What is a FHA loan?
What is a FHA loan?
What is a FHA loan?
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What is a FHA loan? 2017-09-27T00:54:01+00:00

The Federal Housing Administration (FHA) was created by Congress in 1934 to help combat a plummeting housing market which resulted from the effects of the Great Depression.

Part of the National Housing Act of 1934, FHA-insured loans revolutionized home lending which previously had only offered limited loan terms and difficult repayment schedules. Typical home loans during the period were only of a duration of three to five years and typically had a balloon payment at the end of the term with no option of refinancing.

The FHA brought stability to the housing market by regulating the rate of interest and the terms of the mortgages that it insured.

The FHA doesn’t originate loans, but instead, insures lenders against losses in case of default thus providing mortgage lenders the opportunity to originate loans to higher risk borrowers like those who may be credit challenged or those who may lack a mortgage payment history like first-time home buyers.

Loans insured by the Federal Housing Administration (FHA) are usually the easiest and most flexible types of mortgage loans to secure.

The basic requirements for securing an FHA loan include:

– Two years of steady employment, preferably with the same employer

– Income that has either been steady or increasing over the previous two year

– No more than two 30-day late payments over the previous two years with a minimum credit score of 620 (though no credit score may be acceptable in some cases)

– Your mortgage payment cannot exceed 31 percent of your gross mortgage with your total obligations not exceeding 43 percent of your gross income

– Bankruptcies must be at least two years old while a previous foreclosure must be at least three years with perfect credit since the blemish

Although these are just general basic requirements, different lenders may also have additional or different requirements in order to obtain an FHA loan.

Related Articles:

Benefits of a FHA Loan

Check to see if you are eligible for a FHA Loan

FHA Loans for first time home buyers

FHA Loan requirements

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
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With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.
What is a FHA loan? 2017-09-27T00:54:01+00:00

The Federal Housing Administration (FHA) was created by Congress in 1934 to help combat a plummeting housing market which resulted from the effects of the Great Depression.

Part of the National Housing Act of 1934, FHA-insured loans revolutionized home lending which previously had only offered limited loan terms and difficult repayment schedules. Typical home loans during the period were only of a duration of three to five years and typically had a balloon payment at the end of the term with no option of refinancing.

The FHA brought stability to the housing market by regulating the rate of interest and the terms of the mortgages that it insured.

The FHA doesn’t originate loans, but instead, insures lenders against losses in case of default thus providing mortgage lenders the opportunity to originate loans to higher risk borrowers like those who may be credit challenged or those who may lack a mortgage payment history like first-time home buyers.

Loans insured by the Federal Housing Administration (FHA) are usually the easiest and most flexible types of mortgage loans to secure.

The basic requirements for securing an FHA loan include:

– Two years of steady employment, preferably with the same employer

– Income that has either been steady or increasing over the previous two year

– No more than two 30-day late payments over the previous two years with a minimum credit score of 620 (though no credit score may be acceptable in some cases)

– Your mortgage payment cannot exceed 31 percent of your gross mortgage with your total obligations not exceeding 43 percent of your gross income

– Bankruptcies must be at least two years old while a previous foreclosure must be at least three years with perfect credit since the blemish

Although these are just general basic requirements, different lenders may also have additional or different requirements in order to obtain an FHA loan.

Related Articles:

Benefits of a FHA Loan

Check to see if you are eligible for a FHA Loan

FHA Loans for first time home buyers

FHA Loan requirements

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
What is a FHA loan? 2017-09-27T00:54:01+00:00

The Federal Housing Administration (FHA) was created by Congress in 1934 to help combat a plummeting housing market which resulted from the effects of the Great Depression.

Part of the National Housing Act of 1934, FHA-insured loans revolutionized home lending which previously had only offered limited loan terms and difficult repayment schedules. Typical home loans during the period were only of a duration of three to five years and typically had a balloon payment at the end of the term with no option of refinancing.

The FHA brought stability to the housing market by regulating the rate of interest and the terms of the mortgages that it insured.

The FHA doesn’t originate loans, but instead, insures lenders against losses in case of default thus providing mortgage lenders the opportunity to originate loans to higher risk borrowers like those who may be credit challenged or those who may lack a mortgage payment history like first-time home buyers.

Loans insured by the Federal Housing Administration (FHA) are usually the easiest and most flexible types of mortgage loans to secure.

The basic requirements for securing an FHA loan include:

– Two years of steady employment, preferably with the same employer

– Income that has either been steady or increasing over the previous two year

– No more than two 30-day late payments over the previous two years with a minimum credit score of 620 (though no credit score may be acceptable in some cases)

– Your mortgage payment cannot exceed 31 percent of your gross mortgage with your total obligations not exceeding 43 percent of your gross income

– Bankruptcies must be at least two years old while a previous foreclosure must be at least three years with perfect credit since the blemish

Although these are just general basic requirements, different lenders may also have additional or different requirements in order to obtain an FHA loan.

Related Articles:

Benefits of a FHA Loan

Check to see if you are eligible for a FHA Loan

FHA Loans for first time home buyers

FHA Loan requirements

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.