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What is an FHA secure loan and how is it different from a regular FHA loan?
Wiki User
∙ 15y ago
What is a FHASecure loan? The FHASecure loan is a refinancing option backed by HUD (U.S. Department of Housing and Urban Development) that gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe. How is it different than a regular FHA loan? It's different because it doesn't disqualify you from refinancing if you are currently delinquent on your loan. That is huge! You can still refinance your home if you are 30, 60, or 90 days late making your mortgage payment. There is no limit to how far behind you can be on your current mortgage.
Wiki User
∙ 15y ago
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Where can you go to obtain a loan threw the FHA?
When you get an FHA loan it is not funded directly through FHA. FHA is essentially an insurer for loan. So the Mortgage Insurance paid on an FHA loan is an insurance policy for the company giving you the actual loan. Most any bank or lender can give you an FHA loan.
Can you change from a FHA loan to a conventional loan?
It's possible to refinance from an FHA loan to a conventional home loan, but the underwriting guidelines are different. For example, FHA allows a higher loan to value, and a lower credit score to qualify for a mortgage. See: http://www.loandepot.com/LoanOptions/FHA.aspx
Can you get a FHA loan on a second home?
Yes you can obtain a FHA Loan on a second home as long as you meet the FHA requirements.
What are the benefits of an FHA home loan?
One of the benefits of an FHA loan is that the payments are the same for the duration of the loan. One can have a low credit score and still be able to obtain an FHA loan.
How do I obtain an FHA loan?
Almost anybody can get an FHA loan. There are no income limits the FHA loan is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration.
Where can you go to obtain a loan threw the FHA?
When you get an FHA loan it is not funded directly through FHA. FHA is essentially an insurer for loan. So the Mortgage Insurance paid on an FHA loan is an insurance policy for the company giving you the actual loan. Most any bank or lender can give you an FHA loan.
Can you change from a FHA loan to a conventional loan?
It's possible to refinance from an FHA loan to a conventional home loan, but the underwriting guidelines are different. For example, FHA allows a higher loan to value, and a lower credit score to qualify for a mortgage. See: http://www.loandepot.com/LoanOptions/FHA.aspx
How do I find out about FHA refinance loans?
FHA loans are for people who are buying homes that have low incomes. To get a refinance option it would need to be a regular loan because FHA is already as low as it will get.
Can you get a FHA loan on a second home?
Yes you can obtain a FHA Loan on a second home as long as you meet the FHA requirements.
What are the benefits of an FHA home loan?
One of the benefits of an FHA loan is that the payments are the same for the duration of the loan. One can have a low credit score and still be able to obtain an FHA loan.
How do I obtain an FHA loan?
Almost anybody can get an FHA loan. There are no income limits the FHA loan is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration.
Is a FHA loan is a type of financial aid?
False, An FHA loan is NOT a type of financial aid.
Is FHA mortgage owner occupied?
If you're trying to obtain an FHA loan then the answer is 'yes'. If you own an investment property that has an FHA loan, then you can streamline it.
Is a gse loan a fha loan?
yes
What is the difference between a fha loan and a conventional loan?
An FHA loan has more guidelines and rules than a conventional loan does. An FHA loans are only available on certain houses and you can get a conventional loan on any house if your credit meets the requirements.
How can I FHA refinance my home mortgage loan?
The federal government administers FHA loans. Any information that you desire to learn about refinancing a government FHA loan can be found on the FHA web site.
Do you have to be married to get an FHA loan?
No.
