FHA foreclosures are government foreclosed homes which are sold by the Federal Housing Administration (FHA). These foreclosures are homes which have been repossessed because the previous homeowner defaulted on their home loan. Homeowners with FHA-secured loans last owned FHA homes. This means that when the loan was defaulted, the FHA paid the lender the amount of the outstanding loan. In turn, the FHA was given ownership of the property. The FHA is in the business of securing loans, and not in the business of owning homes. That is why it sells FHA foreclosures at below market value. The FHA is more concerned with selling their FHA homes for sale and recouping the money they have had to give to lenders than with getting the full market value on each property.For buyers, FHA houses are a great bargain. These homes are often priced below market, and in fact are more attractively priced than many bank foreclosures. Since they are sold below market value, these government forec losures often come with instant equity, which means a better mortgage deal, in many cases, as well as more affordable mortgage payments. Plus, when you buy an FHA home, you may qualify for an FHA home loan. FHA home loans offer very attractive rates, since the government secures them. For the same reason, FHA mortgages often also require less money up front.Today, buying an FHA foreclosure can even be as simple as buying a traditional, full-priced house. Simply decide what type of FHA houses you are looking for and where you would like to live. Then, go online and seek out a good foreclosures listing service that includes FHA foreclosures. Finding the right home is only a click away. Once you find FHA foreclosures that interest you, all you need to do is contact the sellers, which are clearly listed on quality listings.
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