Government Loan Programs

December 8, 2009 by Rob Spring · Leave a Comment 

Government Loan Programs
 
FHA loans
An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available [...]

What is an FHA Loan?

November 29, 2009 by Rob Spring · Leave a Comment 

What is the FHA?
The Federal Housing Administration is an agency of the federal government. The FHA insures private loans issued for new and existing housing, and for approved programs for home repairs. The FHA was created by Congress in 1934, and in 1965 became part of the Department of Housing and Urban Development’s Office of [...]

FHA Loan Program

November 29, 2009 by Rob Spring · Leave a Comment 

FHA Purchase loans are the most popular loan type at Southwest Funding. We close them by the dozens each and every month. There are a few reasons for their popularity:
1. Low out of pocket requirements – You can put as little as 2.25% of the sales price down. That down payment can be a gift [...]

FHA Credit Score Requirements

November 13, 2009 by Rob Spring · Leave a Comment 

More and more people are asking – What is the FHA Score now?

For the short version just read the next 3 lines, if you want more… keep going.

I can still write FHA Purchase Loans without restriction at a 620.
I can still write FHA Refinance Loans without restriction at a 640.
Case-by-case basis (restrictions: not normal FHA guidelines) [...]