Idaho FHA Mortgage Home Loan Programs

Idaho FHA Mortgage Home Loan Programs

While most people believe that the FHA lends money directly to borrowers, it actually just insures a certain type of loan that is financed by traditional banks and mortgage lenders.

Four of the most visible single family housing programs that FHA offers are, Section 203(b), Section 234(c), Section 203(k) and Home Equity Conversion Mortgages (HECM) – Reverse Mortgages.

FHA Loan Type Highlights:

Section 203(b)

• largest of FHA’s single family programs
• 1-4 unit properties are eligible
• flexible credit requirements
• 3.5% down payment allowed
• down payment may be a gift from specific sources

Section 234(c)

• provides mortgage insurance for individual condominium units
• credit, down payment and limits of 203(b) apply
• in 2010, condominium complexes must be approved through HRAP/DELRAP to be eligible for FHA insurance

Section 203(k)

• primary program for property rehabilitation
• encourages community and neighborhood revitalization
• only 1 mortgage loan is used for both the acquisition and the renovation
• 1-4 unit properties including condominiums are eligible; check with your lender for manufactured housing eligibility
• required improvements include cost effective energy conservation standards and smoke detectors
• consultancy may be required

HECM – Reverse Mortgages

• FHA was the first to promote reverse mortgages nationally
• allows access to equity in property with flexible terms
• lump sum, monthly payments, line of credit or a combination available
• Reverse Mortgages are limited to homeowners 62 years of age and older

FHA programs go beyond the scope of the previously listed programs. They offer a Streamline Refinance as well as a Streamline 203(k) for limited repairs. Also, recent legislation has helped FHA offer special programs with incentives to lenders for modifying and refinancing existing mortgages like with the “Making Home Affordable Program.”

When looking for a loan program to fit your specific needs, take a close look at FHA as their programs have become more attractive to both lenders and consumers.

With favorable loan terms, higher loan limits, 30 year fixed repayment terms and flexible down payment options, FHA will continue to encourage home ownership, provide liquidity and stability to the mortgage market.

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If you have any FHA questions feel free to contact me.

Michelle Guth
Diversified Mortgage Group
Branch Manager/Owner
Direct: 208-475-0865
Loanswithmichelle@gmail.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com

Top 10 Boise Idaho Mortgage Links/Articles/Questions

1. FHA Streamline Refinance in Boise, Idaho
2. Idaho FHA Reverse Mortgage
3. Changes Are Coming For Boise, Idaho FHA Mortgages
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5. Idaho FHA and VA Manufactured Loan Programs for Refinancing and Purchasing Homes
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Diversified Mortgage Group : 7977 W. Marigold St. Garden City, ID 83714 ID MBL-5696 NMLS-36852/1850 NMLS # 69621 P:208-853-7878 F:208-853-7879