FHA-Insured Loans offer many benefits and a level of security that you won’t find in other loans. While these loans are funded by Academy Mortgage, the Federal Housing Administration (FHA) insures these mortgages so Academy can offer you a better deal. With flexible qualification guidelines, these loans are particularly designed to benefit first-time homebuyers and buyers who don’t have perfect credit or a lot of money to put down.
A few common FHA-Insured Loans are:
FHA 203(b) Home Mortgage Loans for qualified buyers wanting to purchase or refinance a primary residence.
FHA 203(k) Renovation Loans for those wanting to buy a home, fix it up, and include all the costs in one loan, or those wanting to refinance what they owe on their mortgage and add the costs to remodel or repair their existing home.
FHA Energy-Efficient Mortgages for those wanting to make their home more energy-efficient.
FHA-Insured Loans offer the following features:
FHA-Insured Loans may be of particular benefit to buyers who:
There are also eligibility requirements for the home. Properties that are eligible for a FHA loan include: single-family homes, 2-4 unit properties, condominiums, double-wide manufactured homes and modular homes. Ineligible homes include (but are not limited to) co-ops, boarding houses, commercial properties, hotels, and private clubs. A home is also ineligible if the seller acquired the house within the past 90 days. For any property over 10 acres, the loan will be based on the price of the house and the first 10 acres only. Additionally, the property must be used as a primary place of residence.
One type of FHA loan that has a couple of other specific guidelines is the 203(k) loan, which is used for buying and remodeling a home. The home must be at least 1-year-old and the rehabilitation of the property must cost less than $5,000.
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Take the next step Get connected with a FHA Loan Specialist who can help you maximize your FHA Loan benefits and let you know what you qualify for. There are no obligations and your credit will not be pulled.
More homes will become available for first time buyers in Arizona with the 90-day anti-flip rule being suspended for one year.
Previously FHA has not allowed any property to be sold for even a dollar more than the original price plus the cost of the improvements until at least 90 days of ownership. That additional holding time had deterred many investors from the market.
With the rule suspended, many more investors will be rehabilitating properties and as such more inventory or choices should become available for buyers especially in the First Time Buyer segment. Teachers, government employees and local medical professionals will certainly benefit by combining this rule change with some of the local and state programs that are available.
"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."
To ensure FHA borrowers are protected from inflated prices, the policy has certain restrictions, including:
You can read the full text of the waiver on HUD.gov.
Contact your Loan Officer today to see if an FHA-Insured Loan is the right solution for you. We take pride in delivering value and savings to homebuyers across the United States. It would be a pleasure to help.