The FHA loan program has been around since 1934 and is overseen by the Department of Housing and Urban Development. These loans tend to be a popular choice for first-time homebuyers, though you don’t need to be buying a home for the first time to get one.
- Low down payment requirements
- Straight down closing costs
- Convenient borrowing from the bank standards so you’re able to meet the requirements
How can FHA Financing Functions?
Once again, the FHA doesn’t offer funds. Instead, this new Federal Casing Government works together loan providers in order to guarantee funds as a result of the fresh FHA system. So it insurance rates handles the lending company, maybe not your. Continue reading “FHA mortgage brokers is actually mortgages supported by brand new Federal Homes Administration”