FHA Loans

FHA (Federal Housing Administration) loans are insured and backed by the U.S government, and are uniquely designed with the sole purpose of making home ownership easier. They offer appealing benefits and flexible qualification guidelines that provide an excellent alternative to conventional financing.

 

Is it right for you?

Ideal for first-time homebuyers or people with less capital for a down payment, newly established careers or less than perfect credit.

 

Is it right for your situation?

Primary residence, single family and 2-4 unit properties, condos and townhomes, Planned Unit Developments (PUDs), and manufactured double-wide homes; maximum loan amounts vary by county (FHA Mortgage Limits by County).

 

Features and Benefits

  1. Down payments as low as 3.5% of purchase price
  2. Gift funds allowed for down payment and closing costs
  3. Less than perfect credit allowed (incl. past bankruptcy or foreclosure)
  4. Up to 6% seller contribution allowed for closing and pre-paid closing costs
  5. Fixed-rate, Adjustable-Rate Mortgages (ARMs) and High Balance options available
  6. No pre-payment penalties

 

FHA loans provide a wide range of flexibility and attractive benefits that make it one of the most commonly-used solutions for homeowners. If this sounds good to you but you are purchasing a home that needs some work, check out the FHA 203(k) Loan, it allows you to roll extra money into the loan for repairs and renovation. If you are a First-time Homebuyer, be sure to also check out the Fannie Mae HomeReady and Freddie Mac Home Possible loan programs.

Ready to get expert advice and determine what works best for your personal situation? Contact one of our local, caring mortgage professionals at a Branch Near You.