loan-programs-will-work-for-you-291039.html
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