FHA Loan Information for Borrowers
The Federal Housing Administration (FHA) runs several programs to promote home ownership. In most cases, FHA loans are mortgages obtained with the help of the FHA. With a small down payment, buyers can purchase a home. FHA loans make it easier for people to qualify for a mortgage, but they are not for everybody.
What is an FHA Loan?
An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults the FHA will pay. Because of this guarantee, lenders are willing to make large mortgage loans.
Buying a Home?
Congratulations – You couldn’t have selected a better time! With interest rates at historical lows and today’s favorable home prices, many home buyers have found that they can afford much more home for their money than ever before.  Contact a MJW loan consultant to find out how much you qualify for.  Call and get your free credit analysis and pre-approval letter today!