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Counter to what you might think, the Federal Housing Administration does not actually lend you any money on the FHA mortgage loan. It only insures the loan, and only if it conforms to certain government rules and regulations.
So, you don’t start with FHA. You start with the private lending institution form which you want to borrow money. You tell them how much you need, and show them the contract for the home you want to buy. providing you have already signed it. They will arrange to inspect the property and have it appraised by FHA.
Usually, the interest rate on FHA loans is a little lower than conventional loans, and the
88.9%