The Federal Housing Administration [FHA] Loan is a government program for loans which have rates as low as 3% as compared to other high interest rates for other loan programs. It has many added benefits. The rates are different for each state.
What must be remembered before availing of the loan?
- Furnish credit history and see if it meets the obligations of the state
program
- You must have enough income to cover monthly repayments
- You must have enough cash to make the down payment at the time of closing
- The closing cost need be paid barely 1%of the home price
- Require a mortgage insurance premium
Lenders offer FHA in two forms:
- 30 year fixed
- 15 year fixed
Benefits
- Firstly, they are Federal Government authorized funds and so are relatively
safe
- The down payment is the least in the market
- There are chances that some of the repayments might credit to the escrow
account and you get it back
- The down payment can be 100% gift funds
- There are no income limitations for FHA loans
- No customary closing cost
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