Did you Miss the Homebuyer Tax Credit? Well there is no expiration date on FHA Loans

You hear the term FHA Loan often but really do not know what it means right? The acronym, FHA, stands for Federal Housing Administration which was created by Congress in 1934 to help low income families purchase homes. An FHA loan can be used for 1st time home buyers or investors to help fix up homes. Today the FHA loan mortgage insurance provides lenders the protection against homeowner default on their mortgage loan. Which means for YOU, lenders can offer lower rates because of the lowered risk. A down payment can be as little as 3.5 percent of the homes purchase price. For example, if the home you want to purchase is $100,000 your down payment would only be be $3,500 unlike conventional loans that require 5 ,10, or maybe even 20% down.
The HUD 203(k) loan which allows the qualified buyers purchase fixer uppers or to rebuild after a disaster and this loan even has built in protection for the borrower should the repair or renovation process cost more than expected. If you're in the market for a home or know someone who is and FHA loan might be a great option. Visit www.fhaloan.com or hud.gov