FHA loans are a popular mortgage program to use when purchasing or refinancing a home because of their low rates. The guidelines also offer flexible options which allow more borrowers to qualify. An FHA loan may be an ideal financing option for you if you’ve had past credit issues or are just looking to minimize your down payment to as little as 3.5 percent.
What does an FHA Loan Provide?
FHA or Federal Housing Administration which is a government agency to improve housing standards and promote homeownership within the community. The FHA will insure your home loan which will decrease the amount of risk for the lender which will improve your approval chances. The FHA offers many mortgage loan options which include:
- Purchase a New Home Loan- When you buy a home you can qualify for as little as 3.5 percent down of the purchase price. First-time homebuyers can also receive a tax credit up to $8,000.00 and up to $6,500.00 for previous home owners
- Refinance an Existing Home Loan- Refinancing available up to 97% of your home value. The FHA also offers cash-out options.
- Debt Consolidation- If you have too many monthly payments, like credit cards, or vehicle loans, liens or other debt you can consolidate that debt into a single mortgage payment.
- FHA Streamline Refinance – If you have an existing FHA home loan you can qualify for FHA Refinancing with a lower rate and lower monthly payment.
- Manufactured and Mobile Home Loans- There are manufactured and mobile home loans available through the FHA, as well.
- FHA 203(k) Rehabilitation Loans – This is an option for those looking to purchase or refinance a home that needs a little TLC and updates.
To find out more information about FHA home loans or to get matched with a qualified lender who is eager to help you with your FHA home loan and answer any questions you can click the link below and get started for free today. It’s quick and easy and only takes a few minutes to get started.