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There are Bargins
FHA Loans: What are they and do you qualify?
Probably the best financing today for purchasing homes.
FHA loans are lender loans guaranteed by the Federal Housing Authority. This protects
the lenders if the borrower defaults on the loan. This report goes in to how the lender has to meet
requirements to get FHA approval to offer FHA loans. Most of requirements are to benefit the borrower.
For example: The FHA has made loans affordable by limiting the lenders interest c
harge and down payment required. Normally. the lender will charge the maximum interest and
try to get the most money down. By having the FHA guarantee the loan, the lender has low risk so the
lender is willing to meet the FHA requirement.
After reading the report, you will have a better understanding how FHA loans work. Today, it's probably
the best financing a buyer can get to purchase a home.
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