Powered by China Products(Top Trade Directory of China Products and Manufacturers) and China Manufacturers(Top China Manufacturers Directory) 网络营销, 网站推广
Formoy Finance&Money Information Service. takes pride in providing honest green point mortgages, fha mortgages counseling and green point mortgage, fha mortgage services to you at the best value for your dollar. Our features is a huge selection of fha mortgages company, green point mortgages quote, counseling, solution, problem and more.
>> Service Show
FHA is a very popular route for the first time homebuyer to take. It is not a program reserved only for first time home buyers. You can buy your third or fourth home with an FHA loan. The only stipulation is that you may only have one FHA loan at a time. The Federal Housing Administration (FHA), a wholly owned government corporation, was established under the National Housing Act of 1934 to improve housing standards and conditions.

It's goal was to provide an adequate home financing system through insurance of mortgages, and to stabilize the mortgage market.

Thanks to the insurance products FHA helped to pioneer, such as the long term amortizing loan, the nation's home ownership rate has soared to an all time high of 66 percent as of the third quarter of 1997; well on the way towards the goal of 67.5% by the year 2000.

Today, FHA plays a critical role in financing for minority borrowers, first time home buyers, borrowers who have troubled credit history, and borrowers who have little money to put down on a home.

In Fiscal Year 1997, 76 percent of FHA loans originated were first-time home buyers compared to 68.3 percent in Fiscal Year 1995 and 72.7 percent in Fiscal Year 1996.
Loan origination's for minority home buyers are increasing. The result is 29% of new homeowners in the past three years.
In keeping with the Government's reinvention efforts, FHA has been very ambitious in innovating, automating, and streamlining the process.

Many Single Family mortgage insurance programs have been streamlined. For instance, the Section 203(k) purchase and rehabilitation program has been greatly modified. Lenders, Realtors, and nonprofit organizations across the country have received training on how to make the Section 203(k) program work for them and ultimately for you, the consumer.
FHA has undertaken a demonstration in the area of automated underwriting before beginning to design its own automated underwriting tool as automation saves time and it ensures a more uniform treatment of all applicants.
In the area of Manufactured Housing, FHA has worked with the industry to ensure that all manufactured homes meet enhanced safety standards.
Finally, FHA is using the Internet in its business processes. FHA lenders can now submit information concerning their insurance endorsements electronically to a secured world wide web site called the FHA Connection. FHA homeowners can also access information regarding mortgage insurance premium refunds on the HUD/FHA home page.

The FHA Loan Process--Four easy steps to your FHA loan!

1. Applying for an FHA loan.
Applying for a loan through HCI Mortgage is simpler than ever before. We have combined the speed and ease of the Internet with the hands on approach that our customers have come to expect. Once you apply online for an FHA loan, you are entered into our database where your file begins preliminary review. Within 24 hours, your assigned loan officer will contact you, via e-mail or phone, to schedule your interview.

2. The FHA Interview
During your interview your loan officer will go through your application to determine your eligibility. If you are unable to be pre-qualified at the time of application, your loan officer will offer you advice on how to improve your profile so that you may become eligible at a later time. Within 10 minutes you will know the determination of your FHA application! The HCI Mortgage telephone interview also serves as an excellent opportunity to get acquainted with your loan officer. Your loan officer plays an important role throughout the loan process. Good communication with your loan officer will increase your chances of pre-approval and speed the processing of your loan!

3. FHA Loan Processing
The processing of an FHA loan involves the gathering of documents to verify all information inputted in your application. This includes, but is not limited to; W2's, paystubs, credit report, bank statements, etc. When your pre-qualification is sent to you (after your interview) it will include a checklist that is specific to your file. This checklist will state all the items that you must submit to your loan officer in order to receive your loan commitment!

4. Closing your FHA loan
The closing is the "end of the line" in obtaining a mortgage. At the closing you will sign all mortgage documents and take possession of your new home. If you are refinancing, you will not take possession of a new home, but you will get a lower interest rate, cash out, or both!

German Spanish French Italian Portuguese Japanese Korean Arabic Russian
2000-2015 CopyRight © Formoy Finance&Money Information Service. All Rights Reserved.