What is a FHA Loan?

An FHA home loan is a mortgage that is insured by the federal government, through the Federal Housing Administration. This insurance protects the mortgage lender who makes the loan against losses resulting from a borrower default, or failure to repay. The program is managed and overseen by the Department of Housing and Urban Development (HUD) and has been around since the 1930s and continues to become ever so popular with homebuyers.

The HUD 203(b) Mortgage Insurance program, commonly known as the FHA program, offers a path to homeownership for people who might not qualify for a regular “conventional” mortgage (one that is not insured by the federal government). In order to apply for a FHA loan, you will have to work with a HUD-approved lender. These are lending institutions that have been approved by the Federal Housing Administration to participate in the program and offer FHA financing to borrowers.

OneTrust Home Loans is an approved FHA Direct Endorsement Lender. We are offering a $1,000 closing credit to the first 500 borrowers and $500 or the next 1,000 borrowers who want to take advantage of this significant savings. For complete mortgage loan program details and to find out if you qualify, contact us today at 888-488-3807 or click here.

 

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