What is an FHA Loan? Explained!

By
Real Estate Agent with Keller Williams Realty

What is an FHA Insured Loan? Explained! 


AAA Home Team - 407-928-8652

 

Federal Housing Administarion (FHA) insured loans are made by private lending institutions such as banks, savings & loans, or mortgage companies to eligible borrowers for the purchase of a home. To get such a loan, the borrower must apply and qualify with a certified FHA Lender.

 

 



FHA Loan Benefits:

 

  • Equal opportunity for all qualified buyers
  • Required down payment as low as 3.5% of the purchase price
  • Ability to finance up from Mortgage Insurance Premium
  • Ability to finance the cost of repairing and/or improving a home
  • Right to repay without penalty
  • Credit improvement in the qualifying process 
  • Available in all areas of the country
  • Default assistance and foreclosure prevention

Want to obtain an FHA Insured Loan? Here's the process:

 

Contract to Purchase:

After finding your perfect home with AAA Home Team you will sign a purchase contract conditioned on approval of an FHA Insured Loan

 

Loan Application:

Select your lender (we can help with that too!) They will collect all necessary documents and request FHA to assign a licensed appraiser to determine the value of the property. 

 

Loan Decision: 

If the established value of the home is acceptable to all parties and the lender determines that you are qualified, the loan may be approved. 

 

Things to Remember with an FHA Insured Loan:

  1. Homes purchased with an FHA Insured Loan must meet specific property standards.
  2. FHA Insured Loans are only available for homes purchased as a primary residence.
  3. Borrowers will be responsible for paying an annual premium.
  4. Mortgage limits on FHA secured Loans depend on the county in which the property is located

Want more information about FHA Secured Loans? Contact AAA Home Team TODAY at 407-928-8652 or Visit www.AAAFloridaHome.com 

 

OR Start your home search for FREE! Search the MLS just like a Realtor

 

 
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