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FHA Mortgage Insurance Programs
Author David Schneider | Dec 03,2007
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The Federal Housing Administration operates as part of the U.S. Department of Housing and Urban Development. In an effort make homeownership a reality for more and more individuals, FHA manages a number of mortgage insurance programs. The FHA protects lending institutions by insuring the mortgages they provide.
Single Family FHA Mortgage Insurance Program
The single family FHA mortgage insurance program allows borrowers to purchase a residence without the standard 20 percent down payment. With as little as a three percent down, FHA borrowers can buy a home. The mortgage insurance for this program added to the monthly mortgage payment. With this program, the lending institution funds the mortgage, but HUD insures the mortgage.
Single Family Rehabilitation FHA Mortgage Insurance
The single family rehabilitation FHA mortgage insurance program allows borrowers to buy up to a four-unit property, for rehabilitation. This program also allows borrowers to refinance in order to rehab the property. This program requires upfront payment for mortgage insurance.
FHA Mortgage Insurance for Condominium Units
While some families purchase single family homes, others buy condominiums. The FHA mortgage insurance for condominium units program allows families to purchase with as little as three percent down payment. The program also allows for refinancing condominium units.
Single Family FHA Mortgage Insurance for Special Credit Risks
For those individuals with poor credit, FHA also offers a special credit risks program. The program allows poor credit borrowers with low income to purchase a low-cost residence. FHA programs like this make it possible to help individuals who would not otherwise qualify for a mortgage loan.
The Federal Housing Administration operates as part of the U.S. Department of Housing and Urban Development. In an effort make homeownership a reality for more and more individuals, FHA manages a number of mortgage insurance programs. The FHA protects lending institutions by insuring the mortgages they provide.
Single Family FHA Mortgage Insurance Program
The single family FHA mortgage insurance program allows borrowers to purchase a residence without the standard 20 percent down payment. With as little as a three percent down, FHA borrowers can buy a home. The mortgage insurance for this program added to the monthly mortgage payment. With this program, the lending institution funds the mortgage, but HUD insures the mortgage.
Single Family Rehabilitation FHA Mortgage Insurance
The single family rehabilitation FHA mortgage insurance program allows borrowers to buy up to a four-unit property, for rehabilitation. This program also allows borrowers to refinance in order to rehab the property. This program requires upfront payment for mortgage insurance.
FHA Mortgage Insurance for Condominium Units
While some families purchase single family homes, others buy condominiums. The FHA mortgage insurance for condominium units program allows families to purchase with as little as three percent down payment. The program also allows for refinancing condominium units.
Single Family FHA Mortgage Insurance for Special Credit Risks
For those individuals with poor credit, FHA also offers a special credit risks program. The program allows poor credit borrowers with low income to purchase a low-cost residence. FHA programs like this make it possible to help individuals who would not otherwise qualify for a mortgage loan. |
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