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FHA Loan Types - Fixed Rate, ARM, Secure Refinance, Reverse Mortgage, Energy Efficient, Graduated Payment, Growing Equity, Condominium Loans,
There are several types of mortgage programs or loan plans that are provided by the FHA to cater to the needs of the people. Here are the examples of the different categories provided:
Fixed Rate FHA Loan
A fixed rate FHA loan is perfect for those kinds of people who might want to purchase a home for themselves, but who do not have enough savings to do so. These people include those who have recently graduated from college, people who recently got married, or those that are trying to finish off their education.
Adjustable Rate Mortgage (ARM)
The adjustable rate mortgage by the FHA is especially designed for people with moderate or low incomes who want to own a home.
FHA Secure Refinance Loan
Many of the homeowners who have adjustable rate mortgages often get into some sort of financial trouble because of the increase in the current interest rates. The secure refinancing option by the FHA can help greatly, especially when you see an imminent foreclosure or some sort of financial threat.
FHA Reverse Mortgage
The reverse mortgage option by the FHA is ideal for those homeowners who are 62 years of age or older than that. This loan category allows people to convert the equity in their homes into a line of credit or income.
Energy Efficient Mortgage
The energy efficient mortgage loan program by the FHA helps all current or future homeowners to significantly decrease their utility bills that they get on a monthly basis and also include strategies that improve energy efficiency in their mortgage plans.
Graduated Payment Mortgage
The graduated plan mortgage is a loan ideal for home buyers who have a moderate to low income salary but foresee a considerable increase in their incomes in the near future.
Growing Equity Mortgage
The growing equity mortgage allows prospective home buyers whose expected earnings can increase on a monthly basis, to purchase a home. Therefore, payments will start small and then increase with time.
FHA Loans for Condominiums
The condominium loans by the FHA are designed to especially cater to those people who wish to buy housing units in condominium buildings. These are also called condo loans.
Other Loan Types
There are various other types of loans for those people who do not want to use the loan categories that have been mentioned above. The alternative types of loans include conventional loans, VA loans, and jumbo fixed rate loans.
There are various loan categories that people can look into and then finally decide the best option for according to their requirements. However, people need to make sure they understand each category fully and comprehensively so that they can come up with the best decision from the many options that are available to them. Deciding between loan options can sometimes become a tedious task.
For more information visit website: http://www.fhaloansearch.com/
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