FHA loans better known as the Federal Housing Administration loan offers several loans.
For instance they allow people with bad credit the opportunity to finance a loan. They are also geared towards people that have little to no money to put down on the purchase of a home.
Developed in 1934 these loans were brought about to allow individuals who otherwise may not have qualified for a traditional loan the means and opportunity to finance a new house. The Department of Housing and Urban Development (HUD) are the insurers of all FHA loans. They do this through the use of a Mortgage Insurance Premium or MIP. The requirements are not as high for an FHA loan as they are for Fannie Mae or Freddie Mac Loans. Typically a borrower can purchase a home with only 3% down.
The biggest advantage that these loans have over conventional loans is the requirement of a lower down payment. Unfortunately this also places a cap on the amount of the loan that can be borrowed by an individual.
One online lender that we like for these types of loans is PlanetLoan.com
PlanetLoan.com - is a trusted online lender of FHA loans. They feature great customer service, easy short forms to fill out and the approval time is fast. Many satisfied people have used their services to quickly and easily obtain a loan.
Use them to find the best loan that fits your needs now.
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