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Special FHA Rates & Programs from HUD. Refinance your Mortgage or Purchase a New Home.

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FHA & Conventional Loans

No closing cost options

Special Fixed Rate Refinance

Programs for people stuck in

adjustable rate mortgage loans.

Refinance up to 100% - no PMI

Lower Credit Scores OK.

Low/No down on Purchase

* Don't think your credit is good enough to get a loan? These special FHA programs can help even if your credit score is lower.

** No bankruptcy, foreclosures or outstanding collection accounts.

Want to know other options available to you besides FHA Loan programs?

Prefer to talk to a Refinance Specialist on the phone?

Call the Refinance Hotline: 1-800-615-1877

HUD & Federal Housing Administration (FHA)

Understanding HUD (Housing and Urban Development:) HUD Loans, HUD Homes, HUD Foreclosures:

The Department of Housing and Urban Development, often referred to as HUD, is a division of the United States Government. HUD was established to make the dream of homeownership available to a greater number of Americans.

FHA is the division of HUD that makes mortgage money more available to the average homeowner. HUD loans are really FHA loans. FHA is a very popular route for the first time homebuyer to take. It is not a program reserved only for first time home buyers. You can buy your third or fourth home with an FHA loan. The only stipulation is that you may only have one FHA loan at a time.

The Federal Housing Administration (FHA), a wholly owned government corporation, was established under the National Housing Act of 1934 to improve housing standards and conditions. It's goal was to provide an adequate home financing system through insurance of mortgages, and to stabilize the mortgage market. All of this was established under the watchful eye of the Department of Housing and Urban Development or HUD.

Thanks to the insurance products FHA helped to pioneer, such as the long term amortizing loan, the nation's home ownership rate has soared to an all time high of 66 percent as of the third quarter of 1997; well on the way towards the goal of 67.5% by the year 2000.

Today, HUD, through FHA plays a critical role in financing for minority borrowers, first time home buyers, borrowers who have troubled credit history, and borrowers who have little money to put down on a home. HUD Loans (FHA Loans) are readily available in all markets across the United States. These loans are not just for Urban areas.

HUD also offers housing programs and makes homes available for sale (HUD homes.) HUD Homes are basically foreclosures on homes purchased through HUD sponsored programs. Click the link to find HUD homes or HUD foreclosures:

HUD releases lists of HUD foreclosure properties to HUD foreclosure specialists. The lists of HUD homes in inventory are then made available to the general public. Obtaining a list of available homes is the first step in the process. HUD homes are all sold at auction. The lists will tell you what homes are available for sale, where, and when the auction will take place. A good HUD foreclosure specialist will also provide details about how to bid on the property.

The quality and condition of HUD Homes varies greatly so it is important that you choose a home not based solely on price, but also consider the neighborhood, the value of other homes in the neighborhood and the HUD loan rates for the area you are looking in.

Inspection of the HUD home is also critical. Before bidding on any HUD property, you should carefully inspect the home. Careful inspection of the home will help to uncover any costly repairs that may be necessary. The Department of Housing and Urban Development has HUD loan programs (primarily the 203k Rehab Program) to help with repairs to your new HUD home. However it is always wise to have a clear understanding of the condition of the property to make sure that your auction bid accounts for the added costs of repairs.

If your new HUD home will require rehabilitation or home improvement, HUD offers a loan program called the 203k Rehab program. The Section 203(k) program is the Department's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. Since these are the primary goals of HUD, the Department believes that Section 203(k) is an important program. As such, HUD strongly supports the program and the lenders that participate in it with generous financial backing.

For HUD Loans: << HUD LOANS >>

For HUD Homes and Foreclosures: << HUD HOMES & FORECLOSURES >>

For your FREE Credit Score: << FREE CREDIT SCORE >>

Comparison of HUD/FHA to other Federal Mortgage Programs
Program	Primary Beneficiary	Cost	Direct Government Program	Loan Limit (Single Family)
HUD/FHA	Lower Income/First Time Buyer	Low	Yes - Insures Mortgages	$359,650
Fannie Mae	Low/Moderate Incomes	Low	No - Multiple private lenders	$359,650
Freddie Mac	Lower Income/First Time Buyer	Low	Yes	$359,650
VA	Veterans	Low	Yes	None

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