What is an FHA Loan?

FHA

The FHA, or Federal Housing Administration, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the United States and its territories. It is the largest insurer of residential mortgages in the world, insuring tens of millions of properties since 1934 when it was created. Learn more about FHA loan requirements and guidelines.

FHA Mortgage Insurance

FHA insured loans require mortgage insurance to protect lenders against losses that result from defaults on home mortgages.

FHA Loan Limits

FHA lending limits vary based on a variety of housing types and the state and county in which the property is located.

Your Loan Checklist

Before you start the loan process, you'll want to be prepared for the loan application. Have your information organized and ready for your loan officer. Be prepared to pay for property appraisal and a credit report.

FHA Closing Costs

While FHA defines which closing costs are allowable as charges to the borrower, the specific costs and amounts that are deemed reasonable and customary are determined by each local FHA office.

FHA Debt Ratios

In order to prevent home buyers from getting into a home they cannot afford, FHA guidelines have been set in place requiring borrowers and/or their spouse to qualify according to set debt to income ratios.

FHA Credit Issues

An FHA loan applicant's past credit performance that demonstrates good credit history and a solid track record of timely payments will likely be eligible for the mortgage.

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