The government wants you to own a home, so they have created this great mortgage insurance program. Down payment requirements can be low; many closing costs can be financed; and some fees are limited. Through this program, HUDs Federal Housing Administration (FHA) insures mortgages made by qualified lenders to people purchasing or refinancing a home of their own. FHAs mortgage insurance programs help low- and moderate-income families become homeowners by lowering some of the costs of their mortgage loans. FHA mortgage insurance also encourages lenders to make loans to otherwise creditworthy borrowers and projects, by protecting the lender against loan default on mortgages for properties that meet certain minimum requirements, including manufactured homes, single-family and multifamily properties, and some health-related facilities (14.117 Mortgage Insurance-Homes 203B) . For more information contact your local HUD office, contact the FHA Mortgage Hotline at 1-800-HUDSFHA, or check out the program online at www.hud.gov/offices/hsg/sfh/ins/sfh203b.cfm
Income Eligibility: Contact your local HUD office for income requirements
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