What is a FHA Mortgage loan?

FHA stands for Federal Housing Administration (FHA) which is a governmental agency created in 1934 to improve housing standards and promote homeownership. Insured by the Federal Housing Administration, an FHA Loan offers easy qualification, low closing costs and low down payments, making them perfect for first-time homebuyers. One of the main advantages of an FHA Loan is that the credit criteria for a first time borrower aren’t as strict as conventional loans. This means that someone who may have had a few credit problems or has no credit history can still qualify for FHA financing. An FHA Loan may require less income to qualify. An FHA Streamline Refinance offers the same low interest rate and less strict credit criteria requirement but is completed fast and often requires no appraisal. Midwest Family Lending specializes in FHA Streamline Refinancing. The professionals at Midwest Family Lending have years of experience in providing FHA Loans for homebuyers.