Boston FHA Loans

If you are planning to move to Boston, right now is the ideal time to apply for a Boston FHA loan. The Federal Housing Administration (FHA) has been around for over seventy years, over which time it has helped millions of Americans become proud new homeowners. Today the home loan program is stronger than ever, with even bigger and better benefits than ever before.

Why should I use an FHA loan?

The FHA strives to make homeownership a much simpler and more affordable process for those who qualify. For starters, with an FHA loan you are only responsible for a 3.5% down payment on the new home. You will also get to take advantage of low interest rates and won’t have to purchase additional private mortgage insurance (PMI).

What if I can’t afford 3.5% down?

The FHA does not have any restrictions on where the down payment comes from. This means you are allowed to have your friend, employer or charitable organization supply the down payment on your home. Alternatively, you might want to think about applying for the American Dream Down payment Initiative (ADDI) which will pay the cost of the down payment for you.

What if my credit is not perfect?

While you will be approved based on your credit history and financial situation, the FHA has much more lenient standards than private lenders. This means that even people who have a blemish on their credit records might still be approved for a new loan.

Are there programs to help me avoid foreclosure?

Yes. If you ever find yourself having a hard time making payments, you have the option of applying for a refinance through HOPE for Homeowners or FHASecure. Even if you don’t have an FHA loan, you will still be able to take advantage of these programs

Are there mortgages available for homes that need repairs?

Yes. If you have a house that needs to be rehabilitated, you can apply for a 203(k) mortgage. The 203(k) rolls the cost of acquisition, repairs and final value into one loan.

Can I get pre-approved for an FHA loan?

Yes, and we can help! Take a minute to fill out our FHA home loan form and we’ll have you pre-approved instantly for free.

Utah FHA Loans | Oregon FHA Loans | How to Apply for an FHA Loan | fha interest rates