FHA Mortgage Loans

The US Federal Housing Administration (FHA) has been helping Americans afford new homes for over seventy years. They have made this possible by extending great benefits through the National Housing Act of 1934. This Act helps families become first time homeowners, even if they couldn’t qualify for a conventional loan. Here are just a few of the great benefits you can take advantage of when you apply for an FHA Loan today:

Low Down Payment

The FHA knows that not everyone has the necessary capital saved up for a typical down payment on a house, which is why the offer loans with very little down payments. Conventional loans can sometimes charge as much as 20% for a down payment, which adds up very fast if you are looking for a large family home. With an FHA Mortgage, you can get the same loan amount and pay as little as 3% of the total cost of the loan.

Low Interest Rates

As a borrower who is insured by the Federal Government, you are a very secure and therefore desirable borrower. This means that private lenders are often willing to give you a great interest rate on your loan. This rate can even be below the current mortgage market rate in some situations.

No Insurance

Conventional loans that only charge 3% for a down payment are quite rare, and when you do find them, the lender usually requires the borrower to pay Private Mortgage Insurance (PMI). With an FHA Loan, you are already insured by the Federal Government, so you won’t be required to purchase any additional PMI.

Streamline Refinancing

Once you have your FHA Mortgage, refinancing is incredibly easy. The FHA offers a streamline refinance which requires no additional paperwork or “out-of-pocket” expenses. If you do incur some closing costs, you will be able to have the lender pay for it by adding the cost to the new loan.

Quick Approval

Getting pre-approved for an FHA Loan is incredibly quick and simple. When you fill out our online form you will be pre-qualified within minutes. Plus, it’s 100% free and has no obligations. Pre-approval for FHA Loans has never been easier!

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