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16 FHA Mortgage Facts

Many potential home buyers have questions about the FHA loan and the process needed to secure a home mortgage. Some people are even confused about what is a myth and what is a fact about FHA loans. Listed below are the common FHA mortgage facts along with brief explanations.
FHA Mortgage Facts: Basics About The FHA OrganizationDefinition of FHA
FHA is an acronym that stands for Federal Housing Administration. The administration was founded by the United States Federal government in 1934.
The main purpose of FHA was to allow people with sufficient income to purchase a home without the need for a major down payment.
FHA Does Not Lend Directly to Borrowers
Many people work under the assumption that they will receive a loan directly from the FHA office. This is not true.
Instead, FHA provides rules about home loans. Lenders that are qualified to offer an FHA insured loan must follow all the rules set forth by FHA (some lenders will add their own mortgage overlays as well). This allows multiple lenders across the country to offer low down payment loans to qualified applicants.
FHA Insures the Mortgage Loans
When a lender offers a home loan according to the FHA guidelines, that loan is insured by the FHA. ... more

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