The Housing and Economic Recovery Act of 2008 will create a program aimed to help an estimated 400,000 Americans with subprime home loans refinance into 30-year, fixed-rate mortgages backed by the government.
What is an FHA Loan?
An FHA loan is a mortgage loan fully insured through the Federal Housing Administration (FHA) and issued by FHA-approved lenders.
Advantages of an FHA loan are:
Low down payment
Lower cost
Easy credit qualifying
Straightforward mortgage terms
