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  FHA Mortgage: FHA Guidelines & Information for Portland OregonFHA stands for the Federal Housing Administration. It was developed by the government to stimulate the housing market when interest rates were incredibly high and activity was low. Today, the FHA merely oversees the insuring of loans for lenders who want to help people like us.
Did you know that you need absolutely no credit history to get an FHA loan? If you do have a credit history, it doesn't even have to be perfect or stellar. Generally, you can get into an FHA loan with 3% down. This money can come from yourself, your immediate family, or even a special non-profit program which "donates" your 3% down money.
Because the seller can contribute up to 6% of the sale of a home, you can even have all your closing costs paid for! What we are talking about here is getting into a home with no money down. Even better still, you can use some of that money to "buy down" your interest rate for up to three years. This means you will have a lower payment! With some fancy accounting, almost anyone can get into a home.
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 Portland the same day!
Brief FHA History In 1937, under an act of Congress, the Federal Housing Administration was established to provide American families with a unique opportunity to become homeowners. Formerly, a homebuyer's options were only limited to short term loans ranging from 1 to 5 years in term. Borrowers had to put as much as 40 to 50 percent down on the property and pay off the entire loan balance by the end of the term. FHA revolutionized the mortgage industry at the time by offering the 30-year mortgage and made the possibility of home ownership available to Americans nationwide. Throughout the years, a variety of programs have spawned from this revolution to make home ownership easier, more affordable, and attainable to Americans.
Though HUD is not a direct lender, it is the Department's responsibility to maintain an ongoing program designed to monitor the overall quality of loans originated from HUD approved lenders. HUD is an insurer of loans, protecting lenders against potential losses suffered from default and foreclosure. The "mortgage insurance premium" collected from the borrower on each loan helps defray costs associated with this program. If you would like to find out more information or to see if you would qualify for a FHA loan program. Please take the time to fill out the application to get the process started.
FHA Loan Information
FHA, also known as the Federal Housing Administration, operates under the control of the Department of Housing and Urban Development (HUD) and has the primary responsibility for administering the government home loan insurance program. This program allows buyers who might otherwise not qualify for a home loan to obtain one because the risk is removed from the lender by FHA.
The most popular FHA home loan program nationwide is the 203(b) FHA home loan (see below) that only requires a minimum of 3% from the borrower and permits 100% of their money needed to close to be a gift from a relative, non-profit organization, or government agency.
The main advantage to a FHA home loan is that the credit criteria for a borrower are not as strict as FNMA or FHLMC. Someone who may have had a few credit problems should not have a problem obtaining FHA financing. Also, FHA home loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the seller must pay for part of the traditional closing costs while a borrower's allowable costs can partially be wrapped into the loan. 100% of the down payment and closing costs can be gifted.
If you would like to find out more information or to see if you would qualify for a FHA loan program. Please take the time to fill out the on line application to get the process started. Filling out an application in no way obligates you and is completely free to apply, fast and secure. Apply Today!
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 Portland the same day!
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