For my people it is the only way they will be able to purchase a home in their lifetime. So, if you are planning to purchase a home in the next year it would to your benefit to find out as much as possible on FHA and any other programs that might be available to you. Most of these programs are not permanent so it is important to act quickly as things change.
So what is FHA?
The Federal Housing Authority AKA FHA, is a government agency established in the 1930, 1934 to be exact, it was created as a means to improve home ownership by providing insurance protection to the lenders who provide mortgages to homeowners.
It is important for you to understand that FHA is an insuring agency; it does not make actual loans.
So what kinds of loan does it insure?
The most common and popular of the program are the following three:
1) 203(b) they are 10,15,20,30 year fixed rate periods.
2) The 203(h) is designed to help victims of major disaster who have lost their homes, and are in the process of rebuilding or buying a new home.
3) 203(k) is focused for repair and rehabilitation of single family properties.
The bottom line is that...
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