Federal Housing Administration (FHA) Loans
	The Federal Housing Administration, generally known as the "FHA", provides mortgage insurance on loans made to FHA-approved lenders throughout the United States. It is the largest insurer of mortgages in the world, including over 34 million properties since its inception in 1935. An FHA loan is a federally insured loan made by the Federal Housing Administration. FHA loans are very good options for specific borrowers. Why Does FHA Mortgage Insurance Exist? Unlike conventional loans that adhere to strict underwriting guidelines, FHA loans require very little cash investment. There is more flexibility with household income and payment ratios. In most cases, the loan cost to the homeowners will drop off after five years or when the remaining balance on the loan is 78% of the value of the property – whichever is longer. FHA Loan Overview An FHA loan provides mortgage insurance to a person that is purchasing or refinancing a principal residence. The mortgage loan is funded by Bethpage and insured by FHA. Low down payment. FHA loans require as little as 3.5% down. This down payment can also be gifted to the borrower, which makes home ownership more obtainable for first-time home buyers. Less restrictive qualifications. Tolerance for borrowers with less-than-perfect credit are more easily approved for a loan through FHA programs because the federal government has a higher tolerance than other lenders and governmental programs. Avoiding foreclosure. The Federal Housing Administration provides programs to help avoid foreclosure in case of financial difficulties. Eligibility Requirements for an FHA Loan You must have a valid Social Security Number, be a legal resident of the United States and be of legal age to obtain a mortgage in your state. Bethpage will verify whether you can qualify for the mortgage by checking income, assets, debt load and credit history. You must be able to qualify for the loan. Minimum credit scores are determined by Bethpage and will be reviewed to help determine your interest rate. Good Candidates for an FHA Loan Certain borrowers are better suited for an FHA loan than others. If you are a first-time home buyer, an FHA loan may be a good option. It can help if you have a low down payment, limited credit or limited assets. Those who can only afford a small down payment or those who were given the down payment as a gift often find an FHA loan to be a good choice. If you have less-than-perfect credit, an FHA loan might be your best option. Because the Federal Housing Administration insures the loan, Bethpage can provide a loan following less restrictive credit and income guidelines.

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