Today in class we were learning about loan opportunities provided by the government.  These programs are in place to help businesses and families get established.

Today we were talking about families as opposed to businesses.  We started to discuss the programs offered by the Federal Housing Administration (FHA) in the United States.  These programs were specifically developed to help lower income families so that they would be able to purchase housing.

We covered the requirements for getting an FHA approved loan such as employment history, increasing family income over the past two years, and the credit requirements.  The professor showed a few power point slides highlighting the differences between a loan from the bank and and FHA loan.

We also studies cases where an FHA refinance loan would be a better option than a refinance through a typical bank.  Here again, the professor highlighted the differences between the FHA and a typical bank.

At the end of the class, we were given an assignment to find three local FHA approved lenders and create a quick presentation about them.  We have till after the weekend to complete the project - guess I will have something to do this weekend…. sigh….