FHA Loans

An FHA loan is a mortgage loan insured by the Federal Housing Authority which is part of the U.S. Department of Housing and Urban Development (HUD). FHA loans used to have lower down payment requirements and were easier to qualify than conventional loans. In recent years, however Fannie Mae or Freddie Mac have introduced low down payment programs like the Community Home Buyer program. The FHA loan limit for Arizona is a home price of $115,900. Besides the 30 yr. fixed, 2-1 Lender paid buydown & adjustable loans, FHA has some very unique programs such the 203K loan (for rehabilitation of run down properties) and the Title 1 loan (for home improvement) which requires no equity.