융자지식 258- FHA PROGRAMS
4.8 FHA PROGRAMS
FHA offers a number of programs to meet the needs of eligible borrowers. Several popular programs
include:
• 203(b) Home Mortgages: FHA’s primary program, 203(b) is a fixed-rate program used to
purchase or refinance one-to-four-unit family dwellings.
• 234(c) Condominium Mortgages: An FHA condo loan, also known as Section 234(c), is a
mortgage insured by the FHA, which is designed to assist people who are getting into a new
condo.
• 203(k) Rehab Mortgage: Section 203(k) insurance enables homebuyers and homeowners to
finance both the purchase (or refinancing) of a house and the cost of its rehabilitation
through a single mortgage or to finance the rehabilitation of their existing home.
• 251 Adjustable-Rate Mortgages: The 251 program is based on 203(b), with the added feature
of an adjustable rate. FHA offers a number of different types of ARMs, including one-, three-,
five-, seven- and ten-year versions.
• Energy Efficient Mortgages: These loans are allowed for improvements to existing and new
construction properties to increase their energy efficiency. Financing is the greater of 5% of
the loan or $4,000, with the maximum capped at $8,000.
• 245(a) Growing Equity Mortgages and 245 Graduated Payment Mortgages: Similar in
structure, these programs are intended to assist borrowers by lowering the initial costs of
their mortgage. Payments increase each year, so the programs are best for borrowers
expecting a steady increase in their income over time.
• 2-1 Buy Downs: FHA permits borrowers to buy down the rate on their fixed-rate loan.
Lenders are required to qualify the borrower at the note rate and not the buy down rate. In
this type of buy down, the borrower deposits funds in an escrow account in order to offset
lower interest.
• 203(g) Officer and Teacher Next Door: The 203(g) program is intended to revitalize
communities by offering homes for sale at a 50% discount off the HUD appraised value to
teachers, law enforcement officers and firefighters/EMTs. HUD requires a mortgage
agreement to be signed for the discounted amount although no payments or interest is
charged as long as the borrower fulfills a three-year owner occupancy requirement.
The Federal Housing Administration (FHA)
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/fhahistory
FHA Single Family Housing Policy Manual 4000.1.
https://www.hud.gov/sites/documents/40001HSGH.PDF
https://www.hud.gov/program_offices/housing/fhahistory
https://www.hud.gov/sites/documents/40001HSGH.PDF
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