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.
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- ]
Q: What is the debt-to-income ratio for FHA loans?
A: The FHA allows you to use 29% of your income towards housing costs and 41% towards housing expenses and other long-term debt. With a conventional loan, this qualifying ratio allows only 28% toward housing and 36% towards housing and other debt.
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