It's easy to understand why many people looking for a new home are turning to FHA insured loan programs. FHA Loans are insured by the Federal Housing Administration,  Those who typically benefit most by an FHA loan are first-time home buyers and those who have less than perfect credit.

Check out our FHA Loan Programs, FHA Benefits and FAQ section below.

 

FHA Purchase and Refinance transactions

It is easy to understand why many people looking for a new home are turning to the FHA-insured loan programs.  FHA stands for Federal Housing Administration, which is part of the Department of Housing and Urban Development (HUD).  FHA loans are insured by the Federal Housing Administration and those who typically benefit the most from this program are first-time homebuyers and those who have less than perfect credit.  Contact one of our licensed loan officers today to apply!

 

HUD REO

A HUD Real Estate Owned (REO) property, also known as a HUD home or HUD-owned home, refers to a 1-to-4-unit residential property acquired by HUD due to a foreclosure on a home which had an FHA-insured mortgage. HUD is the property owner and offers it to be sold to be able to recover the loss from the foreclosure claim. Contact one of our licensed loan officers today to apply!

 

FHA Streamlines

FHA Streamline refinances are defined as the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting.  There are two different types of streamlines offered by FHA, which are credit-qualifying and non-credit qualifying. Contact one of our licensed loan officers today to apply!

 

FHA Limited and Full 203(k) Rehab Loans

FHA offers the 203(k) program which gives homeowners a single, long-term fixed or adjustable rate loan for both the acquisition and rehabilitation of the property.  203(k) loans are a unique and important product for homebuyers, especially if the property requires repair or modernization. Contact one of our licensed loan officers today to apply!

 

FHA Loan Benefits:

Check out below to understand some of the most basic benefits of an FHA mortgage. 

Low Down Payment – FHA insured mortgages only require a 3.5% down-payment which makes it easier for people to own homes.

Interest Rates – with the backing of the government, these loans typically have low interest rates available.

 

FHA FAQ

Check out our list of common questions related to FHA mortgages.

What is the FHA?

• FHA stands for the Federal Housing Administration. It was created in 1934 to help Americans get into homes.  

What makes an FHA insured mortgage beneficial?

• An FHA insured mortgage can be obtained with less than perfect credit, and requires a smaller down-payment.

What is the FHA loan limit in my area?

• The loan limit across the country is different. Click here to see limits in your area.

Can I pay an FHA loan off early?

• Yes, however, be sure to check the pre-payment section of your contract before signing.

Can I refinance a fixed rate FHA loan?

• Yes. Talk with one of our professionals today to see if refinancing makes sense for you.

What is the recommended debt-to-income ratio for FHA loans?

• Contact one of our licensed loan officers for FHA debt-to-income ratio requirements.

Are FHA loans assumable?

• Absolutely, you can assume an existing FHA loan or allow a buyer to assume yours.

Will I have to pay mortgage insurance with an FHA loan?

• Yes, FHA mortgages do require mortgage insurance.  Contact one of our licensed loan officers for additional FHA Mortgage Insurance requirements. 

Can I get a "fixer-upper" of a home with a FHA mortgage?

• Yes, you may be eligible for a FHA 203K.  Contact one of our licensed loan officers for additional information.