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all Americans dream of owning their own home. Most American's
can actually qualify for a Home Loan, even if they think they
could not get approved. Many banks require people to have good
credit. However, there are many lenders who will make a bad
credit loan and there are also programs like the FHA loan and
VA loan that will help you get approved.
With an FHA Loan, your home loan is insured by HUD. The FHA
Program is designed to help give home buyers the opportunity
to qualify for a mortgage, when they may not otherwise qualify.
HUD assumes some of the risk on the loan. The requirements
are not as high for an FHA loan as they are for Fannie Mae
or Freddie Mac Loans. Plus, a borrower can purchase a home
with only 3% down. In some cases a borrower can qualify for
gift programs which allow them to purchase a home with no
money out of pocket. There are a variety FHA loan programs
that you can take advantage of. A mortgage broker can give
you advice as to which is best for you.
Your FHA home loan is insured by HUD, a government agency.
When you are considering refinancing, you should know that
you have already done the hard part by getting the loan the
first time. The FHA streamline refinance is a much easier
process. As long as you have an existing FHA loan, and you
have been making your mortgage payments on time, you should
qualify for the streamline process.
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