4.8 FHA PROGRAMS
\nFHA offers a number of programs to meet the needs of eligible borrowers. Several popular programs
\ninclude:
\n\u2022 203(b) Home Mortgages: FHA\u2019s primary program, 203(b) is a fixed-rate program used to
\npurchase or refinance one-to-four-unit family dwellings.
\n\u2022 234(c) Condominium Mortgages: An FHA condo loan, also known as Section 234(c), is a
\nmortgage insured by the FHA, which is designed to assist people who are getting into a new
\ncondo.
\n\u2022 203(k) Rehab Mortgage: Section 203(k) insurance enables homebuyers and homeowners to
\nfinance both the purchase (or refinancing) of a house and the cost of its rehabilitation
\nthrough a single mortgage or to finance the rehabilitation of their existing home.
\n\u2022 251 Adjustable-Rate Mortgages: The 251 program is based on 203(b), with the added feature
\nof an adjustable rate. FHA offers a number of different types of ARMs, including one-, three-,
\nfive-, seven- and ten-year versions.
\n\u2022 Energy Efficient Mortgages: These loans are allowed for improvements to existing and new
\nconstruction properties to increase their energy efficiency. Financing is the greater of 5% of
\nthe loan or $4,000, with the maximum capped at $8,000.
\n\u2022 245(a) Growing Equity Mortgages and 245 Graduated Payment Mortgages: Similar in
\nstructure, these programs are intended to assist borrowers by lowering the initial costs of
\ntheir mortgage. Payments increase each year, so the programs are best for borrowers
\nexpecting a steady increase in their income over time.
\n\u2022 2-1 Buy Downs: FHA permits borrowers to buy down the rate on their fixed-rate loan.
\nLenders are required to qualify the borrower at the note rate and not the buy down rate. In
\nthis type of buy down, the borrower deposits funds in an escrow account in order to offset
\nlower interest.
\n\u2022 203(g) Officer and Teacher Next Door: The 203(g) program is intended to revitalize
\ncommunities by offering homes for sale at a 50% discount off the HUD appraised value to
\nteachers, law enforcement officers and firefighters\/EMTs. HUD requires a mortgage
\nagreement to be signed for the discounted amount although no payments or interest is
\ncharged as long as the borrower fulfills a three-year owner occupancy requirement.
\nThe Federal Housing Administration (FHA)
\nhttp:\/\/portal.hud.gov\/hudportal\/HUD?src=\/program_offices\/housing\/fhahistory
\nFHA Single Family Housing Policy Manual 4000.1.
\nhttps:\/\/www.hud.gov\/sites\/documents\/40001HSGH.PDF<\/p>\n
https:\/\/www.hud.gov\/program_offices\/housing\/fhahistory<\/p>\n
https:\/\/www.hud.gov\/sites\/documents\/40001HSGH.PDF<\/p>\n","protected":false},"excerpt":{"rendered":"
\uc735\uc790\uc9c0\uc2dd 258- FHA PROGRAMS 4.8 FHA PROGRAMS FHA offers a number of programs to meet the needs of eligible borrowers. Several popular programs include: \u2022 203(b) Home Mortgages: FHA\u2019s primary program, 203(b) is a fixed-rate program used to purchase or refinance one-to-four-unit family dwellings. \u2022 234(c) Condominium Mortgages: An FHA condo loan, also known as […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-2869","post","type-post","status-publish","format-standard","hentry","category-financial-study"],"_links":{"self":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts\/2869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/comments?post=2869"}],"version-history":[{"count":4,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts\/2869\/revisions"}],"predecessor-version":[{"id":2873,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts\/2869\/revisions\/2873"}],"wp:attachment":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/media?parent=2869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/categories?post=2869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/tags?post=2869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}