FHA Programs that You Might Not Have Heard Of
This is for those who are looking for a good solid and most important of all, accessible and obtainable housing loan solutions. Here are several of the Federal Housing Administration’s loan programs that might be helpful to you.
There are many people in America whose homes have succumbed either too flood, tornadoes, or brush fires. These people are in dire straits. FHA programs give a helping hand to such disaster victims with the Section 203 loan. This special loan can be availed by any American citizen whose house has been severely wrecked or damaged by any area federally declared as a disaster zone. This loan will be legally used either to repair the damaged home, or (as in most cases) buy a new home. There is a necessary condition though that the application of the home owner should be filed within the jurisdiction of the HUD (Department of Housing and Urban Development) right within one annum of the declaration of the disaster by the federal government. This program is very useful for disaster victims since a hundred percent of the loan can be gotten hold of. Any insurance, tax on the property, or other such prepaid costs may be paid by the home owner.
The FHA has a special loan for veterans. This program is called the FHA VA Tandem Loan. This is a very special loan and it is specifically targeted to veterans (non veterans are not eligible to join and apply for this). Those who are in need to preserve or keep their VA certificates and just plans to use it at a later date will find this loan perfect for them. Those who also have already used the VA eligibility that was bestowed unto them will find the FHA VA Tandem Loan of great use. This housing mortgage does not ask for the entitlement of the veteran in question. There are also an unlimited number of times when this can be employed. This can be employed for the mortgaging of a duplex or any single family house/structure only.
For those who need low cost housing, the manufactured housing loan program of the FHA might be a good choice. In this FHA program, the borrower will be getting loan funds to finance the purchase of what is called a “manufactured home.” This is a low cost home that most lenders do not fund because of the risk brought about by the ease of dismantling and moving of these homes which are also called “mobile homes.”
These are a couple of the most obscure FHA programs that can be availed today by those who fit in the special qualification. The government is really doing its part to help homeowners.
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