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FHA Loans: Everything You Need to Know
What is an FHA home loan?
With an FHA mortgage loan, you have the confidence that the loan is funded by Sun American Mortgage and backed by the Federal Housing Administration . FHA is the largest insurer of residential mortgages in the world. An FHA Home Loan has more flexible guideline requirements which are ideal for first-time home buyers or those with less than perfect credit.
An FHA loan is a home loan that is insured by the FHA. In other words, there’s a guarantee that if you fail to repay the mortgage, FHA insures the lender that a portion of that debt will be paid. This is the reason you are required to pay a Mortgage Insurance Premium in your loan.
Low down payment is as low as 3.5%. Gifts and seller contributions are allowed. Easier qualifying guidelines. The FHA loan is assumable, meaning someone can take over the loan for you.
Key FHA Mortgage Loan Points:
*Loan terms and limits subject to change. This page is for educational purposes only and is not a commitment to lend.
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