Now the executive director of non-profit Community Housing Resources of Arizona is swamped with calls from homeowners about to lose their homes. "So many people were in denial too long " said Hauger referring to homeowners who took out loans they didn't understand or couldn't afford. As stated earlier, FHA mortgage is a way for homebuyers to obtain financing for their homes. All home purchases require buyers to make a certain set percentage of the total purchase price, called the down payment. What the FHA mortgage insurance does therefore is to allow a homebuyer to make a modest down payment and obtain a mortgage for the balance of the purchase price.
