FHA
Federal Housing Administration is a federal agency. There are misconceptions
that it is a company providing mortgages or loans to buyers. In reality, FHA is
a federal agency that offers mortgage insurance on loans. The loans are usually
originated by lenders and are approved by company. The mortgage insurance and
facility of loan provided by FHA, is much different from that provided by other
lenders.
FHA is
one of such programs introduced by government to increase home ownership among
citizens of US. This program was first introduced in 1934 and since it is
helping people in achieving their dream home. FHA holds great attraction due to
its low down payments, low closing costs and easy credit qualifying.
Dean
Grazsiosi states that this loan is one of the most dwindling loans. Sometimes
it is most favorite type of loan, used by a majority of Americans. Other times
we see a sudden decline in the beneficiaries. No matter what the circumstances
are, according to Dean, this loan is one of the most favorite loans of
Americans as it provides them a lot of opportunities.
Before
we proceed with FHA loan, let us know some important and brief information on Dean
Graziosi. For
Americans, Dean is not a new personality. You see him daily on your local TV
channels teaching you tricks and tips of real estate and motor parts. His
infomercials are running on TV since 1998. His infomercial Motor Millions is
one of the longest running infomercials.
Apart
from these infomercials, he is also famous for writing books and conducting
live events. His books are bestsellers in many renowned magazines lists,
including, New York Times, Wall Street Journal etc. He along with his family
lives in Phoenix, Arizona. Dean’s say on real estate is believed as an expert’s
suggestion. There are a number of people who have achieved their dream with the
help of Dean Grazisoi.
He
teaches all aspects of real
estate, with
more than two decades experience, not a single aspect of real estate is hidden
from him. Let us have a look on information regarding FHA loan, shared by Dean at
various sessions.
What Does FHA Offers?
There is
a list of achievements that you get with the help of this loan. Let us have a
brief look on the offers:
Home Purchase:
It is
one of the most favorite loans when you are going to purchase your own house.
Some of the main features that make FHA favorable to all include:
- Down payment as low as 3%
- Low closing costs
- Easy credit qualifying
- Most of the closing costs and fees are included in the loan
- It is available on 1 – 4 unit properties.
A Fixer-Upper:
FHA
loans allow you to purchase a home, fix it up and include all other costs in
one loan. For those who already own a house and want to repair or remodel the
house, refinance your already existing loan and add cost of the remodeling and
repairing in it. In this way you’ll pay just one loan, no need to request for
another one.
Helping Hand for Senior Citizens:
FHA is
an excellent helping hand for senior citizens. Those who are 62 years older or
above, with a home and low loan balance can get benefit from FHA Reverse
Mortgage.
Energy Efficient Mortgage:
With the
help of FHA Energy Efficient Mortgage, you can do energy efficient improvements
in your home.
Factory Built Houses and Mobile
Homes:
FHA also
provides loan for factory-built houses and mobiles houses. The structure of the
loan is divided in to two products, one is for the land on which mobile home
will stand and the other is for the mobile home itself.
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