What is an FHA Loan?
The Federal Housing Administration (FHA) was established in 1934 to improve housing standards and to provide a sufficient home financing system with mortgage insurance. Now families that may have otherwise been excluded from the housing market could finally buy their dream home.
FHA does not make home loans, it insures a loan; should a homebuyer default, the lender is paid from the insurance fund. If you are considering an FHA loan in Omaha, here are some things to remember.
- Buy a house with as little as 3.5% down.
- Ideal for the first-time homebuyers unable to make larger down payments.
- The right mortgage solution for those who may not qualify for a conventional loan.
- Down payment assistance programs can be added to an FHA Loan for additional downpayment and/or closing cost savings.
Related articles about FHA loans:
- FHA Cuts Mortgage Insurance Premiums
- Can You Purchase Investment Property With Less Than 20% Down Payment?
- Low and No Down Payment Mortgage Options
- Buying a Home with Less Than 20% Down
- Top 5 Must-Do's for First-Time Homebuyers
- Can You Purchase an Investment or Rental Property with an FHA Loan?
- 3 Facts about FHA Loans, and Why They Might be Right for You!
- FHA 203k Versus Fannie Mae HomeStyle Renovation Loans