FHA Mortgage Loans

The FHA (Federal Housing Administration) mortgage is one of the most popular home loan program right now - especially for first-time home buyers as well as for those who have credit issues or little or no money to put down.

FHA mortgage loans contain the following features:

• Generally easier to qualify for than conventional loans
• Down payments as low as 3.5%
• Allows for 2nd mortgages and down payment assistance from state, county and local government agencies
• Easier to qualify for with less-than-stellar credit than conventional loan
• Non-traditional credit may be acceptable
• Flexible qualifying ratios
• A non-occupant co-borrower is permitted
• There are no prepayment penalties
• Loans are assumable to qualified buyers
• Lower monthly mortgage insurance (MI) premiums than on conventional loans
• Sellers can contribute up to 6% of the purchase prices towards points, closing costs, prepaids and escrows

An FHA mortgage is not a government loan. Rather, it's a home loan that is guaranteed by the Federal Housing Administration. Available to all buyers, FHA loan programs are designed to help creditworthy low- and moderate-income families who do not meet the requirements for a conventional loan. Because it's a guaranteed loan program, it does require mortgage insurance. All FHA mortgages carry a 1.75% upfront mortgage insurance premium (UFMIP). However, the UFMIP can be rolled into the mortgage. 

FHA home loans are available for the purchase of a new or existing home as well as for the refinancing of an existing mortgage. FHA mortgages are competitively priced at market rates, and are available through a variety of lending sources including banks as well as mortgage lenders and brokers. We have access to some of the best lenders through our network.

Go to FHA mortgage loans to learn more.

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