Federal Housing Administration (FHA) Loans
FHA loans are government-insured loans that are only available from approved lenders who use guidelines set up by the Federal Housing Administration. FHA loans have slightly higher interest rates but less strict qualification requirements. The FHA charges mortgage insurance, on every loan, regardless of how large the loan is compared to the home's purchase price.
· Standard FHA Loans are loans for amounts under county limits.
· High Balance FHA Loans are loans for amounts over the standard FHA limit.
· FHA Streamline is a refinancing option available for homeowners with an FHA loan. It allows the homeowner to obtain a lower interest rate without going through the process of a full refinance.
· Check Loan Limits in your area.