FHA loan programs are not the provider of money to borrowers; instead the FHA loan programs provide insurance for home mortgages. The FHA insures subject loans up to a certain amount, which depends on the loan and chosen programs, which allows lenders to offer better terms for the mortgage. These better terms allows borrowers to get better terms and save them lots of money. Borrowers can buy a house with little money down, because the assurance of the FHA means that in the eyes of the lender there is a much larger down payment.

FHA loan programs emphasize residential home ownership. FHA loan program guidelines are made to help buyers in obtaining loans so that more and more people can qualify for the purchase of a nice home. FHA loan programs can help get people into:

• New and existing homes

• Single family homes

• Manufactured homes

• Townhouse/condominium units (in approved projects where at least 51% of units are owner-occupied)

• 2-3 unit investment properties, as long as the owner will occupy one unit

• Farms—if residence occupied by owner exists on property

• Homes in need of rehabilitation (loans can cover the cost of both purchase and improvement)

Because of the FHA’s ‘reverse’ loan programs, home owners over age 62 can tap into the equity they have accumulated over the years and use it to take care of the money for their retirement living.

FHA loan program guidelines also allow for home loan refinancing on existing loans. Existing loans can be converted into FHA loan programs. Existing FHA insured loans can be refinanced for better terms.

There are restrictions and FHA loan program guidelines which must be followed in order to govern eligibility and use of the FHA loan programs. Basic FHA loan program guidelines that borrowers should know include:

• FHA loan program guidelines have limited on the size of loan and those limits vary from state to state and county by county. For information about these limits can be provided by an approved FHA lender.

• FHA loan program guidelines for loan size depend on the cost of housing in an area. Single-family homes can be as high as $290,000 in some areas.

• Loan limits are set by the current FHA loan program guidelines and can vary with the market. Again, check with a lender for more information.

• FHA loan programs also provide for such things as home improvement, refinancing and Energy Efficient Mortgages.

FHA loan program guidelines have been expanded by Congress of late. For some home owners who may not have found FHA programs helpful before may see new advantages in FHA home loans now. For many, the security of the FHA home loan program and a FHA lender are the most beneficial advantages of all.

This article is provided by Access National Mortgage, based in Denver Colorado. Access National Mortgage provides progressive and superior financial solutions like a New Mexico FHA Loan Application, a Wyoming FHA Mortgage Calculator, debt consolidation loans, information about California FHA refinance benefits and whole host of other mortgage products all across the United States.