Many FHA home mortgage options exist for borrowers, including fixed rate mortgages, adjustable rate loans, graduated payment mortgages, growing equity mortgages, energy efficient FHA loans, and loans for condominium units.
PURCHASE
or
REFINANCE
with an
FHA HOME LOAN


LOAN PURPOSE

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FHA Programs

FHA Insured Mortgage Programs for Homeowners
Fixed Rate Mortgages
Section 203(b)

Through this program, HUD's Federal Housing Administration (FHA) insures mortgages made by qualified lenders to people purchasing or refinancing a home of their own.
-more on the fixed rate FHA mortgage- ]

Section 251 insures home purchase or refinancing loans with interest rates that may increase or decrease over time, enabling consumers to purchase or refinance their home at a lower initial interest rate.
-more on FHA ARM, or adjustable rate FHA mortgage- ]

Section 245 enables a household with a limited income that is expected to rise to buy a home sooner by making mortgage payments that start small and increase gradually over time.
-more on graduated payment FHA mortgage- ]

Section 245(a) enables a household with a limited income that is expected to rise to buy a home sooner by making mortgage payments that start small and increase gradually over time. The increased payments are applied to reduce the principal owed on the mortgage and thus shorten the mortgage term.
-more on growing equity FHA mortgage- ]

The Energy Efficient Mortgages Program (EEM) helps homebuyers or homeowners save money on utility bills by enabling them to finance the cost of adding energy-efficiency features to new or existing housing as part of their FHA-insured home purchase or refinancing mortgage.
-more on energy efficient FHA mortgage- ]

This program insures the loan for a person who purchases a unit in a condominium building.
-more on FHA condominium loan- ]

FHA LOAN QUESTION # 13   [ -more FHA questions- ]

Q: What are discount points?

A: Discount points allow you to lower your interest rate. They are essentially prepaid interest, With each point equaling 1% of the total loan amount. Generally, for each point paid on a 30-year mortgage, the interest rate is reduced by 1/8 (or.125) of a percentage point. When shopping for loans, ask lenders for an interest rate with 0 points and then see how much the rate decreases With each point paid. Discount points are smart if you plan to stay in a home for some time since they can lower the monthly loan payment. Points are tax deductible when you purchase a home and you may be able to negotiate for the seller to pay for some of them.



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