FHA home loans

for homebuyers and homeowners

FHA home loans are a popular choice among first time homebuyers, as well as those looking to refinance. Some of the main reasons are:

  • the FHA qualifications needed to get a home loan tend to be easier than other mortgage programs
  • there are home improvement mortgage options
  • for those that already have a FHA home loan, the refinance process typically doesn’t require as much documentation, making it that much faster

Do you Qualify for an FHA home loan?

Guaranteed and insured by the U.S. government, FHA home loans feature more flexible down payment, income, and credit score requirements.

If you’re feeling shy about your income or credit history, don’t count yourself out! FHA qualifications vary from lender to lender, so give us a call and see how we can help! If you’re looking to buy a home, check out the first step, getting pre-approved for a home loan.

FHA Down payment requirements

With an FHA home loan, you may be able to buy your dream home with just 3.5% down. And even better news, you may be able to enlist the help of a down payment assistance program, often offered at the state, county, or city level. In addition, if you have a charitable family member or friend that would like to help you buy your home, you can use “gifts” to help you reach your down payment goal.

What is an FHA streamline?

If you’re already a FHA homeowner, and you’re contemplating a refinance to save some dollars every month, a FHA streamline may be an option – here’s why! When you refinance from one FHA loan to another, the documentation you need to give is limited, as in way less paperwork needed to complete the refinance process. Less paperwork = faster process!

FHA home improvement loan

Are you considering buying a fixer-upper, or maybe you already own your “vintage” home and it needs some repairs? The FHA 203(k) home improvement loan may make this less of a headache, especially if you look at the costly reality of remodeling, and if you’ve already been told by other lenders that your home is “uninhabitable.”

This is roughly how it works: if you want to buy or refinance a home that needs bathroom upgrades badly, the FHA 203(k) loan will equal the money to buy or refinance the home, plus the dollars needed to make the upgrades.

FHA Mortgage Insurance…

FHA Home Loans sound amazing, and now you’re thinking, “Heck yes, I’m going to buy a home!” Well yes, let’s go! Know and understand though, that just as your car is insured and you pay a monthly premium, the federal government insures FHA loans, so you’ll have a one-time upfront mortgage insurance fee, and a monthly mortgage insurance payment.

And there’s more details where that came from, so be sure to give us a call and find out more!