Home Loan Options From the Federal Housing Administration

By Dustin DiMisa

A United States government agency, the Federal Housing Administration (FHA) has for the last 85-plus years insured residential building loans and offered homeowners manageable home mortgage options. As President and Manager of InterContinental Capital Group, my colleagues and I work closely with the FHA to provide individuals with poor credit or low incomes access to low-rate home loans or refinancing. The FHA supplies flexible and diverse loan options used by homeowners and buyers for a variety of purposes, such as buying, refinancing, or improving a property.

Best known for its first-time home buyer mortgages, the agency can provide qualified first-home applicants with 96.5 percent financing following a 3.5 percent down payment. Other FHA mortgages finance fixer-upper homes that borrowers wish to improve themselves. These loans and others target occupants only, not investors, landlords, or third parties not residing or intending to reside in the house. Another type of FHA mortgage, the FHA Home Equity Conversion Mortgage, allows borrowers 62 years of age and older to transform their home’s value over time into cash. In most cases, homeowners pay this specific home loan off when they pass away or sell the property.

The FHA’s manufactured homes loan, also known as the Title I loan, targets borrowers purchasing prefabricated homes. Title I loans cover the cost of the house itself, the cost of a piece of property on which to place the home, or both. Maximum Title I loan amounts strictly covering the amount of the house were recently capped at almost $70,000. Title I loans for a combination of property and prefabricated house run as high as $93,000. These loans last from 15 to 25 years, depending on the situation. Read about other Federal Housing Administration loans online at www.fha.com.

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~ by Dustin DiMisa on May 12, 2011.

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