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FHA Loans in Pocatello Idaho

What is a Federal Housing Authority Loan?

The Federal Housing Authority (FHA) was created by the National Housing Act of 1934 to help revive and stabilize a housing market devastated by the Great Depression and the breakdown of the banking system. It did so by providing federally backed mortgage insurance, first for construction loans and then long term mortgages. By meeting credit history and down payment criteria established by FHA, a borrower can obtain a 20 year fully amortizing mortgage loan.

The Department of Housing and Urban Development (HUD) authorizes the Federal Housing Authority (FHA) to insure lenders against foreclosure loss for any residential mortgage that does not exceed congressionally set loan amounts.

Call American Brokerage at 800-874-8760 or apply on line with our quick, secure application and get an answer on your FHA Home Loan in Pocatello the same day!

Eligibility

FHA financing may be used by any qualified person, whether or not a US citizen. However, the property must be the borrower's principle residence; the borrower must live in the home. The borrower must also have a social security number.

Advantages of a FHA Loan

Low down payment
An assumable mortgage subject to approval of assumer's credit
Right to prepay loan without penalty
Ability to finance closing costs

FHA Programs and Loan Amounts

FHA maximum loan amounts vary by state and county.
Programs available are a 30 Year Fixed, a 15 year Fixed, and a One Year ARM with a 1% annual cap and a 5% lifetime cap.
On a 30 year fixed/level payment, the monthly principal and interest payment remains the same for the life of the loan.
The monthly principal and interest payment on a One year ARM (adjustable rate mortgage) can fluctuate based on the index (1 year Treasury Bill), and it has a 1% annual cap and a 5% lifetime cap.
GPM (graduated payment mortgage) allows the borrower to qualify at a lower interest rate but requires a larger down-payment and has negative amortization.

Call American Brokerage at 800-874-8760 or apply on line with our quick, secure application and get an answer on your FHA Home Loan in Pocatello the same day!

Other Cities in Idaho we provide services.

Boise City FHA Loans
Nampa FHA Loans
Pocatello FHA Loans
Idaho Falls FHA Loans
Meridian FHA Loans
Coeur d Alene FHA Loans
Twin Falls FHA Loans
Lewiston FHA Loans
Caldwell FHA Loans
Moscow FHA Loans