Finding the right fit when it comes to mortgage loan options can be a daunting task, especially if your credit history is less than perfect. Now, imagine with me a world in which you can find an easier credit qualifying process and low down payment options with a government-secured loan that allows lenders to give you a better deal. That world, dear readers, is here and now, and we in the business like to call it an FHA Loan.

What Is an FHA Loan?

An FHA Loan is a government program, offered by the Federal Housing Administration since 1934, to help people become homeowners.

Who Should Apply for an FHA Loan?

Are you buying your first home and/or looking for more flexible qualification and credit requirements in your mortgage? Have a down payment or equity that’s less than 20%? Want the comfort and security of a government-backed loan? If you said yes, yes and yes, then this type of loan may be exactly what you need.

If you currently have or want to buy a fixer-upper, there’s an FHA Loan option that allows you to buy or refinance a home, fix it up and include all the costs in one loan.

What Are the Features of an FHA Loan?

  • 30-, 25-, 20- and 15-year terms are all available with fixed rates
  • Credit scores as low as 580 may qualify
  • 5-year adjustable rate mortgage available
  • Refinance up to 97.75% of your primary home’s value
  • Buy a home with as little as 3.5% down (primary home)

How Does It Work?

Now, your actual payment will vary based upon your individual situation and the interest rate when you apply. You can also pay your mortgage at any time without pre-payment penalties. How great is that?

FHA Streamline

If you currently have an FHA Loan and want to refinance, you may qualify for an FHA Streamline, which is as easy to use as it sounds! You could get a lower rate on your mortgage without the extensive qualification process. No appraisal and no minimal credit requirements. FHA Streamline is offered as a 5-year ARM (adjustable rate mortgage) or either a 15-year or 30-year fixed-rate loan.

Who Should Apply for an FHA Streamline?

You should, if you’re in an FHA loan now, your current mortgage rate is higher than today’s mortgage rates, and/or you owe more on your mortgage than your home is worth.

Have more questions or want to apply now? Our Home Loan Experts can help you decide which loan option makes sense for you.

 

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This Post Has 9 Comments

  1. I’m wondering if anyone has any knowledge of a lender in Tampa fl who handles an fha loan with a 625 credit score, 70k a year income and about 20% saved for a down payment. I’m self employed but have current tax returns.
    Any help would be great I’m looking for a 100k loan.

  2. An FHA loan can certainly be a good option if your credit score is less than perfect or you’re a first-time home buyer. However, as such loans primarily serve low to moderate income families, there has always been a limit on the size of FHA loan you can avail for where the property is located.

  3. Hi! If you may allow me, I’ll just get some excerpts from your blog to use on my masters degree thesis research about real estates and properties Well written, anyway. ☺ Good job!

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What do you get when you add an easier qualification process to government-backed security?  It’s the FHA Loan, and it’s a trusted equation that can add up to savings!

We’re an FHA approved lender, and we offer one of the best lending programs to give American homeowners flexibility in choosing their home loan.  Does it offer great opportunities for refinancing or purchasing a home?  You bet!  With an FHA Loan, you’ll get access to available features including

  • 30-, 25-, 20-, and 15-year fixed-rate terms
  • Qualification for credit scores as low as 580
  • 5-year adjustable-rate mortgage
  • Ability to refinance up to 97.75% of your primary home’s value
  • Option to purchase a primary home with as little as 3.5% down


The Lowdown

Can you believe FHA has been helping Americans get home loans for a really long time? The early stages of government-backed loans surface nearly 100 years ago in 1934!  And over the past century, this style of home loan has helped millions of people looking to purchase or refinance a home, get a payment rate that suits their best interests.  Hey, if the FHA Loan has been around that long, something must be working!

Is an FHA Mortgage Right for You?

Think you might benefit from the flexibility an FHA Loan could provide to your unique situation?  You might be right!

If you’re looking for less stringent qualification and credit requirements, currently have a down payment or home equity that’s less than 20%, and prefer the security of a government-insured loan, it sounds like the FHA Loan is up your alley!  As an added bonus, you can pay your mortgage at any time without pre-payment penalties.  Cha-ching!

Does This Home Loan Option Work With Your Financial Goals?

You’ve got unique financial goals, and we’re here to work with you on achieving them!  Whether you’re refinancing or purchasing your home, the FHA Loan is an excellent solution for lowering your payment, keeping your payment from rising, and owning your first home.

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