FHA Loan Program Guidelines: Which FHA Loan Programs will work for you?

FHA loan programs can help almost any American homebuyer. With the flexibility inside each program, much more than people think, homebuyers with good credit and a small down payment can go out and buy, fix-up or refinance a home.

How FHA Loan Programs Work

FHA loan programs do not fund loans for home borrowers; instead FHA loan programs provide insurance for home mortgages. The FHA makes sure that home loans are insured up to a particular amount (depending on the loan and related program) so lenders can give better terms on the mortgage being offered. The assurance will save buyers money, allowing them to purchase a home with little down payment. Borrowers are able to buy more house because, in the eyes of the lender, they are giving a larger down payment.

FHA Loan Programs: How They Are Used

At the forefront for FHA Loan Programs is residential home ownership. The FHA loan program guidelines are made to help buyers get financing. The goal is to enable all American who can qualify to get into a quality home. FHA loan programs can enable the purchase of:
•New and existing homes
•Single family and manufactured homes
•Townhouses and condos, as long as the condos are in approved projects where at least 51 percent of the units are owner-occupied
•2-3 unit investment properties, as long as the owner lives in one unit
•Farms, a long as the residence for the owner exists on the property
•Homes in need of fixing up, in which case the loans can cover both the cost of the purchase and the costs of improvement

Home owners who are over 62 can plug into another FHA loan program, a ‘reverse’ program, which allows seniors to tap into the equity which they have accumulated. This equity can then help with living expenses.

FHA loan program guidelines also allow for the refinancing of existing loans, which allow you to fold them into FHA loan program. Or, if you already have an FHA loan, you can refinance for better terms.

What to Know About FHA Loan Program Guidelines

There are restrictions and FHA loan program guidelines which determine eligibility and use of FHA loan programs. Some of the basic FHA loan program guidelines include:
•FHA loan program guidelines have loan size limits, which may vary by state and by county. An FHA lender can explain what those limits may be in your area.
•FHA loan program guidelines on the size of a loan are tied to the cost of housing in an area. Size can be as high as $290,000 for single-family homes in some areas.
•These loan limits as set up the FHA loan program guidelines can vary with the area market. A trusted FHA lender will have accurate and recent figures.
•FHA loan programs also allow for home improvement, refinancing and such programs as the Energy Efficient Mortgage.

FHA loan program guidelines have been expanded through recent Congressional action. Some home owners and potential buyers who may not have found FHA loan programs helpful in the past may do so now, through a FHA home loan. For many, the security which comes from working with a FHA lender to get funding through a FHA loan program is the most beneficial and affordable choice for a mortgage.

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