Subject: FHA Loans

Federal Housing Administration loans better recognized as FHA
loans are loans that allow buyers to finance a home with as little
as a 3% down payment.

These loans originated in 1930, the era of the Great Depression.

Foreclosures at this time sky- rocketed and these loans were
created to provide some relief to those lenders by providing
sufficient insurance.

The FHA loans are not home loans with in themselves, but it insures
them.

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These loans often help out first time home buyers who are unable to
pay the higher percentage down payments that are accompanied with
traditional loans.

Borrowers who qualify exhibit a good credit history and proof of
sufficient income to show the borrower is capable of paying a
monthly mortgage, is capable of paying the minimum required down
payment as well as closing costs.

A borrower should have an analysis of their debt to income ratio to
determine if they possibly qualify for the FHA loan.

Usually the monthly total housing costs (principal, interest,
property taxes, and insurance) should not exceed 29% of the
borrowers monthly income.

Also, the borrowers total monthly cost, this includes total housing
costs plus long term debt (credit cards and other loans), should not
exceed 41% of the borrowers monthly income.

To apply for a FHA loan, the borrower should contact several
lenders to find out if they offer FHA loans.

It is strongly recommended that the borrower get pre-approved for
a home loan so that they can shop for a home in the appropriate
pricing range and speed the process of financing the home.

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FHA loans are most beneficial to low to moderate-income families
who are buying homes for the first time by lowering the costs of the
loan process. The FHA loan is only applicable in the United
States.

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Thank you,

Max Taylor
http://taylor-marketing.blogspot.com