Posts tagged FHA Loans
FHA 5/1 ARM: FHA 5/1 Adjustable Rate Mortgage in Home Loans

A FHA 5/1 ARM is a kind of hybrid mortgage in which interest rates remain fixed for a 5-year period, but can then increase after that due to changes in market interest rates. Unlike regular ARMs, an FHA 5/1 ARM is insured by the government, which can give you some serious benefits.

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All About FHA Construction Loans

If you can’t find your dream home on the market, you might just want to build it yourself! But traditional construction loans can often be complex and expensive-- so what if you could turn to the trusty FHA to get a home construction loan that won’t completely empty your bank account? Well, it turns out you can.

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What is a HUD home?

HUD Homes are one- to four-unit residential properties acquired by the United States Department of Housing and Urban Development through foreclosures on FHA insured mortgages. Once HUD is in full ownership of the home, they put it up for sale in order to cover the loss on the foreclosure. HUD homes are available for purchase to anyone with the required cash or who qualifies for a home loan, including investors. Eligible one- to four-unit properties, as defined by HUD, are either a single-family, duplex, triplex, or fourplex.

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What Is the Difference Between a Conventional Loan and an FHA Loan?

A conventional home loan and an FHA loan are both mortgage products that make it possible for home buyers to finance the purchase of a house. While they both help prospective home buyers to get the funding they need to buy a house, they have very different qualities, requirements, and terms.

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What are the FHA Lending Rates?

The major banks in the United States use the Federal Funds Rate as a rule of thumb for establishing their own Prime Rates. Most of the time, any individual bank’s Prime Rate is the FFR plus about 300 basis points, or three percent. So, if the FFR is 1.5 percent, the FHA lending rate might be 5.5 percent. Or it could be 3 percent. This all depends on how badly those banks want to do business with FHA borrowers.


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FHA 7/1 ARM: FHA 7/1 Adjustable Rate Mortgage in Home Loans

An FHA 7/1 ARM is a kind of hybrid home loan that’s insured by the Federal Housing Administration (FHA). If you get a FHA 7/1 ARM, your interest rate will be fixed for the first seven years of the loan, and can then be adjusted afterward when the variable interest rate portion of the loan begins. Like other ARMs, FHA 7/1 ARM variable interest rates are based on a index rate -- which is usually the rate at which banks in a certain area lend money to each other.

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Can I Refinance My Home with an FHA Loan?

No matter what kind of mortgage loan you have on your home now, if you’re considering refinancing it, the whole world’s your oyster. That mortgage can usually be refinanced into anything else, including the popular FHA program. Before you jump into an FHA refinance, however, let’s look at what it actually involves. There may be additional fees involved that aren’t part of your current financial picture.

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What Is the Federal Housing Administration (FHA)?

The Federal Housing Administration (FHA) is a branch of the U.S. Department of Housing and Urban Development (HUD) that insures private loans for buying and repairing homes. The FHA insures loans made by private lenders to borrowers who’d normally have a hard time getting favorable loans.

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Who Can Qualify for an FHA Loan?

FHA loans are federally backed home loans that are meant to encourage home ownership. They are really accessible because they are federally backed, so lenders do not mind taking on the risk. The FHA has guidelines on who may qualify for an FHA loan, but you should be aware that lenders often add their own standards.

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The Different Types of Mortgages

There are many different mortgage options for homebuyers to choose from. For starters, mortgages are usually categorized as either a fixed rate or adjustable rate. Then there are various loan programs to choose from including FHA Loans, VA Loans, USDA Loans, or Conventional Loans

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Home Loans for First-Time Home Buyers

Buying your first home is a challenging but important first step in securing your future. There are many financial products available on the market for first-time homebuyers. Each product has its target market, so it’s important to understand your needs so as to match them to the products on offer.

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How FHA Home Loans Work

A Federal Housing Administration (FHA) loan is a loan with less stringent qualifications and low down payments. It’s part of the U.S. Department of Housing and Urban Development’s programs to help first-time homebuyers buy a home.

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