Federal Housing Authority (FHA) features less restrictive and lower down payment requirements and it is an ideal product for borrower looking to put only 3.5% down and have a challenging credit. FHA loans can be refinanced with fewer documents compared to other lending products. Federal Housing Administration (FHA) insures all its loans.
Federal Housing Authority (FHA) have been helping borrowers since 1934 to achieve American dream. With the backing of U.S. Department of Housing and Urban Development (HUD) the Federal Housing Administration (FHA) insures the loan, so lenders can offer best deal possible.
- Minimum 3.5% down payments
- Closing costs are usually lower
- Less restrictively on credit qualifying
FHA is an ideal loan for first time home buyer with only 3.5% down of the purchase price and its available on single family, FHA approved condos and up to 4 units. Got more questions visit Khan Home Loan www.khanhomeloan.com FHA also offers Reverse Mortgage for borrows 62 or older, you must be living in your home, paid off primary property or have enough equity to qualify for FHA Reverse Mortgage, as it’s converts some of your equity into cash. Putting a solar Pannell or upgrading / improving your home to Energy Efficient? Cost of energy improvements can be included into an Federal Housing Authority (FHA) Energy Efficient Mortgage.Note: Federal Housing Authority (FHA) makes minor and major changes to these programs predicably, it is recommended to reach out to your lender and get the lates on all FHA has to offer.