FHA loan program was created to help increase homeownership. Buying a home easier with FHA and less expensive than other types of real estate mortgage home loan programs.
FHA VS. Conventional Mortgage
The Federal Housing Administration (HUD) provides a loan guarantee program in lieu of private mortgage insurance. FHA will not lend you the money, they guarantee the loan, the lender will not take on a financial risk by extending you credit.
FHA loan has a minimum cash investment of 3 percent but permits 100 percent of the money needed at closing to be a gift from a relative, nonprofit organization or government agency. FHA guidelines are not as strict as the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Sellers must pay part of the closing costs, while some of the borrower's closing costs can be included in the loan amount.
The biggest disadvantage to FHA loans is the mortgage insurance premium. In most 15- or 30-year FHA loans, the borrower pays 1.5 percent of the loan amount at closing, along with a 0.5 percent annual renewal premium paid annually over the life of the loan.
Refinance FHA Home
New home, or want to refinance your existing FHA mortgage, FHA loan will allow you to purchase a home with a low down payment and with no income limits or credit scoring.
FHA Credit Issues
General FHA guidelines regarding a person credit history
FHA guidelines Full Article.
First Time Homebuyer
Owning a home can be a significant first step in attaining financial independence. We can help you eliminate rent payments, build equity, and feel the personal satisfaction of calling a home your own. With our Mortgage Guarantee, you can have a pre-approved mortgage amount before you decide on the home you want. Your pre-approved mortgage provides you the buying power of a cash buyer.
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