FHA Loans

April 26, 2020 Mortgage Refinance,Mortgages

MoneyTips

Homeownership remains a goal of many Americans. Buying a home is a major responsibility that requires due diligence from the onset. In addition to finding a great property, you need to consider the type of loan you want to apply for when selecting a mortgage lender. First-time home buyers in particular may want to choose an FHA loan over other types of mortgages. Use the following information to determine if this is the right type of loan for you.

FHA Loans Defined

The Federal Housing Administration (FHA) was initially formed in the 1930s in response to an increase in foreclosures during the Great Depression. Now part of the U.S. Department of Housing and Urban Development (HUD), the FHA has helped more than 30 million homebuyers get mortgages. The FHA insures certain mortgage loans. While these are often referred to as FHA loans, they are actually FHA-insured loans rather than stand-alone loan products.
Borrowers do not get loans directly from the FHA, but ra…

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