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 Sam
Site Admin
Joined: 21 May 2005
Posts: 281
Location: CALIFORNIA
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 Posted: Sat Apr 03, 2004 12:06 am Post subject: Federal Housing Administration |
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The Federal Housing Administration (F.H.A) is a federal agency within the U.S. Department of Housing and Urban Development (the H.U.D.). This agency does not loan money. It provides mortgage insurance i.e. offers protection to lenders against default by the borrowers.
Generally, the F.H.A. insured loans require that the homebuyer makes 3% contribution towards down payment and closing costs. F.H.A. loans offer several special benefits:
- The borrower need not be a first time homebuyer.
- No maximum income restrictions etc.
FHA sets standards for underwriting mortgages that must be met by a loan to qualify for the insurance. These standards include:
- Mortgage insurance is required.
- Property must be owner-occupied.
Also the F.H.A. operates a number of mortgage insurance programs involving low down payment which buyers can use to purchase a home.
To know more about FHA Loan and programs, click here
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Sandra Walden
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| Posted: Thu Jan 29, 2009 9:45 am Post subject: FHA Property Standards - Unacceptable Property |
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| My mother in law recently applied for a reverse mortgage and was turned down under the basis "Unacceptable Property". They are stating that the property is located within a high tower fall zone. They purchased the property with that high tower in existence, they refinanced their property with that high tower in existence. I do not understand why she is not able to utilize the reverse mortgage product. Any input and guidance would be appreciated. |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1180
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