#Morgage Basic
FHA LOANS
In 1934, the Federal Housing Administration (FHA) was established to improve housing standards and to provide an adequate home financing system with mortgage insurance. Now families that may have otherwise been excluded from the housing market could finally buy their dream home.
FHA does not make home loans, it insures a loan; should a homebuyer default, the lender is paid from the insurance fund.
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Buy a house with as little as 3.5% down.
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Ideal for the first-time homebuyers unable to make larger down payments.
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The right mortgage solution for those who may not qualify for a conventional loan.
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Down payment assistance programs can be added to an FHA Loan for additional down payment and/or closing cost savings.
UP TO
95%
LTV - PURCHASE
FHA Streamline
LVT - RATE & TERM
95%
LTV - CASH OUT
30
YEARS FIXED IO OPTIONS
County Limit
PRICE RANGE
The main difference between an FHA Loan and a Conventional Home Loan is that an FHA loan requires a lower down payment, and the credit qualifying criteria for a borrower is not as strict. This allows those without a credit history, or with minor credit problems to buy a home. FHA requires a reasonable explanation of any derogatory items, but will use common sense credit underwriting.
Some borrowers, with extenuating circumstances surrounding bankruptcy, discharged 3-years ago, can work around past credit problems. However, conventional financing relies heavily upon credit scoring, a rating given by a credit bureau such as Experian, Trans-Union, or Equifax. If your score is below the minimum standard, you may not qualify.
FHA Loans vs. Conventional Home Loans?
#Apply For FHA
STATES WE LEND IN
WORK WITH US
Looking for lending in a state not listed? We do lend in other states on a case-by-case scenario. Give us a call to see what we can do for you.