FHA

REFINANCE YOUR DEBT TO 95% OF YOUR HOMES VALUE
ONLY 3.5% DOWN REQUIRED ON NEW HOME PURCHASES
REFINANCE WITH LITTLE OR NO EQUITY
LOW FIXED AND ADJUSTABLE RATES
QUALIFY FOR THE FHA STREAMLINE RATE REDUCTION PROGRAM
WHEN RATES GO DOWN, WE LOWER YOUR RATE!! ASK US HOW

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. 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:

1. Lower cost

2. Smaller down payment

3. More protection to keep your home

1. FHA loans have competitive interest rates because the Federal government insures the loans for lenders. Always compare an FHA loan with other loan types.

2. FHA loans have a low 3.5% 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.

3. 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.

The FHA does not give money to people for a home and it does not set the interest rates on mortgages it insures. FHA insures loans for lenders against defaults. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.

You may use an FHA-insured mortgage to purchase or refinance a new or existing 1-4 family home, a condominium unit or a manufactured or mobile home (provided it is on a permanent foundation).

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© 2009 New American Funding. All Rights Reserved. Important Information: This is an FHA program. Please call your local HUD office to verify or visit their web site at http://www.hud.gov/offices/hsg/sfh/fharesourcectr.cfm Current guidelines for FHA Financing can be found in HUD Handbook 4155.1, REV-4, CHG1, paragraphs 1-12. New American Funding is a Direct Endorsement FHA Lender. New American Funding is a Direct Endorsement (FHA) Government Lender.

*This 5/1 Adjustable Rate Mortgage (ARM) fixed for the first 60 months. Rates and terms effective 01/01/2010 and subject to change. Actual rate determined after receipt of a completed application and prior to execution of loan documents. The estimated payment amounts include principal and interest. Payments are based on the initial rate, current index and margin, and also take into account initial, subsequent, and lifetime rate caps. This is a variable rate loan and actual payment amounts will vary annually after the fifth year based on changes in the index. Your payment will increase and may increase substantially if interest rates increase. Payment will vary based on the specific terms of the loan, verification of information and credit.

*30 year fixed - Payment based on First Trust Deed with a 30-year amortization. APR and payment will vary based on the specific terms of the loan selected, verification of information and credit. Rates are subject to change. Conditions and restrictions apply. Not all applicants will qualify.