FHA mortgage is a type of home loan program that is insured by the Federal Housing Administration. The Department of housing and Urban development in collaboration with Federal Housing Administration have introduced a wide variety of low rate mortgage programs to provide financial assistance to low income home buyers and borrowers in the country. FHA mortgages are specially offered to first time home buyers and these loan terms are quite affordable for most of the borrowers. You may apply for an FHA mortgage loan program when;
You are a first time home buyer
If you don't have a substantial amount to put on a house
When you don't have a good credit score
If you are worried about getting qualified for a loan term
When you are worried about your monthly payments going up
FHA Mortgage Rates
FHA mortgage rates are very competitive as these loan terms are backed by the federal government. Moreover, the mortgage programs of the Federal Housing Administration have a low down-payment of only 3.5% and the money may come from any of the family member, employer or charitable organization. FHA mortgage rates are available in fixed as well as adjustable-rate options. However, most of the FHA-insured loans are fixed-rate and the benefit of these loan term is that the rate of interest remains the same during the loan period.
On the other hand, with FHA's adjustable-rate mortgage, the borrower may enjoy low initial interest and monthly payment amount. But, the payment amount and the rate of interest will change during the course of the loan period. FHA utilize the 1-Year Constant Maturity Treasury Index (CMT) to compute 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.
FHA Mortgage Lenders
FHA insured mortgage programs are offered only by professional lenders who are associated with the Federal Housing Administration. FHA mortgage lenders bring before the borrowers a wide variety of home loans to choose from. Today, these lenders are completely easy to find as they are available on the Internet. They not only offer low rate loan programs but they also provide many additional services.
FHA Mortgage Insurance
Mortgage insurance programs from Federal Housing Administration are the best way to insure your home loan from future defaults and late payments. One of the most important feature is that the premium amount of the insurance programs are the lowest in the country. FHA mortgage insurance will provide coverage for the home loan repayments when the borrowers meet some unfortunate events in the near future.
FHA Mortgage Refinance
Federal Housing Administration also made available a number a low rate refinance mortgage programs to help those homeowners who are in financial difficulties and who cannot repay their home loan in time. Refinance rates offered by Federal Housing Administration are very competitive and it allows the homeowners to get a number of benefits.
FHA Home Loans
At the official website of FHA Home Loans, you can get the best of mortgage programs to finance or refinance your home. Get all the exclusive details before seeking their help. Website:http://www.fha-home-loans.com/
FHA Info is one of the best places to get a wide range of details on the home loan programs offered by Federal Housing Administration. Visit the official website of the company to get further details. Website:http://www.fhainfo.com/index.asp