FHA Loans

With all the fallout in the mortgage lending industry, the FHA loan is making a comeback. Originally, FHA loans were designed to help people who didn't have the "standard" 20% down payment purchase a home. You can purchase a home with a 3% down payment with an FHA loan.

With the advent of Sub-Prime Lending, FHA loans took a backseat for a while. Lenders were giving loans with no money down, so many folks went that route.

Now, with many Sub-Prime loans adjusting (adjustable rates are common in the sub-prime lending world) upwards, folks find they can't make the payments and foreclosures are on the rise.

An FHA loan can help these people too. There is a new FHA loan program that would allow borrowers to refinance their homes at a lower interest rate and eliminate the 3% required minimum down payment for FHA loans. This could help lots of folks with less than perfect credit and payments that are too high get back on even footing with their housing payments.



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