District of Columbia FHA Loans

If you are in the process of planning a move to the District of Columbia, right now is a great time to buy a new house with an FHA loan. The Federal Housing Administration (FHA), in conjunction with the US Department of Housing and Urban Development (HUD), has been helping make homes affordable across the US for over seventy years. Right now the FHA has made it even simpler to obtain great loans for homes in the District of Columbia by offering huge benefits to those who qualify.

Low Down Payment

Right now it is difficult to find loans with low down payments. Since the housing crisis in the US, lenders are less willing to issue loans without a lot of money upfront. In the District of Columbia, a typical down payment on a new house is around 20%, which adds up quickly. With an FHA loan, you can borrow the same amount and only have to provide 3.5% for the down payment. This makes it possible for people who have very little savings to still be able to buy new houses.

Easy Approval

When you apply for an FHA loan you will still need to provide credit checks, debt-to-income ratio and employment information in order to be approved. However, approval is much simpler with an FHA loan and more streamlined. With an FHA guaranteed loan, you’ll be able to find almost any lender willing to issue you a loan.

Lower Overall Cost

The overall cost of an FHA loan is much lower than that of a conventional loan. This is because the FHA interest rates are generally much lower than the average mortgage market rate. With the lower rates you’ll be able to afford a higher mortgage and save money on the loan overtime.

Streamline Refinancing

Once you have been issued your FHA loan, refinancing is incredibly easy. If you apply for a streamline refinance, you will be able to obtain a lower interest loan without having to supply additional paperwork or out-of-pocket expenses. Alternatively, if you need to borrow money against the house’s equity you can choose an FHA cash-out refinance.

Get Pre-approved Today!

Pre-approval has never been easier than it is today. Simply fill out our online form and we’ll get you pre-qualified for an FHA loan for free with no obligation!

West Palm Beach-Boca Raton FHA Loans | Middlesex-Somerset-Union FHA Loans | How to Avoid FHA Closing Costs | fha mortgage insurance