FHA Home Loan Information

Approved FHA Lenders are safe-guarded against losses and are able to issue mortgages at very attractive terms. FHA loans offer a low fixed interest rate and qualifying for FHA loans is very easy...

FHA loans offer many options to help you with the following:

• Buy a house with a 3.5% down payment
• Refinance your mortgage to a low fixed rate
• Turn an adjustable rate into a fixed rate
• Qualify for a mortgage with down to a 580 credit score
• Buy a house and get additional money for repairs (203k)

Buying a Home?

Because Conventional lenders (lender not insured by the Government) have stricter qualifying guidelines, millions of people are buying homes with FHA loans...

When buying a house with an FHA loan:

• You are only required to put 3.5% as a down payment
• You do not have to pay closing costs out of your pocket (seller concession)
• Qualifying for FHA loans is much easier
• You will not have a pre-payment penalty if you decide to refinance or sell your home
• You may have added protection against foreclosure

Many incentives are available to home buyers like down-payment assistance, a home buyer tax credit and rehabilitation loans.

Refinancing your home?

Millions of people are refinancing with fixed rate FHA loans to get cash, turn an adjustable mortgage (ARM) into a fixed FHA loan, or simply lower payments.

If you refinance with an FHA Loan...

• You can get a rate around 5% fixed for 30 or 15 years
• You can refinance with a lower credit score
• Streamline with NO appraisal
• Turn an adjustable rate into a fixed rate

Have an Adjustable rate mortgage? - Need lower payments? Whatever your reason to refinance, an FHA fixed rate mortgage may be the solution...

Click here to speak with a refinancing specialist

Click to learn more about FHA refinancing

Qualifying for an FHA home loan

It is generally easier to qualify for a FHA mortgage than to qualify for a loan with a Conventional lender. Why? Because the Federal Housing Administration (A Government Agency) is safe-guarding the FHA lender against any losses they may incur. As a result, FHA lenders:

• Usually qualify applicants with less than perfect credit
• Insist you be employed and earning enough money to afford the mortgage payment - click here to see how much you can afford
• Require you have some credit history

The FHA 203 Purchase/Rehabilitation loan

You may find a great home to buy and realize that it needs some repairs. FHA 203k home loans are designed for just this type of situation.

An FHA 203 Rehab Loan can help you in many ways:

• Your lender will loan you the money to buy your home and the additional money to complete any repairs all in one mortgage
• You still get a low fixed rate (usually slightly higher than a regular FHA loan)
• Your lender may help you determine which repairs and improvements will yield the greatest results

You can expect all of the above and more with a FHA 203k home loan including a low fixed interest rate and similar flexible qualifying guidelines. You can refinance your home with a 203 rehab loan as well.

More about FHA 203 Rehab loans

Click to consult an FHA 203 specialist