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Jun 20 2008

FHA Loans

Tag: Uncategorized — admin @ 5:08 am

The Federal Housing Agency (FHA) is an agency of the U.S. Department of Housing and Urban Development (HUD). Unlike the VA, however, FHA loans do require some down payment. Also, the FHA loan has the additional advantage of allowing much of the closing costs to be financed by the mortgage loan.
FHA loans are geared to provide financing opportunities to home buyers with lower income or more debts. However, the FHA has suffered heavy losses in recent decades, because they tend to cover riskier applicants. FHA loan applicants have slightly higher income qualification ratios. Most FHA borrowers, in fact, would have a difficult time qualifying for a standard loan.
FHA guarantees or insures mortgage loans, at a price. Borrowers must pay the FHA’s mortgage insurance premium. The annual mortgage insurance premium is 0.5% of the outstanding loan amount, paid in monthly installments. Obviously, this monthly fee decreases as the loan balance decreases. The FHA will also charge a one-time fee, in addition to the monthly premium, for mortgage insurance.
Appraisals must be performed by an FHA-approved appraiser. FHA loans are also no longer freely assumable Loan amounts are limited according to regional economics. Across the country, the maximum loan amount for FHA loans is $151,725 for a single-family property in the most expensive areas.