WNY Real Estate Terminology – FHA
WNY Real Estate Terminology – FHA
Let’s talk about FHA – Federal Housing Administration a little bit today. An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.
Read Also: FHA Policy Changes will make it harder to get an FHA Loan
You hear about them most often in connection with FHA Loans. There are lots of good reasons to choose an FHA loan, especially if one or more of the following apply to you:
- You’re a first-time home buyer
- You don’t have a lot of on a house
- You want to keep your monthly payments as low as possible
- You’re worried about your monthly payments going up
- You’re worried about qualifying for a loan
Read Also: What is a SONYMA Mortgage?
They have some wonderful information for both Buyers and Sellers on the FHA website:
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Can I really buy a house?
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Who Can I Call for Help?
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Are you ready to buy a home?
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Mortgage Insurance Premiums
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How FHA’s Reverse Mortgage Program Works
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Don’t you need a lot of money down and perfect credit?
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How can I find out what my credit rating is?
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Predatory Lending
Ready to purchase a home and take advantage of the tax credit? Then call me today at (716) 650-0051 to set up an appointment to discuss your goals.
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