0
What else can I help you with?
Are Fannie Mae and Freddie Mac FHA lenders?
No Fannie Mae and Freddie Mac are not FHA lenders. FHA loans are guaranteed loans and the others are not. FHA loans also have different guidelines and qualification tools.
Are FHA loans sponsered by the government?
Yes FHA loans are sponsored by the government, seeing as FHA stands for the Federal Housing Authority. FHA loans are usually mortgages for lower/middle income families.
Are all FHA Lenders the same or are you better off using specific ones?
No, they are not.Fha Lenders all have different pricing and are meant for different situations. For example, there are certain lenders who will approve FHA loans if the credit scores are a problem, and there are others who will not.
Why are FHA home loans better than bank loans?
FHA backed loans are popular because they allow buyers to put down a smaller down payment and the qualification requirements are less stringent than with conventional loans. Prospective home buyers should explore all options available to them including housing finance agency schemes and conventional lenders who will sometimes offer loans with lower percentage down payments.
Why is it good to have an fha home loan as oppose to others?
An FHA loan may be easier to qualify for if you have limited down payment (FHA loans may be available with as little as 3% down), have less than perfect credit history (the FHA guarantees the loans for the lender allowing them to assume more risk than would otherwise be the case), may have lower closing costs and may offer a lower interest rate. All these are reasons why it may make more sense to have an FHA loan as opposed to a conventional loan.
Are FHA mortgages uninsured?
what makes fha uninsured loans?
Where can I view the current interest rates for FHA loans in Texas?
You can view the current interest rates for FHA loans in Texas at www.fha.com. Another good website is www.QuickenLoans.com/FHA-Loans or www.interbanklending.com
Why are FHA loans not conventional loans?
FHA loans or FHA refinance programs are unique home loans because they are meant for those who have not yet built a credit history or have less than ideal credit. The FHA (Federal Housing Administration) does not actually lend money, instead it provides insurance to lenders who would normally have not offered someone with poor or no credit a home loan. An FHA refinance loan can also be used to renovate a home. Most families that qualify for FHA home loans meet one or all of the following:Credit score under 700Available down payment of less than 15%Greater debt than most peopleNo credit at allGifted moneyHave been on a job for less than 2 years
Where do funds for FHA loans come from?
From any FHA approved lender
Who is NOT an originator of primary loans?
Fha
Are 4506T forms always required on FHA loans?
FHA loans is a Full Documentation loan, and all income will need to be verified.
Would you explain residual income guidelines for FHA loans?
FHA doesn't have residual income guidelines...this applies to VA loans
