Chase Mortgage, Bank of America and Wells Fargo Home Mortgage are good lenders for Federal Housing Administration home loans, according to the Columbus Business Journal. The Federal Housing Administration insures the loans so that lenders can offer customers better deals, including low down payments and closing costs.Continue Reading
Chase Mortgage has information on its website about different mortgage types, including Federal Housing Administration home loans. Potential borrowers can use the online chart to compare options. The chart lists loan type, benefits and details for each product. Chase Mortgage describes an FHA mortgage as having a 3.5 percent down payment and that buyers can use it to purchase houses with one to four units even if they have "less than perfect" credit.
Bank of America offers Federal Housing Administration and Veteran's Administration government-insured mortgages. The bank's website states that both loans have features that make them appropriate for first-time home buyers, including low down payments and flexible credit and income requirements. Federal Housing Administration loans do not have any earnings limitations and borrowers can choose a fixed-rate option. Borrowers must pay mortgage insurance on Federal Housing Administration loans.
Wells Fargo Home Mortgage has a chart on its website that compares Federal Housing Administration and Veterans Administration loans. The bank advises potential borrowers that a Federal Housing Administration loan may be more expensive than other financing options.Learn more about Personal Loans