FHA LOANS

Learn how an FHA Loan can help benefit you! Call today to speak to one of our licensed representatives

WHAT IS A FHA
LOAN?

An FHA home loan is a mortgage insured by the Federal Housing Administration. We can help you Refinance or Purchase a home using an FHA loan.

These mortgages are backed by the federal government, which helps FHA-approved lenders extend home financing to buyers who are unable to qualify for a conventional home loan. The FHA doesn’t issue mortgages, the agency provides insurance on mortgage payments, so more borrowers are able to attain home financing.

FHA loans are designed to make home ownership more affordable. Though they were originally intended for borrowers with less than perfect credit, they are now popular with a wider group of borrowers.

WHAT IS AN FHA LOAN?

An FHA home loan is a mortgage insured by the Federal Housing Administration. These mortgages are backed by the federal government, which helps FHA-approved lenders extend home financing to buyers who are unable to qualify for a conventional home loan. The FHA doesn’t issue mortgages, the agency provides insurance on mortgage payments, so more borrowers are able to attain home financing.

FHA loans are designed to make home ownership more affordable. Though they were originally intended for borrowers with less than perfect credit, they are now popular with a wider group of borrowers.

FHA HOME LOAN BENEFITS

FHA loans enable more people to achieve home ownership by allowing borrowers who have less than perfect credit, no credit history, or who may have experienced some financial missteps, like a foreclosure or bankruptcy, to qualify. 

The program has become popular with first time home buyers and move up buyers because you can purchase a house with a low down payment, qualify easier with lower underwriting standards and FHA loans traditionally have lower rates than conventional loans.

With low rates, low down payment options, and flexible lending guidelines FHA loans are a top choice for today’s buyers.

FHA MIP is what makes FHA loans possible. Over the past few years FHA MIP has dropped making it even easier to qualify.

  • Wide Variety of FHA Loan Products: Whether it is a 30 year fixed, 15 year fixed or a 203k loan, FHA has you covered.
  • FHA Allows Low Down Payments: With a low down payment option, more people can purchase a new home. This is great for first time home buyers, those who have little money to put down, or simply for those wanting to keep reserves in the bank.
  • FHA Allows 100% Gift Funds: In addition to a low down payment, those funds can come from a gift.
  • FHA Insures All Types of Properties: FHA loans are available for single-family detached homes, 2-4 unit homes, condos, and manufactured homes.
  • FHA Streamline Refinance: One of the best things about FHA loans is the ability to Streamline Refinance. This is the easiest way to refinance as there is no credit qualifying, no income verification, and no appraisals required.

FHA LOAN REQUIREMENTS

Since there are many FHA home loans, the guidelines vary depending on the loan type. Usually the credit stipulations are more lenient but the loan requirements are stricter.

  • Less than perfect credit ok
  • Low down payments
  • Gifts or grants allowed toward down payment
  • Sellers, builders, or lenders may pay some of borrower’s closing costs
  • 30% housing ratio
  • Higher home inspection standards

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