FHA Loans

FHA Loans

Q.  What should I know about FHA loans if I’m thinking about buying a home soon?
  A. An FHA loan is a mortgage insured by the Federal Housing Administration (FHA) that offers favorable terms for those who qualify, particularly first-time home buyers. Here are some important details:
 
  1. Is mortgage insurance required? Yes. Because only 3.5% of the purchase price is required as a down payment, FHA loans require you to pay private mortgage insurance. This protects the lender from a loss if the borrower defaults on the loan.
  2. Can you use gift monies with FHA loans? Yes, you may use a gift from a friend or relative for the 3.5% FHA down payment.
  3. Do I get the loan directly from the FHA? No. You need to get your loan through an FHA-approved lender. Costs, services, and underwriting standards vary.
  4. How do I find an FHA-approved lender? Just ask your Realtor or your local bank.


Ann Marie Cancro Headshot
Author:
Phone: 717-468-1301
Dated: November 25th 2014
Views: 345
About Ann Marie: LICENSED: Licensed Real Estate Professional since October 1990. AFFFILIATIONS: Lancaster Assoc. o...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Highland Realty Group LLC
357 Locust Street
Columbia, PA
717-862-4620
717-327-4709

Other Locations