Federal Housing Administration (FHA) loans program                                                              << Back

For many buyers out there, FHA loans are something that you should consider. FHA loans come with its own advantages and disadvantages. Hopefully, this section will help you decide better when you apply for a loan. 

The FHA loan program was created to help increase homeownership. The  FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:

• Minimal Down Payment and Closing Costs.
• Downpayment less than 3.5% of Sales Price
• 100% Financing options available*
• Gift for downpayment and closing costs allowed.
• No reserves or required.
• FHA regulated closing costs.
• Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

• No minimum FICO score or credit score requirments.
• FHA will allow a home purchase two years after a Bankruptcy.
• FHA will allow a home purchase  three years after a Foreclosure. 

Easier Debt Ratio & Job Requirement Guidelines such as:

• Higher Debt Ratio's than other home loan programs.
• Less than two years on the job is allowed.
• Self-Employed individuals o.k.

These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.

You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time.

Following is a list of some the various type of FHA loan programs available. Next to the name of the program is a brief description of the FHA mortgage program. Once you find a program that best suites your needs, please click on it for a detailed program description

• Single Family Home - Basic FHA loan program for single family homes.
• Units> Duplex  Triplex  Fourplex - Basic FHA loan program for multi family homes.
• Fixed Rate Loan - Basic FHA fixed rate mortgage loan program.
• Adjustable Loan (ARM) - Basic FHA adjustable rate mortgage loan program.
• Buydown FHA Loans   - Low Start Rate FHA buy-down loan program.
• HUD Homes - Financing for HUD homes with as little as $100 down.
• Officer Next Door - Special 50% discounted homes for officers.
• Teacher Next Door - Special 50% discounted homes for teachers.
• CHDAP - 100% financing option for first time buyers in California.
• Nehemiah - 100% financing option provided by Non-profit organization.
• HART - 100% financing option provided by Non-profit organization.
• CHFA Loans (CHAFA) - 100% financing option for first time buyers in California.
• Access 2000 - 102% financing option for first time buyers.
• 203K - Home improvement & major remodel loan program.