What Are FHA Loan Guidelines?
FHA is the Federal Housing Administration that was created in 1934 and had the intent to regulate interest rates and mortgage terms on the loans that were insured. The FHA was able to help many people become homeowners with their FHA loan guidelines. In 1965, the FHA teamed up with the newly formed HUD or Housing and Urban Development and since then, FHA and HUD have insured over 34 million mortgages. The FHA loan guidelines pertain to any individual that is trying to obtain an FHA loan. The two main guidelines are the relative amounts of the mortgage that you will acquire and your household income. These FHA loan guidelines are put in to place due to the fact that they are there to help people and not to put them into a debt that they cannot handle.
