203(b)Mortgage Insurance

What is the purpose of this program?

To provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.

What are the eligibility requirements?

The borrower must meet standard FHA credit qualifications.
The borrower is eligible for approximately 97% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
Eligible properties are one-to-four unit structures.

For More Information

Contact FHA approved lenders in your area. Names of lending institutions can be found in the yellow pages of the telephone directory under the heading of "Mortgages." or you can search for an FHA lender on HUD's website.