FHA LOAN

Don’t let a low down payment, lack of credit history, or inability to cover closing costs keep you from buying a home. With an FHA loan, you still may qualify. That’s because FHA loans were developed to promote home ownership by providing an alternative to conventional financing, which has stricter qualification requirements.

FHA Loan Benefits:

• Down payment as low as 3.5 percent. Down payment can also be a gift from parents or relatives.
• Looser credit qualifications than conventional loans.
• Lower closing costs.
• Private mortgage insurance (PMI) can be paid in cash or financed as part of the loan.
• Choose from fixed or adjustable interest rate.
• No prepayment penalties.

For more information about FHA loans, including complete eligibility requirements, contact us today.

There are two primary types of FHA refinance programs.

FHA 203(b) The FHA 203(b) can also be used to refinance an existing conventional or FHA mortgage.

FHA Streamline

If you already have an existing FHA mortgage, an FHA Streamline refinance loan is a good option. Unlike a conventional refinance, an FHA Streamline refinance doesn’t have many of the income and appraisal requirements. It also offers higher loan-to-value ratios, so you may still qualify even if you have little to no equity in your home.

With an FHA Streamline refinance, you can:

• Lower monthly payments.
• Reduce interest rates.
• Build equity faster.
• Pay off loans sooner.