FHA24

The goal of FHA24 is to provide an accurate source of information to borrowers who are curious about obtaining an FHA Mortgage.

The Federal Housing Administration, generally known as "FHA", is the largest government insurer of mortgages in the world, insuring over 35 million properties since its inception in 1934.

A part of the United States Department of Housing and Urban Development (HUD), FHA provides mortgage insurance on single-family, multifamily, manufactured homes and hospital loans made by FHA-approved lenders throughout the United States.

FHA Streamlined Refinance
FHA has permitted streamline refinances on insured mortgages since the early 1980's. The streamline refers only to the amount of documentation and underwriting that needs to be performed by the mortgage company, and does not mean that there are no costs involved in the transaction.

FHA Mortgage Insurance
For the homebuyer, FHA-insured loans offer competitive rates, smaller downpayments, greater flexibility in calculating household income and payment ratios, and protection requirements against foreclosures. For lenders our mortgage insurance protects lenders against loss if the homeowner defaults on his or her mortgage loan. While FHA insured-loans must meet certain requirements established by FHA to qualify for the insurance, lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her loan.

Down Payment Gifts
The down payment can be 100% gift funds. This is one of the key benefits to the FHA program.

Bankruptcy and Foreclosure
A credit report will be obtained on the borrower and any lates, collections, judgments, foreclosures, bankruptcies, etc. must have a justifiable explanation in writing by the borrower.

Refunds Ready of FHA Loans
If you have ever paid off a home loan backed by FHA, you may have money owed to you. And the government wants to pay you back.

Single Family Mortgage Insurance
FHA's mortgage insurance programs help low- and moderate-income families become homeowners by lowering some of the costs of their mortgage loans.

Single Family Rehab Mortgage Program
Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage?or to finance the rehabilitation of their existing home.

Property Improvement Loan Insurance (Title I)
The Federal Housing Administration (FHA) makes it easier for consumers to obtain affordable home improvement loans by insuring loans made by private lenders to improve properties that meet certain requirements.

Energy Efficient Mortgages
What is the purpose of this program? Provides mortgage insurance for a person to purchase or refinance a principal residence and incorporate the cost of energy efficient improvements into the mortgage.

HUD Reverse Mortgage Program
Homeowners 62 and older who have paid off their mortgages or have only small mortgage balances remaining are eligible to participate in HUD's reverse mortgage program.

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