FHA LOANS
The Federal Housing Administration (“FHA”) insures loans made by FHA approved mortgage lenders in the United States. FHA’s insurance protects lenders against losses if the borrower defaults on the loan. The program is used primarily to assist homebuyers purchase their first home or refinance their current home. (Mortgage loans insured by the FHA are referred to as FHA mortgages).
The down payment requirement for a FHA loan may be as low as 3.5% and you may purchase a single family home, condominium, townhouse or a building with up to four units. The program also allows the seller to contribute towards the closing costs, thereby making it easier to qualify for a loan. Check with your Mortgage Broker or Lender for more details.
There are other programs FHA has available.
1) If you wish to make your home energy efficient, the FHA can help.
2) Manufactured homes on permanent foundations can be purchased through the FHA program with certain conditions. Your Mortgage Broker or Lender will provide you with the complete details.
Also please check out the most updated information on FHA programs by visiting www.fha.gov.