FHA Home Mortgage Loan Interest Rates

2 Responses to “Can someone tell me the difference between HUD assistance and FHA?”

1. francescmore says:

   May 19, 2009 at 12:55 pm

   HUD stands for Housing and Urban Development and is generally for people who are low income. HUD generally builds homes in low income neighborhoods to help the economic development of that neighborhood.The homes are built with minimal amenities and the mortgage is low as well as the interest rate

   FHA stands for Federal Housing Authority. This is a loan for the buy of an existing home. FHA is the best way to go when purchasing 1st time, but they are very strict with the property you want to buy. The home must be inspected and any deficiencies must be repaired before loan is approved. FHA loans will generally let you borrow more money against the value of the property, but unless you have at least 20% equity left in the home, you will probably have to pay PMI, mortgage insurance.

   A conventional loan is basically a bank loan, they are more hard to obtain, but can have fantastic interest rates. With this type of loan you will not be able to borrow more than a certain percentage of the value, I reckon it is 85%.

   Either way you go, it is a long process and this economy is making it very hard to get loans no matter what your credit score.
2. Interest Rates » Can someone tell me the difference between HUD assistance and FHA … says:

   May 19, 2009 at 9:39 pm

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