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What is an FHA home mortgage loan?

An FHA home mortgage loan is a mortgage offered by a private lender that is insured by the federal government. The added protection of a federally-backed loan enables lenders to offer more competitive rates to those who might not otherwise qualify for or be able to afford a traditional mortgage.

How do I apply for an FHA home mortgage loan?

You can apply for free for quotes on an FHA home mortgage loan by filling out our short, online application. You will be able to complete our application in just a few minutes. In return, we will provide you with at least four quotes from different lenders on an FHA home mortgage loan. You see these quotes side-by-side to help you compare them.

Will the government issue my FHA home mortgage loan?

No, the federal government will insure your FHA home mortgage loan, but it does not actually originate the loan. You will need to apply for an FHA home mortgage loan with a private lender who is federally-qualified.

What's the difference between an FHA home mortgage loan and a subprime loan?

Sometimes FHA home mortgage loans and subprime loans get conflated, but they are completely different products. Because subprime loans are not insured by the federal government, the interest rates are considerably higher than those on FHA loans. Secondly, most subprime loans are adjustable-rate mortgages (ARM's), which means your rates and payments could fluctuate drastically. The typical FHA home mortgage loan is a fixed-rate loan or an adjustable-rate loan with reasonable limits imposed on interest rate fluctuations. Third, subprime loans usually assess borrowers exorbitant prepayment penalties that make refinancing almost impossible. An FHA home mortgage loan does not have this prepayment penalty.

Will the rates on my FHA home mortgage loan be the same regardless of the lender I choose?

No, the rates and terms on your FHA home mortgage loan will vary according to the lender. Each lender can offer different prices and terms on the loan, which is why it is a good idea to shop around for the best deal. You can do all of your comparison shopping with one simple application on our site. We will give you four quotes on an FHA home mortgage loan from several major lenders.

Are you buying your first home? Find out how FHA Home Mortgage Loan is your best option.