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WHAT PEOPLE ARE SAYING

What can I say? Peter is kind, professional and proficient. We closed my FHA loan in 30 days. I was always kept in the loop and there were no surprises during the whole process.

Peter and his team are outstanding. I will definitely recommend! Thank you Peter, Prany and all involved with the processing of my loan.

 

- Dale from Zillow 

 

FHA Loan Financing

Home buyers who are looking for an affordable alternative to conventional mortgage financing may discover FHA loans to be the best option for their needs and budget. With a small down payment requirement, reasonable rates, and lenient credit requirements, FHA loans are a popular choice among first-time home buyers, buyers with less-than-perfect credit histories, and repeat buyers on a budget.

FHA loans may not be the best choice for everyone, but we believe our FHA home loan could be well-suited to a variety of borrowers. Contact us today to see if an FHA first-time home buyer loan might be the right fit for your next home purchase. We also offer FHA streamline and FHA cash-out refinancing to qualifying individuals.

Why Consider an FHA Loan?

  • Low minimum down payment (3.5%)

  • Competitive interest rates

  • Credit guidelines may be more lenient than conventional home financing

  • Seller-paid closing costs may be permitted

  • Down payment funds may be in the form of a gift

  • You can have a lower credit score and still qualify 

 

Since FHA loan financing makes buying a home easier, you can start building equity sooner and stop renting earlier! Instead of continuing to rent while trying to save more money or improve your credit score, FHA loans make the dream of being a homeowner possible sooner.

Is an FHA Home Loan Good For Me?

An FHA home loan is a government-backed loan best suited for low to middle-income people who will not qualify for a conventional loan. FHA mortgage loans require lower minimum credit scores and down payments than conventional loans, making them especially popular with first-time homebuyers. The FHA requires a minimum credit score of at least 580 but also states that a lower credit score does not automatically disqualify you either.  While FHA loans are significantly easier to qualify for compared to conventional mortgages, there are still certain conditions and requirements that you must meet. These conditions help ensure that borrowers can pay back the loan amount and include debt-to-income standards, down payment requirements and credit score stipulations. 

Understanding Mortgage Insurance

Mortgage Insurance lowers the risk to the lender on loans offered to borrowers. It is mandatory on all FHA loans and helps borrowers qualify for a loan that they might not otherwise be able to get.

 

Typically, borrowers making a down payment of less than 20 percent of the purchase price will need mortgage insurance. FHA mortgage insurance includes both an upfront cost, paid as part of your closing costs when your home purchase is finalized and a monthly cost, included in your monthly payment. 

Tax Savings Calculator

Calculate your yearly tax savings.

Default amounts are hypothetical and may not apply to your individual situation. This calculator provides approximations for informational purposes only. Actual results will be provided by your lender and will likely vary depending on your eligibility and current market rates.

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What is the Difference Between Conforming and Non-Conforming Loans? 

FHA loans are conforming loans, this means they meet the underwriting guidelines set forth by Fannie Mae and Freddie Mac. They are low risk and are awarded to the most creditworthy of borrowers. They require a low down payment, comprehensive reporting, and mortgage insurance.

FHA Mortgage Program Requirements:

 

Requirements for an FHA mortgage include but are not limited to:  

  • Proof of income 

  • Non-occupying co-borrower can be used to qualify

  • Primary residences only 

  • Single-family homes and Condos, 1-4 units allowed 

  • Must be in eligible rural or edge of suburbia areas

  • U.S. Citizenship or permanent residency 

  • Proof of employment history 

  • minimum credit score 580 

  • Additional terms and conditions apply

 

The FHA loan is a path to homeownership for people who the banks would probably otherwise reject. They may have little cash for a down payment or a less-than-stellar credit rating making it hard for them to qualify with the government guarantee that the bank will get its money back.

 

For more information about this program or to find out if you qualify contact Home Access Financial today to get connected to one of our expert mortgage loan officers. 

At Home Access Financial, we understand this is one of the most significant purchases you will ever make, and we are here to provide you with the best possible outcome to help you get the home of your dreams at a price you can afford.

 

Ask your mortgage loan officer for more information to find out if FHA loan financing is a good fit for you!  

Connect with a Loan Loan Officer Today!