FHA government-backed loans are now the buyer's choice

FHA government-backed loans are now the buyer's choice

Buyers seeking to refinance out of adjustable rate mortgages are now looking to the Federal Housing Administration. According to the Mortgage Bankers Association, FHA loans typically have a lower down-payment than Freddie Mac and Fannie Mae. The incentive for these loans has only increased as Congress and the Bush Administration expand guarantee programs, and help people to refinance into more affordable loans. Applications for these loans have risen 317 percent since July of last year.

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Posted on September 18, 2008 17:03:10 by Blog Author