An FHA Loan is a mortgage loan that is insured by the FHA (US Federal Housing Administration) and is provided by an FHA approved lender. Daryle Evans is an FHA approved mortgage lender. Having this FHA mortgage insurance protects lenders against loss. This has helped many lower- income Americans borrow money to purchase a home that they might not otherwise be able to afford. These loans are generally given more to new house owners than investors. One difference between a FHA loans and a conventional loan is that the house must be occupied by the owner for at least a year. Since these loans usually involve more risk to the lender, the home-buyer must pay a two- part mortgage insurance. The first is a one-time bulk payment and a the second is a monthly payment that is added to the borrower’s monthly mortgage payment The program originated during the Great Depression in the 1930s and was intended to provide lenders with sufficient insurance to offset their risks The government subsidized some FHA programs, but over time, private mortgage insurance (PMI) companies evolved. Now FHA primarily serves people who cannot afford a conventional down payment or do not qualify for PMI. You may qualify for an FHA loan if you have debt or a lower credit score. You might even be able to get an FHA loan with a bankruptcy or other financial issue on your record. FHA loans are available with both fixed or adjustable rate loans. With multiple loan terms offered, you can choose a payment schedule which works for your financial needs.

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