Lorrie Beaumont is a HUD/FHA approved appraiser for lending institutions that offer FHA insured financing.

                                     [Logo: HUD seal]                          

                                    http://www.hud.com                        http://www.fha.com    

About the FHA
The Federal Housing Administration (FHA), an agency of the federal government, insures private loans that are issued for new and existing housing, and loans that are approved for home repairs. Created by congress in 1934, the FHA became part of the Department of Housing and Urban Development's Office of Housing (HUD) in 1965.

Today the mission of the FHA includes helping borrowers get amounts they qualify for, and assisting lenders by reducing their risk in issuing loans.

FHA Loan Types

 203(b) Mortgage Insurance Program

    The 203(b) program assists with the purchase or refinance of a principle residence. The mortgage loan is funded by a lending institution, such as a mortgage company or savings and loan, and the mortgage is insured by HUD. To be eligible for the program the borrower must meet standard FHA credit qualifications; be eligible for approximately 97% financing, and purchase a 1-4 unit property. Additionally, the borrower can finance the upfront mortgage insurance premium into the mortgage, but is responsible for paying an annual premium.

203(H) Mortgage Insurance Program for Disaster Victims

    This program allows the FHA to insure mortgages made by qualified lenders (banks, mortgage companies, savings and loans) to victims of major disasters who lost their homes and are rebuilding or purchasing another home. Through this program, the federal government helps victims in presidentially designated disaster areas, making it easier for them to get mortgages to become, or reestablish themselves as, homeowners.

Reverse Mortgages for Seniors - 255 Home Equity Conversion Mortgage Program (HECM)

    The 255 program can be used by senior homeowners, age 62 and older, to convert the equity in their home into monthly income streams and/or a line of credit to be repaid when they no longer occupy the home. The loan is funded by a lending institution.

203(k) Rehab Program

    This is the primary program for rehabilitation and repair of single family properties, making it a vital tool for community and neighborhood revitalization and expanding homeownership opportunities. With the Section 203(k) program, the borrower can get just one mortgage loan, at a long-term fixed or adjustable rate, to finance both the purchase and the rehabilitation of a property.

220(d)(3)(A) Urban Renewal Mortgage Insurance Program

    This program insures lenders against losses on mortgage loans used to rehabilitate 1 to 11 family dwellings or build new ones in redevelopment areas. These insured mortgages may be used to finance construction or rehabilitation of detached, semidetached, row, walkup, or elevator-type rental housing or to finance the purchase of properties that have been rehabilitated by a local public agency.