The Federal Housing Administration has been the catalyst for many affordable homing options, and one of the primary ways that they have done so is by offering special loans with low interest rates that protect both the buyer and the seller by reducing the buyer’s chance of going into default. Let’s take a closer look at these loans and how you can figure out whether or not you are eligible for one. What Is an FHA Loan? A Federal Housing Administration, or FHA, loan is a mortgage loan that is actually insured by the Federal Housing Administration. In short, the...
The Department of Housing and Urban Development (HUD) has a number of options for people who are seeking to use their home equity for different reasons. One of the ways that they do so is through their Home Equity Conversion Mortgage Program (HECM). This is a reverse mortgage program that allows older adults to withdraw some of the equity in their homes. The point of this program is to help older adults have financial security in their retirement. Who doesn’t want that, right? Let’s take a closer look at the HECM program and reverse mortgages in general, and see...
