The FHA loan is a type of mortgage loan that is secured by the Federal Housing Administration under which the lenders issue loans to borrowers at a very low down payment and affordable interest rates. Following are the types of FHA loans that a person can opt for:
These types of loans are issued to those who have not been able to put aside their savings to buy a property. For example, students, young pupil who have newly joined work, recent payments of debts for college or tuition and many others can apply for this loan.
This loan is issued to those who have low to moderate income levels. With these types of loans, one can easily get an ownership to a home. The rates of interest applied to this loan many change overtime.
FHA Secure Refinance loan allows families or individuals applying for the loan, to avoid foreclosure. Because FHA understands that sometimes due to certain unavoidable circumstances one may not be able to pay the EMIs on time, FHA has established a plan that can help the borrowers.
Senior citizens aged above 62 can apply for a loan and transform the equity in their homes to cash or credit. One does not require any income proof or credit score limit to apply for this loan.
Through the Energy Efficient Mortgage you can add the expenses of adding energy-efficient equipment to your home, into your mortgage. This will significantly reduce your monthly payments, thus lowering the pressure of monthly expenses.
This type of loan is sanctioned to those who currently fall under the category of either low or moderate income levels, but their financial condition is expected to improve significantly over the next 5 to 10 years. The initial costs and down payments are kept very low, and as the income increases, so do the EMIs.
This loan is for new or small families or individuals who have moderate or low income, but their monthly incomes have a chance of increasing within a short period of time. The mortgage payments start with low payments and increase gradually.
As per the name, this loan is sanctioned to those aspiring to buy condominiums.
There are various other loans available for different individuals or borrowers.
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