5 W's of FHA

1. What is an FHA Loan?

An FHA Loan is a mortgage guaranteed by the Federal Housing Administration. With this type of loan, you can enjoy lower, more affordable rates because if you are late or fail to make a payment, the lender still receives their money because it is guaranteed by the government. The lower rates are possible because the lenders take on less risk with a federally guaranteed loan than with a conventional loan.

2. Who can receive an FHA Loan?

FHA loans are tailored to first-home buyers or those who have already bought a home but have less-than-perfect credit.

3. When Can I apply for an FHA Loan?

Anytime!

4. Why should I apply for an FHA Loan?

Not only will you receive lower, more affordable rates than a conventional loan, you can do all this with an FHA loan:

  • Purchase a Home
  • Remodel the Home you currently live in
  • Make Home Repairs
  • Make Energy-Efficient Improvements (saving you even more money on your utilities)

For first time buyers, you can finally afford to live the American dream and buy your own home. And for those with less-than-perfect credit, you don't have to live from paycheck to paycheck with these low rates.

5. Where can I get more information?

Easy, just check out the offical FHA website.

Return back to the FHA Mortgage Center.com home or the FHA Lending Guide.