You've heard the name before, but did you know that an FHA home loan through FHA loan financing is one of the most popular ways to become a homeowner or refinance an existing FHA or conventional mortgage? See for yourself.
Interest rates
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FHA vs. Conventional Financing
Although there are similarities between FHA mortgage financing and Conventional mortgage loans there are also some big differences.
While interest rates are similar, credit guidelines are different. FHA allows for borrowers with less than perfect credit to still receive a favorable interest rate.
The FHA Streamline Refinance
If you currently have an FHA Loan you are eligible for one of the simplest money saving refinances available today. The FHA "Streamline Refinance".
allows existing FHA home loan borrowers to reduce their interest rate without having to jump through hoops.
Disaster Area Victims - 203(h) Loan
Under this program, individuals or families whose residences were destroyed or damaged to such an extent that reconstruction or replacement is necessary are eligible for 100 percent financing.
President George W. Bush announced that HUD's Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective August 31, 2007.
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