FHA was established in 1934 to lessen the unemployment rate and increase the home construction and later became a part of the Department of Housing and Urban Development in 1965. FHA is actually not a lender but is the largest mortgage insurer in the world.
What is a FHA mortgage? It is a federal assistance mortgage, insured by the Federal Housing Administration, a loan that can be issued by eligible lenders who met the federal board requirements. These are loans allowing low income Americans to borow money so that they can purchase their own home. It is actually not a loan but a loan insurance provided by the private lenders.
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What is a FHA loan benefit? Some would say that it is one of the best things that ever happened. Aside from that, all FHA home loans are fully assumable, which adds protection for you and your family.
What is a FHA qualification? Qualification is usually less stringent than conventional loans and is done by using a set of debt-to-income ratios, which is more favorable.
What is a FHA requirement? Housing expenses must not exceed 29% of your gross income, total indebtedness must not exceed 41% of your income, down payments usually is 5% or as low as 3.5%.
What is a FHA loan type? Each type of FHA loan is unique and must be applied independently. Attention is only given to one's ability to make payments and handle life's expenses. There is less attention to FICO scores when applying.
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