What is an FHA Loan?

An FHA loan, is an Federal Housing Administration mortgage insurance backed mortgage loan which are provided by FHA-approved lenders. FHA insured loans are a type of federal assistance and have historically allowed lower income buyers to borrow money for the purchase of a home that they would not otherwise be able to afford. to obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium (MIP) equal to a percentage of the loan amount at closing is required, and is normally financed by the lender and paid to FHA on the borrowers behalf. Depending on the loan to value ratio, there may be a monthly premium as well. Come in to Arbor Pass this weekend, and make an appointment to speak to Adam, our finance expert from Wells Fargo, to see if this would be a good fit for you? We are here Monday-Friday 12-5pm and 10-5pm Saturday and Sunday.