FHA loan

A mortgage loan that is guaranteed by the Federal Housing Administration (FHA) in lieu of private mortgage insurance. FHA guidelines are not as strict as Fannie Mae or Freddie Mac’s and are designed for borrowers, such as first-time home buyers, who can’t make a large down payment. A typical FHA loan requires a minimum cash down payment of 3% on the part of the buyer, and that can be from a gift or grant. Sellers must pay part of the closing costs; borrowers can include their closing costs in the loan amount. FHA loans also are assumable, meaning a new buyer can take over the existing loan. Rates for FHA loans may be slightly higher than conventional loan rates (those not guaranteed by the government).

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Make Tough Refinancing Work With an FHA Loan

Low credit scores? Too much debt? With the government standing behind you, banks and mortgage companies can make loans they wouldn't normally offer at competitive interest rates that could cut your monthly payments by hundreds of dollars.

FHA Loan Refinancing: Tips and Hidden Costs

The Federal Housing Administration has been systematically overcharging borrowers at the closing table when FHA loans are refinanced. Has this happened to you?

How to Get an FHA Loan

This government program can help homebuyers with lower credit, higher debt and little money for a down payment qualify for an affordable mortgage. Here's everything you need to know about them and lots of good advice on how to qualify for an FHA loan.

Top 3 Ways To Refinance Your Home

Point of Interest Refinancing your mortgage can be stressful and it’s important to do it in the right way. Weighing the best ways for how to refi…

What Is PMI (Private Mortgage Insurance)?

If you don't make a 20% down payment, you'll be required to carry private mortgage insurance, or PMI. Although you're the one who must pay monthly premiums for this coverage, it protects the lender, not you.

7 Mortgage Fears That Hold Home Buyers Back

Would you like to buy a home but worry that you'd never qualify for a mortgage? It's time to stop guessing and evaluate your chances to land a loan based on everything from how much you make to your credit score. Believe it or not, the odds are in your favor.

How Mortgage Refinancing Saved Me $200,000

My husband and I weren’t planning to refinance our mortgage. But the savings I found were just too good to pass up.