Posted on July 24, 2008 at 7:53 am FHA loan is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration. The loan may be issued by federally qualified lenders. FHA loans have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. FHA does not make loans. Rather, it insures loans made by private lenders. The first step in obtaining an FHA loan is to contact several lenders and/or mortgage brokers and ask them if they originate FHA loans. As each lender sets its own rates and terms, comparison shopping is important in this market. 

Posted on February 8, 2010 at 4:23 am To know more about FHA loans, go here http://portal.hud.gov/portal/page/portal/HUD/federal_housing_administration

Posted on July 22, 2010 at 2:02 pm I need some information about already being pre-approved for a certain loan and having the house need more then 10,000 grand fixing it up, they won't take a home contractor's word of doing the inspection in a company that's been fixing houses for more then 20 years. I haven't did no closing costs but they did csh the beginning 500 dollar check. I don't want the loan anymore because f all that is wrong with the house and want to walk out of the deal or have the loan dis-approved because of the things wrong with it, but it's difficult. I gave them proof and estimates, but nothing seems to be helping yet. I need information please.

Posted on July 26, 2010 at 11:35 pm FHA does not make loans. Rather, it insures loans made by private lenders. The first step in obtaining an FHA loan is to contact several lenders or mortgage brokers and ask them if they originate FHA loans. As each lender sets its own rates and terms, comparison shopping is important in this market.Second, the potential lender assesses the prospective home buyer for risk. The analysis of one's debt to income ratio enables the buyer to know what type of home can be afforded based on monthly income and expenses and is one risk metric considered by the lender. Other factors, e.g. payment history on other debts, are considered and used to make decisions regarding eligibility and terms for a loan.