What is Federal Housing Administration Loan ?
An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by an FHA-approved lender.
How Does the FHA Loan Work ?
The FHA loan is designed to help low to moderate income families attain homeownership. FHA loans require lower minimum down payment & applicants may have lower credit scores.
Who is Eligible for FHA loan ?
A loan must be approved by FHA-qualified lender. Your credit score doesn't need to be high. The price of the house must be within the loan limit for FHA home in its location.
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What are the Requirements for FHA Loan ?
Your lender will assess your eligibility for loan as it would for any borrower, starting with a verification of your legal age & place of residence in the US.
Qualify Homes for FHA Loan
Row-houses, townhouses, detached and semi-detached homes, condominiums inside FHA-approved condo projects, and detached and semi-detached homes are eligible for FHA loan.
What is the Amount of FHA Loan ?
That depends on your ability to repay the loan & where you live. However, the floor limit for single-family FHA loans is $420,680. For high-cost areas, the ceiling is $970,800.
Federal Housing Administration Loan Relief
You may be eligible for FHA loan relief if you’ve experienced a legitimate financial hardship such as a loss of income or an increase in living expenses.
How to Apply for FHA Loan ?
You will need to use an FHA-approved lender to apply for an FHA-insured loan. You can submit an FHA loan application directly to the bank or other lender of your choice.