Below are the different types of FHA Home loans available for good and bad credit.
Fixed rate loans - Most FHA loans are fixed-rate mortgages (loans). In a fixed rate mortgage, your interest rate stays the same during the whole loan
period, normally 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your monthly payment will be, and you can plan for it.
FHA Adjustable Rate Mortgage Loan Program - Most first-time
homebuyers are a little stretched financially, so they want payments as low as possible at the beginning. With FHA's adjustable rate mortgage (ARM), the initial interest rate and monthly payments are
low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (1 Yr CMT the most widely used index, to calculate the changes in interest rates. An index
is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time. The maximum amount that the interest rate on your loan may increase or decrease in any
one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate, again
depending upon the type of ARM you choose. The advantage of an ARM is that you may be able to afford more house because your initial interest rate will be lower, as will your payment. Read the
Explanation Of A Adjustable Rate Mortgage
FHA Rehabilitation Loan Program - Sometimes you might see a home
you'd like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get just one mortgage
loan which includes the mortgage and the cost of repairs combined. The mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the
work. The advantage of this loan is that you can buy a home that needs a lot of work, but you still have only one mortgage payment, and you can complete the repairs after buying the home. Read more
about these loans.
FHA Loans For Indian Reservations and Other Restricted
Lands - A family who purchases a home under this program can apply for financing through a FHA approved lending institution such as a bank, savings and loan, or a mortgage
company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing. An eligible party can produce a gift for the down
payment. Closing cost can be financed; covered by a gift, grant or secondary financing; or paid by the seller without reduction in value.
FHA Single Family Mortgage Loan Program For Disaster
Victims - The Section 203(h) program allows the Federal Housing Administration (FHA) to insure mortgages made by qualified lenders to victims of a major disaster who have lost
their homes and are in the process of rebuilding or buying another home.
FHA Graduated Payment Mortgage Loan Program - Section 245
enables a household with a limited income that is expected to rise to buy a home sooner by making mortgage payments that start small and increase gradually over time.
FHA Growing Equity Mortgage Loan Program - Section 245(a)
enables a household with a limited income that is expected to rise to buy a home sooner by making mortgage payments that start small and increase gradually over time. The increased payments are
applied to reduce the principal owed on the mortgage and thus shorten the mortgage term.
FHA Mortgage Loan Program For Declining Areas - Section
223(e) provides mortgage insurance to enable people to purchase or rehabilitate housing in older, declining urban areas. Section 223(e) can be used only to supplement other HUD mortgage insurance
programs.
FHA Energy Efficient Mortgage Loan Program - The Energy
Efficient Mortgages Program (EEM) helps homebuyers or homeowners save money on utility bills by enabling them to finance the cost of adding energy-efficiency features to new or existing housing as
part of their FHA-insured home purchase or refinancing mortgage.
FHA Home Equity Conversion Mortgage Program For Senior
Homeowners - The Home Equity Conversion Mortgage program enables older homeowners to withdraw some of the equity in their home in the form of monthly payments for life or a fixed
term, or in a lump sum, or through a line of credit.
FHA Mortgage Loan Program For Condominium Units - This program insures
the loan for a person who purchases a unit in a condominium building.
FHA Manufactured Home Loan Program - This program insures
mortgage loans made by private lenders to buyers of manufactured homes and the lots on which to place them.
FHA Property Improvement Mortgage Loan Program - The
Title I program insures loans to finance the light or moderate rehabilitation of properties, as well as the construction of nonresidential buildings on the property. This program may be used to
insure such loans for up to 20 years on either single- or multifamily properties. The maximum loan amount is $25,000 for improving a single-family home or for improving or building a nonresidential
structure.
FHA Good Neighbor Next Door Mortgage Loan Program - Law
enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's
Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36
months as your sole residence.
Streamline FHA Mortgage Loan Program - 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 lender, and does not
mean that there are no costs involved in the transaction.
Streamline FHA Limited Repair Mortgage Loan
Program - The Streamlined (k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or
architects are not required.
Find out the FHA Mortgage Loan With Bad Credit
Find out the Benefits Of A Bad Credit FHA Mortgage Loan