May 27th, 2020 12:00 PM by Nathan Rufty
The Federal Housing Administration (FHA) is a government entity that offers mortgage insurance on loans made by FHA-approved lenders in Yuma Arizona . The FHA provides insurance on mortgages for many different types of homes including single-family and multifamily homes. The FHA is completely funded by its own self-generated income, meaning there is no cost to taxpayers for its operation and services.
What Are FHA Loans?
FHA loans in Yuma Arizona are insured by the Federal Housing Administration. These loans are designed to help first-time homebuyers and experienced homeowners alike by providing them with a low down payment option. FHA mortgage insurance serves as protection for lenders in the event of a homeowner defaulting on their home loan.
How FHA Loans Benefit You
FHA insured loans often give potential homeowners the option of making a lower down payment than they would need to make if using a traditional, non-FHA insured mortgage. FHA loan benefits include:
In fact, the FHA was created in 1934 as a direct response to difficulties in the housing industry such as unfavorable mortgage loan terms, low rates of homeownership nationwide and widespread unemployment among construction workers.
Get Pre-Qualified for an FHA Loan
Call Nathan Rufty at (623) 850-1210 for your next FHA Home Loan in Yuma Arizona.