What is an FHA loan?

The Federal Housing Administration (FHA) runs several programs to promote home ownership. These programs are popular because they allow borrowers to buy a home with a smaller down payment than is required by most other lenders. FHA loans make it easier for people to qualify for a mortgage, but they a™re not for everybody. An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won't have to write off a loan if the borrower defaults the FHA will pay. The FHA promises to pay lenders if a borrower defaults on an FHA loan. To fund this obligation, the FHA charges borrowers a fee. Home buyers who use FHA loans pay an upfront mortgage insurance premium (MIP). They also pay a modest ongoing fee with each monthly payment. If a borrower defaults on an FHA loan, the FHA uses collected insurance premiums to pay off the mortgage.
FHA Loan Program
  • Purchase
  • Refinance
  • Streamline Refinance
  • First Time Home Buyer
  • 3.5% Down Payment
  • Fixed Rate
  • ARM
  • $100 down for qualified HUD Repo properties
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Capital Trust Mortgage Corp. 7765 SW 87 Avenue, Suite 207Miami, FL 33173 NMLS # 322180
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Certain restrictions applies loan programs and interest rates are subject to change without a notice. The interest rates are based on conventional loans for purchase or rate and term refinance for primary residence with loan amounts from $300,000 to $726,200, loan to value 80% and minimum credit score 780. Please call for exact rates on your loan amount. Interest rates are subject to change without notice.