fha

If you mean getting approved through a FHA approved lender then some of the benefits you can get are that Federal Housing Administration (FHA) insures mortgages so that people with moderate incomes can also purchase their own house. It allows you to qualify for lower interest plus down payment required is also smaller. If you qualify for a FHA mortgage then down payment can be as low as 3%. Moreover, the closing costs could be financed along with the mortgage. One more thing is that FHA limits the amount that can be charged as fees. The amount of fees charged as loan origination fees cannot be more than 1% of the loan amount.

Kelly, from a lenders viewpoint the benefit he gets is that FHA insures the mortgage and in case the borrower defaults or does not repay the loan then FHA will pay the lender.

Hi Mackay,

Kelly is actually asking about the benefits of becoming an FHA approved lender. One such benefit is that the lender will be able to get back his money through FHA mortgage insurance. Need to find out if there are more benefits available.

Sara