By 
Want to purchase your first home? Interested in buying a fixer-upper? Are a senior who already owns a home in need of financial assistance? Need help financing a mobile home or improving the energy efficiency of your home?
If you answered yes to any of these questions you may able to get the help you need from an FHA loan.
First Time Home Buyers
If you’re a first time home buyer, you may be able to get 203 (b) mortgage insurance, one of the most popular programs offered by the FHA.
As a first time home buyer, you may find yourself having a hard time convincing lenders to invest in you since you have no proven track record. You can make it much easier for lenders to trust you by getting the FHA to back you up with 203 (b) mortgage insurance.
This gives the lender something to fall back on should you fail to make your payments.
To be eligible for 203 (b) mortgage insurance, the home you are purchasing will have to be your primary residence and you must meet standard credit qualifications set by the FHA.
You must be eligible for approximately 96.5% financing and be able to afford an annual premium on your insurance. The residence you are purchasing must be a one-to-four unit structure. Specific mortgage limits may apply based on your geographic region.
Fixer-Uppers
Sometimes the house you are interested in buying is a fixer-upper in need of repairs. If this is so, you can again have a rough time with lenders since they would prefer not to lend you the money until the repairs have been accomplished.
Naturally though unless you own the home, you can’t repair it, so that leaves you in quite a quandary.
The FHA has an answer to this dilemma called program 203 (k). 203 (k) will insure your home loan and even help you to finance the costs of the repairs themselves.
If you do choose to do this you’ll need to be able to furnish a down payment of 3.5% or so.
Reverse Mortgages for Seniors
If you are a senior and you own your own home, the FHA can help you to take advantage of something called a FHA 255 reverse loan.
If you are in need of cash and own significant (or total) equity in your home, you can liquidate your equity into cash by getting a reverse mortgage. Some uses for this cash might include health expenses, basic living expenses, or just financial security.
To participate in the FHA’s program, you’ll need to be 62 or older and either own your home completely or have very little balance left on your mortgage. The home must be your primary residence.
Energy Efficient Mortgage Program
Tired of paying high utility costs? The Energy Efficient Mortgage (EEM) program by the FHA can help you to improve the energy efficiency of the home you’re in, or help you to make improvements to a home you are purchasing or refinancing.
This can be a great way to save some money in the long run!
Mobile and Manufactured Housing
Don’t want to live in a traditional house? There are two different programs available through Web Hosting Gratis that can help you finance a mobile or factory-built home.
One program is aimed at those who own the land where the house will be located and the other program is aimed at those who will live in the mobile home park.
If you’re a first-time home buyer or buying a fixer-upper, FHA can help you convince a lender that you’re worth the risk. Senior citizens can benefit from a reverse mortgage program to liquidate their assets, and anyone who meets the guidelines can get financing for a mobile home or for energy efficiency upgrades to a new or existing home through the FHA.