The FHA loan can make your home buying journey a great one with a mortgage backed by HUD. FHA (Federal Housing Administration) was created more than 70 years ago to help families buy the homes of their dreams.
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Equal Housing Lender

FHA Loan

The "What" and "Why" of FHA Loans

The Federal Housing Administration (FHA) was established in 1934 to improve housing standards and conditions and to provide an adequate home financing system through insurance of mortgages. Families that would otherwise be excluded from the housing market were finally able to buy the homes of their dreams.

During the 1940s, FHA programs helped to finance military housing and then homes for returning veterans and their families.

In the '50s, '60s and '70s, FHA helped to stimulate the production of millions of units of privately owned apartments for elderly, handicapped, and lower income Americans. When soaring inflation and energy costs in the 1970s threatened the economic viability of thousands of private apartment buildings, FHA's emergency financing kept cash-strapped properties afloat.

When a deep recession prompted private mortgage insurers to pull out of oil producing states in the 1980s, FHA moved in to stabilize falling home prices. During the difficult '80s, FHA programs made it possible for potential homebuyers to get the financing they needed.

What does it take to be eligible to apply for an FHA home loan? FHA requirements include details about income, credit rating and other factors, but before a loan officer looks at any of that information, an applicant has to meet the basics.
FHA insured home loans can be used for a variety of properties and purposes. Those who apply and qualify for FHA loans can purchase a home for up to four families, a condo or even a manufactured home on a permanent foundation.
FHA reverse mortgages are for applicants who are at least 62 years old. FHA HECM rules state you must own the property outright or have a loan balance so low that the FHA reverse mortgage loan will pay off the outstanding amount.
FHA reverse mortgage are designed for you to pay off the loan's principal (including accrued interest) once the house is sold or it stops being your primary residence.
The terms of your FHA reverse mortgage require timely payment of property taxes, hazard insurance, and any other financial obligations listed in the terms of your FHA reverse mortgage agreement.
FHA reverse mortgage or HECM loan borrowers aren't required to make any payments on their loan unless they sell or stop using the home as their main residence.
Did you know you can raise the value of your property AND lower your utility bills at the same time? Apply for an FHA Energy Efficient Mortgage or FHA EEM, which gives you finds to upgrade the property to make it more energy efficient.
If you want to refinance your home mortgage using an FHA refinancing loan, it's important to understand a few facts at the start of the application process. FHA refinancing is different than the FHA HOPE for Homeowners refinancing program.
Applying for an FHA mortgage isn't like the process for getting a conventional loan, mostly because FHA loan guidelines are more flexible. FHA loan applications can be more forgiving of past credit mistakes and you'll pay less out of pocket for down payments than with conventional loans.
When you start researching FHA loans you'll learn a lot about getting an FHA mortgage and the process of applying. But even with all the information you can find on the Internet, there's plenty of confusion to clear up about FHA loans.

FHALoan is a private corporation, is not a government agency, and does not make loans.