ONLY

BESTthe

BESTFHALENDER.COM

is an agency that provides insurance onmortgage loans made by approved lendersall throughout the country and territories.

With over 34 million properties insured, it isthe largest insurer in the world.

The Federal Housing Administration

The FHA Loan Advantage

Compared to traditional loans, it’s easierto qualify for an FHA loan.

An applicant only needs to get a FICOscore of 580 to be considered eligible formaximum financing. Even those with acredit rating between 500 and 579 canstill get approved, albeit with higherinterest.

FHA Loan Requirements

Steady employment history for the past two yearsValid Social Security numberProof of United States residencyOf legal age to sign a mortgage in your stateUse the purchased house as the primary residenceApproval from an FHA-approved appraiser.

FHA Loan Options

Fixed RateAdjustable RateSecure RefinanceReverse MortgageEnergy Efficient LoansGraduated Payment MortgagesGrowing Equity MortgageCondominium Loans

FAQs for Borrowers

Whatis an

FHA loan?

A mortgage backed by the Federal HousingAdministration or FHA and designed to helpfamilies and individuals with moderate meansand not-so-great credit scores finance thepurchase of their own home.

FAQs for Borrowers

How do Iqualify for

an FHA loan?

FHA loans are known for their flexible andless stringent requirements. As a generalrule, a borrower must maintain a FICO scoreof 580 to take advantage of lower downpayment. Click here for more info.

FAQs for Borrowers

How much isthe minimum

downpayment?

A hallmark feature of FHA loans is the lowdown payment that can go as low as threeand a half percent of the home’s purchaseprice.

FAQs for Borrowers

Where can Iapply for anFHA loan?

You can take out a loan with any FHA-approved lender. Remember, lenders willimpose varying requirements, interest ratesand fees related to the processing andapproval of the loans.

FAQs for Borrowers

Can Irefinance anFHA loan?

Yes, FHA loans can be used to refinance anexisting/current mortgage. The StreamlineRefinance program aims to lower themonthly payments toward the existingmortgage.

FAQs for Borrowers

Is “financialhardship

relief”available?

Yes. In the event a borrower runs intofinancial difficulty that would make it hardfor him/her to make the required monthlypayments, FHA loan servicers can providerelief to that borrower.

Finding theBest FHA LenderBestFHALender.com is a one-stop shop offeringuseful information about FHA loans and enablingcustomers to shop for multiple lenders.

Click here to learn more

Information Provided byJUSTIN MCHOOD

He is Americas Mortgage Commentatorand has been providing Mortgagecommentary for over 10 years.

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