FHA Loans

FHA home loans are insured by the Federal Housing Administration. Although FHA mortgage rates may typically be higher than conventional mortgage loans, FHA home loans offer many advantages including low down payment requirements, flexible credit guidelines as well as the ability to lend in declining markets.

The FHA loan program has helped millions of families become first time and move-up homeowners by lowering some of the borrower's closing costs and down payment requirements. Qualifying guidelines for FHA loans are typically more flexible than those of conventional loans.

Important Features of FHA Loans:

  • Lower down payment/investment requirements - as low as 3.5% down payment required as compared to 5% or more for many conventional loans
  • Some closing costs can be financed - less out-of-pocket expense at the settlement table
  • Assumable
  • Government insured loan
  • Higher debt-to-income ratios are allowed
  • Flexible credit underwriting guidelines
  • As part of the Economic Stimulus Package the FHA loan limit has been increased to as high as $729,750 in some areas

FHA Programs We Offer:

  • Fixed Rate Loans (terms ranging from 15 years to 30 years)
  • Adjustable Rate Mortgages (terms ranging from 1/1 to 5/1 years)
  • 203(k) FHA Rehabilitation Loans (allow up to $35,000 for renovations and repairs)
  • 203(k) Streamline Refinances
  • Cash-out Refinances
  • Streamline Refinances

For a list of loan limits and/or to see if a FHA loan is right for you, contact us today.