The section 255 FHA mortgage loan also known as the Home Equity Conversion (reverse) Mortgages (HECM) provides FHA insurance on reverse mortgages which can be used by senior homeowners age 62 and older.
These can be used to convert equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home.
The section 251 mortgage loan provides FHA insurance on adjustable rate mortgages (ARM's) for purchase or refinance loans.
This enables low to moderate income borrowers the ability to purchase or refinance their home at a lower initial interest rate.
The section 245 mortgage loan provides FHA insurance to households with limited income that are expecting their income to increase substantially in the next 5-10 years.
The ability to buy a home sooner, by making mortgage payments that start small and increase gradually over time.
The programs main purpose is to help young families who are just starting out, this creates an avenue for them to purchase a house much sooner then would otherwise be possible.
234c mortgage loan provides FHA insurance to borrowers who purchase a unit in a condominium building.
The section 203b mortgage loan provides FHA insurance to help lenders protect against the risk of default on mortgages to qualified borrowers and is often homebuyers best chance at getting a loan.
Insured mortgages may be used to finance the purchase of new, existing or construction of a 1-4 family owner occupied dwelling, as well as to refinance with or without cash-out (cash-out is limited to an LTV of 85 percent).
The section 203k mortgage loan provides FHA mortgage insurance to homebuyers and homeowners looking for the opportunity to finance the purchase (or refinance) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.
If you are looking for information on the 2009- 2012 Stimulus Bill concerning tax breaks and/or tax credits for installing solar panels, solar water heaters, geothermal heaters, fuel cells, windows, HVAC, biomass stoves, insulation, roofs, small wind energy systems and more.
The Federal Housing Administration(FHA) provides mortgage insurance, backed by the U.S. government, on loans made by any qualified lender.
This protects them from loss if the homeowner should default on the mortgage loan throughout the United States and its territories.
FHA has now become the single largest insurer in the world, with over 34 million properties insured since 1934. Ever since then, the FHA has continued to help low to medium income borrowers obtain the dream of owning a home.
The section 203h mortgage loan provides FHA insurance to qualified disaster victims who have lost their homes and are in the process of rebuilding or buying another.
Individuals are eligible for this program if their homes are located in an area that was designated by the President as a disaster area and if their homes were destroyed or damaged to such an extent that reconstruction or replacement is necessary.
The section 184 loan guarantee program is designed for the American Indian and Alaska Native families, tribes, Alaska Villages or tribally designated housing entities.
Congress established this program in 1992 to improve access to capital for Native Americans.
Before this the unique status of Indian lands caused this small but growing market to be under served.