FHA Loans

FHA stands for Federal Housing Administration, and as it sounds, FHA is a United States government agency created by the National Housing Act of 1934. It sets standards for underwriting guidelines and ensures loans made by banks and private mortgage lenders for home financing. Nearly a quarter of all home loans closed in the United States are FHA loans. FHA loans aren’t perfect for everybody, but they are an excellent fit in some situations. The main appeal is that they make it easy to qualify for and have more flexible guidelines. The FHA loan program is a great option not only for first-time homebuyers, but often this is an excellent program for buyers who are selling their homes and may not have the large down payment to purchase their next home. For more information from a professional loan officer on getting approved for an FHA home loan, contact Taras Duhnevich, Home Loan Mortgage Advisor in the Kirkland, WA area today.