FHA loan is a mortgage option provided approved Lenders and insured by the Federal Housing Administration (FHA). It's a great option if you're looking for a smaller down payment. It is also available for all income level and may allow you to use a gift or grant for all or a portion of your down payment or closing costs.
What are the Benefits of an FHA Loan?
Are There Limits to an FHA Loan?Some FHA home loans have a loan value cap based on location, but keep in mind that the typical FHA candidate already has financial limits. That makes this less of an issue. The program has no minimum credit score, although the lender might, and the chances of approval get better as the scores get higher.
Want a fixer-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs - all in one loan.
Does FHA offer any special loan program for seniors?
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.
How about manufactured homes?
Yes, FHA has financing for mobile homes and factory-built housing. There are two loan products – one for those who own the land that the home is on and another for mobile homes that are - or will be - located in mobile home park.
FHA allows the borrower to get the funds necessary to close from several sources. They include such areas as personal savings, gifts, grants, loans from retirement accounts and seller contributions. If you're a first time home buyer and having qualification issue due to low or new credit, income un-stability, or past credit history; FHA could be your best option. Apply online today and let us help you to find the best possible mortgage loan.