Qualify Easier with an FHA Loan
Federal Housing Administration (FHA) loans are insured by the US Government. These loans are government assisted alternatives to conventional financing, and were originally offered for first-time home buyers with imperfect credit. Now, FHA loans are open to a wider audience, and are even popular options for homeowners looking to refinance.
Overall, FHA loans provide more flexibility in credit, income, and equity/down payment requirements. They do, however, include an Upfront Mortgage Insurance Premium (UFMIP), as well as monthly mortgage insurance.
FHA Loan Characteristics
- Refinance up to 97.75% of your primary home’s value
- Buy a home with as little as 3.5% down (primary home)
- Pay your mortgage at any time without pre-payment penalties
- 30, 25, 20, 15 and 10-year terms are available with fixed rates
- 5, 7 and 10-year adjustable rate mortgages available
FHA Loan Extras
Refinance your current FHA Loan easier and faster, potentially with no appraisal, with an FHA Streamline loan. Ask your licensed Loan Officer for details on this program.