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What is FHA Financing?

September 22, 2008

FHA

Who is the FHA

FHA – Federal Housing Administration is an agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.

You hear about them most often in connection with FHA Loans.

Read Also:  Foreclosure
Resources for Troubled Homeowners

There are lots of good reasons to choose an FHA loan, especially if one or more of the following apply to you:
You’re a first-time home buyer
You don’t have a lot of money to put on a downpayment on a house. 
You want to keep your monthly payments as low as possible
You’re worried about your monthly payments going up
You’re worried about qualifying for a loan
You don’t have perfect credit.  They have some wonderful information for both Buyers and Sellers on the FHA website.

 

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