Getting a mortgage heading into 2010, has never been harder as the U.S. mortgage and housing industries continue to flounder near the bottom. Since 2007, it has gotten tougher and tougher to get a home loan through Fannie Mae and Freddie Mac. A Home Loan FHA has not been as difficult to get and the FHA Requirements and FHA Loan Guidelines have not changed significantly during this same period of time.
FHA Home Mortgage Loan Programs still offer a great value and significant opportunity for homeownership and financial relief through a refinance into a FHA home loan or a Streamline Refinance. These are a few of the mortgage loan programs that FHA has to offer. Below you’ll find a summary of these and other FHA loan programs to see if any of these are appropriate for you and your financial qualifications.
Purchase Home Loan FHA Programs
Buy Your Home – FHA has a great home purchase mortgage loan program that requires only 3.5% down payment, and in some cases you may be able to purchase a home with an FHA home loan for no money down. You can get a gift for a relative or a non profit agency as well as a home buyer grant to cover your down payment and closing costs with an FHA mortgage program.
The home seller can contribute up to 6% of your closing costs which can help you get a lower FHA mortgage interest rate and lower your out of pocket expenses. You can also get an FHA home purchase mortgage if you are only 2 years from your bankruptcy – provided your credit has been good since, and 3 years from a foreclosure.
FHA home loans are great for first time home buyers.
Refinance My Home FHA Programs
Refinancing Your Home – FHA refinance home loans can be used to refinance your current mortgage no matter whether you have a FHA home loan on your home now, or you have a conventional mortgage. If you currently have a FHA mortgage, then you may be able to qualify for an FHA streamline refinance.
The advantage of the streamline refinance mortgage program is that in certain circumstances you can refinance without getting an appraisal. This is a great loan program if you already have an FHA mortgage in the current mortgage and real estate crisis that exists in the U.S. in 2009. Streamline refinance programs from FHA also do not require Income, Asset, or credit qualifications as long as your mortgage history is good. Learn mortgage about FHA Streamline Refinance Programs.
FHA mortgage refinance home loan programs allow for high loan to value cash out refinancing, lower FICO/credit scores than conventional mortgages from Fannie Mae and Freddie Mac, get a mortgage quicker from your bankruptcy or foreclosure with FHA than with a conventional mortgage through Fannie Mae and Freddie Mac. Learn more about Getting a mortgage after a bankruptcy, or after a foreclosure.
Remodel Your Home
FHA home loans and USDA Rural Housing Loans are basically the only options you have if you are looking to purchase and rehab a house, or you are looking refinance and rehab your home. The loan program for FHA for rehabilitating a house to live in that you purchase or that you currently live in is called a FHA 203(k) Rehabilitation Loan. Learn about the FHA 203(k) mortgage.
These are the basic FHA home loan mortgage programs. If you have more questions about FHA loan programs please complete the form below and ask your questions.