FHA real estate loans for Eugene and Springfield, 203b, 203k, FHA Secure, Project Hope, FHA Reverse Mortgage, HUD in action
By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
FHA, Federal Housing Administration, is, in my opinion, the main resource of the Department of Housing and Urban Development (HUD). As a lender, they are the part of HUD I most often have dealing with because most other areas are involved in community grants and the like. FHA insured loans come in several varieties, from the most well known, 203(b) to the more obscure 203(h). The 203(b) is used for purchase and refinance in the normal course of affairs. The 203(h) is mortgage insurance for disaster victims. I am going to go through some of the different programs and how they can affect borrowing programs in our area of Eugene and Springfield and Lane County. To begin with, FHA does not make loans, they insure loans. Whether it is a 203(b) or a 203(c), condo loan, FHA gives the lender th...
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