FHA Mortgage Loans: More Popular Than Ever
Updated January 2017
The FHA loan program has been more popular than ever the last few years as credit has become harder to get. Getting an FHA loan is popular for new first time home buyers as well as those who have been through a short sale, foreclosure or other financial hardship in the past and are looking to get a mortgage to get back on track. For those people who currently have an FHA loan, the FHA streamline refinance is a popular option that reduces the amount of paperwork required and allows homeowners to reduce their interest rate and monthly payment.
FHA Loan Programs
The most popular FHA loan is the FHA 30 year fixed rate mortgage, but that isn’t the only term that FHA mortgages are done for or the only loan program that is possible. FHA loan terms often come in 10, 15, 20 or 25 years – depending on the FHA approved lender that you are working with. Popular FHA loan programs include:
- FHA streamline refinance
- FHA 203k rehab loan
- FHA adjustable rate mortgage
- FHA fixed rate mortgage
- FHA kiddie condo loan
Regardless of which FHA loan program is right for you, HUD has approved a network of FHA approved lenders who can help you. Not every lender is FHA approved, but if a lender is FHA approved, it means that they are regularly subjected to strict audits by the government and most likely are going to do their best to make sure you get in the right FHA loan program for your needs.
FHA Loan Limits
As with interest, FHA loan limits tend to vary from state to state. In December 2016, updated its mortgage limits for 2017.
To get an accurate figure for your specific mortgage situation, click here.
Get The Best Deal: Shop Around
To easiest way to get the best deal on an FHA loan is to shop multiple FHA lenders who can help you. Each lender will have their own tweaks to the FHA guidelines and may require certain things (such as a higher credit score, a higher down payment, multiple appraisals, etc) as well as each lender will have different rates each day. Because of the different tweaks and the constantly changing mortgage rate marketplace, it is a great idea to get (in writing of course) multiple quotes from multiple lenders.
Start right here and get a free, no-obligation quote on your FHA loan today!