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HUD Mortgage

HUD Mortgage Home Loan is not directly given by the US Department of Housing and Urban Development but it is through FHA (Federal Housing Administration) and secured by HUD. The Federal Housing Administration is an administrative body of the federal government that gives home mortgage loan to the first time home buyers, for home repairs and also for the existing housing. FHA is a part of HUD and has the main purpose of providing home loan to the low and moderate income families.

But before getting HUD home loan you will have to qualify for the same. For FHA insured loan you need to have good credit score, stable monthly income and enough cash in hand to the close the home loan and furthermore you can get FHA home loan more easily if you want to buy a home for self living purposes. So investors are not entertained for giving home loan by HUD. Whether you qualify for the home mortgage loans by FHA or not can be checked by contacting Housing Counseling Agencies or HUD approved lenders.

FHA and HUD also have mortgage insurance programs that assist homeowners with the required finance for buying their dream home. HUD mortgage insurance program also helps in refinancing the current mortgage taken by some families. There are many HUD approved mortgage lender, credit unions and mortgage companies that are eligible to give HUD mortgage loans. In case there is any default in the mortgage payment then it is FHA and HUD that pays the lender and own the home. HUD foreclosure is the next step in case of default. There are many kinds of HUD mortgages. These are available for
  • Home Loan for home repair
  • Condominium units
  • Single Family homes
  • Houses with 2-4 units
  • Reverse mortgage for seniors
HUD reverse mortgage is also called the Home Equity Conversion Mortgage Program (HECM) in which equity that have been formed against the payment of home mortgage loan can be taken out. Now it is through the help of reverse mortgage that these equities are changed into monthly payment. HUD mortgage limits keep changing every year. These mortgage limits also vary with the city and state. So for this, mortgage lenders keep checking the HUD mortgagee letters from time to time. This assistance of HUD reverse mortgage is for the homeowners who are above the 62 years.

For any kind of home mortgage loan by HUD, mortgage insurance is must to have. It is the policy that protects mortgage lender against any default caused by borrower. Mortgage lender who have the shield of HUD mortgage insurance will definitely happy to give home loan on more flexible terms and condition. Under normal circumstances the downpayment is generally 10% of the home loan but in HUD mortgages it can be reduced to 3% as well.

If you are looking forward to buy HUD mortgage home loan or FHA insured home loan then visit the housing counseling agencies that are approved by HUD or you can contact mortgage brokers and lenders approved by the US Department of Housing and Urban Development. Do ask them regarding interest rate, APR (Annual percentage rate), discount points and additional cost in the form of fee and closing cost. For HUD mortgages you will have to pay insurance premiums that are used by HUD to pay the lender in case of default. Payment of insurance premium is done monthly along with the rest of the amount. You are also entitled to refund the part of mortgage insurance, but for this you will have to fulfill the following conditions:
  • Have not done any default in the mortgage payment
  • At the time of closing have paid the mortgage insurance premium
  • Got loan after September 1, 1983
You can use mortgage calculator for finding the total loan amount, payment, interest rate etc. lenders can get information on FHA mortgage loan by going through mortgagee letters. HUD mortgagee letter provides information on the policies, changes and procedure of the Federal Housing Administration. Through HUD mortgagee letters, mortgage lenders can understand the operations of the FHA home loan and alterations in that.

If you need more information on HUD mortgages, FHA mortgage loan, reverse mortgage or any kind of home loan inquiry you can contact the HUD Customer Service Center at 1-800-767-7468 from 8:00 am to 5:15 pm (EST) on any weekday.

Address: US. Department of Housing and Urban Development
Customer Service Center
Room B-100
451 Seventh Street, SW
Washington, DC 20410

Some of the relevant webs pages of HUD on mortgage home loan has also been listed by for further understanding.
HUD Mortgage Letters
HUD Mortgage Letters is a web page on the official website of the Department of US Housing and Urban Development (HUD) and can be checked to get information on the mortgagee letters from the archive as well.
HUD Mortgage Housing Counseling Agency
You can check this web page to find info on Housing Counseling Agency working in your area, who can advice you on renting, foreclosure, reverse mortgage etc.
HUD Approved Mortgage Lender
This page will help you in finding mortgage lenders who are approved by HUD to give FHA home loan.
HUD Reverse Mortgage
HUD reverse mortgage and Home Equity Conversion Mortgage Program has been discussed in detail. You can find info on eligibility criteria, funding status, application, type of assistance etc
FHA provides the complete FHA guidelines for home loan in which lending limit, closing cost, credit issues, mortgage insurance etc have been discussed in detail.

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