FHA Loans for First Time Homeowners

The FHA loan program started in 1934 as a way to help Americans afford new homes, and the program is still going strong today. The great benefits associated with FHA loans have made it an attractive choice for first time homeowners and people who might not otherwise qualify for a conventional loan. Here are just a few of the many great benefits that you will be able to take advantage of when you apply for your FHA loan today.

Affordability

With an FHA loan, you can qualify for up to 96.5% financing on your new house. At just 3.5% for a down payment, purchasing a new house has never been more affordable. The FHA insures your loan for you, so you won’t have to pay additional private monthly mortgage insurance on the loan. You will also get to take advantage of really competitive interest rates.

Security

The FHA will do everything it can to help you make payments now and in the future. With programs like HOPE for Homeowners and FHASecure, you never have to worry about foreclosure. Even if you miss a couple payments, it is still possible to refinance your loan so that you can afford your mortgage again.

Easy Qualification

Qualifying for an FHA loan is much easier than conventional loans. Because you will be insured by the Federal Government, lenders are often willing to lower their qualification standards. This means that even if you have a blemish on your credit history, there’s a good chance you’ll still be able to obtain an FHA loan.

Simple Refinancing

Once you have your FHA loan, refinancing to a lower interest rate is incredibly simple. Because the FHA will already have all your information on file, you’ll be able to apply for a streamline refinance. This means you won’t have to provide any additional paperwork or incur any out-of-pocket expenses to obtain the new mortgage.

Quick Approval

Getting pre-approved for an FHA loan has never been easier. When you take a minute to fill out our online form we’ll be able to pre-approve you within minutes. The form is free with no obligations, making this the ideal first step on your journey to homeownership.

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