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FHA Loan Overview
- LOW CREDIT SCORES - NO PROBLEM
- REFINANCE YOUR DEBT TO 95% OF YOUR HOMES VALUE
- ONLY 3% DOWN REQUIRED ON NEW HOME PURCHASES
- REFINANCE WITH LITTLE OR NO EQUITY
- PRIOR LATE PAYMENTS - NO PROBLEM
- LOW FIXED RATES
- QUALIFY FOR THE FHA STREAMLINE RATE REDUCTION PROGRAM - WHEN RATES GO DOWN, WE LOWER YOUR RATE!! ASK US HOW
- PRIOR BANKRUPTCY - NO PROBLEM
The Federal Housing Administration (FHA) is a division under the US Department of Housing and Urban Development
(HUD). It insures loans made by approved lenders to qualified borrowers.
Approval may be available for borrowers with
mortgage lates, bankruptcy, past foreclosures, collections and judgments.
Credit scores are not used in determining eligibility if you are
current on your mortgage.
There are lots of good reasons to choose an FHA loan, especially
if one or more of the following apply to you:
- You're worried about your monthly payments going up
- You're worried about foreclosure
- You're worried about qualifying for a loan
- You don't have perfect credit
- You're a first-time home buyer
- You don't have a lot of money to put down on a house
- You want to keep your monthly payments as low as possible
- You're worried about what will happen if you fall behind on your payments
If any of these things describe you, then an FHA loan may be right for you. Why? FHA-insured loans offer many benefits and protections that you won't find in other loans including: Lower cost: FHA loans have competitive interest rates because the Federal government
insures the loans for lenders. Always compare an FHA loan with other loan types.
Smaller down payment: FHA loans have a low 3% down payment and the money can come from a family member, employer or charitable organization as a gift. Other loan programs don't allow this.
Easier qualification: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
Less than perfect credit: You don't have to have perfect credit to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.
More protection to keep your home: The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, the FHA has many options to help you keep you in your home and avoid foreclosure.
Read More About FHA Loans
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