What Is an FHA Loan?
Insured by the Federal Housing Administration, FHA loans help borrowers obtain the home of their dreams with easier qualification.
With FHA loan requirements being a little more flexible, first-time homebuyers often benefit from this type of home loan as it offers a lower down payment (as low as 3.5%). However, you do not need to be a first-time homebuyer to benefit.
FHA Loans Are Great for Homebuyers Who Have:
- Lower credit scores
- Low to moderate income
- Money to put towards a down payment
Advantages of FHA Loans:
- Fixed- or adjustable-rate
- Limited closing costs
- No prepayment penalty
- Reduced documentation available on certain refinances
- HUD REO property qualifies for $100 down and max repairs of up to $10,000
You may refinance with an FHA loan as they come with few requirements. Since the program is for those seeking to get into a home, you will need to live in the home as your primary residence to refinance with an FHA loan. Don’t worry – we make the process easy!
Let us help you achieve your home financing goals!
Our team of home loan experts are standing by to assist you with determining if an FHA loan is the perfect match.