Common FHA Loan Programs

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Types of mortgages

Section 32 of 72

The Section 203(b) program is the standard, most widely used FHA home loan. It is a fixed-rate mortgage used to purchase one-to-four-family residences. This program offers the stability of predictable monthly payments for up to 30 years. If a homeowner with a 203(b) loan sells their home, the loan can be assumed by the buyer, but modern FHA rules require strict credit qualification. The new buyer must prove they are creditworthy before the lender will allow the assumption, preventing risky transfers of debt.