Federal Housing Administration Mortgages (FHAM)

These are mortgages that are guaranteed against default by the Federal government. Lenders are willing to give mortgages to homebuyers with smaller down payments than under conventional financing because the Federal government guarantees the loan against default. The homebuyer must pay an insurance premium for this privilege and this cost is usually added to the mortgage. In order to qualify for an FHAM the property in question must meet certain requirements. The maximum amount of loan allowed under this system varies from region to region and is based on the average price of housing in each area. You should contact your REALTOR or mortgage specialist for further information.

Other Types of Mortgages:

• Fixed-Rate Mortgages
• Adjustable-Rate Mortgages
• 2-Step Mortgages
• Conforming & Non-Conforming Mortgages
• Balloon Mortgages
• (VA) U.S. Department of Veteran Affairs
• Fannie Mae and Freddie Mac