Everything you need to know about home loans in one place. Use our "frequently asked questions" section to learn everything about mortgages, refinancing, home equity lines of credit and more.
The Federal Housing Administration, or FHA, insures mortgage loans to help home buyers who may not be eligible for a conventional home loan due to less-than-perfect credit or lack of savings for a down payment. An FHA loan can be used to buy almost any type of home including modular, manufactured, or mobile homes -- and can also serve to purchase homes facing foreclosure.
Read MoreIn years gone, homeowners with adjustable rate mortgages who found it hard to make their monthly payments could count on an FHA solution to avoid foreclosure. The FHASecure refinance loan was the Federal Housing Administration’s answer to the growing foreclosure problem.
Read MoreAs a future homeowner, choosing the best mortgage for you is like choosing the best career path: there are tons of options, but only a handful that you’ll qualify for, and even fewer that will really make you happy. The good news is that by asking yourself which mortgage is best for you, you’re already thinking like a savvy consumer -- you recognize that you have a choice between many different mortgage products, and it’s just a matter of narrowing them down.
Read MoreIn basic terms, an FHA loan is a government-insured mortgage. Due to the fact that these loans are being offered by the government, instead of a for-profit company, FHA loans have a variety of benefits that can make it easier for you to buy your dream home without breaking a big sweat.
Read MoreMortgage insurance is a type of insurance policy that covers the lender in case the borrower defaults on the loan. It is usually required in the form of private mortgage insurance (PMI) when borrowers don’t make a down payment of at least 20% on most conventional loans. For FHA loans, it’s called a mandatory mortgage insurance premium (MIP). If you fit into either of those categories, then mortgage insurance is something you’ll have to deal with.
Read MoreJust like private lenders, the Federal Housing Administration offers FHA jumbo loans for qualified borrowers. Much like regular FHA loans, FHA jumbo loans usually have significantly lower down payment requirements than their private counterparts.
Read MoreLike with most housing assistance programs, you can start at your local housing agency. You’ll be provided with a breakdown of the FHA loan-approved lenders in your area, whom you can apply to. If you qualify for the program, simply apply to these lenders. If you get more than one quote, you’re more likely to find a better deal.
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