St. Louis FHA Loans

Right now is a great time to apply for FHA loans in St. Louis. If you are thinking about relocating to the area, the FHA home loan program will be able to help you save money on your new house. The FHA has helped millions of Americans afford new homes since 1934, and today the program is bigger and better than ever.

What is an FHA loan?

The FHA is a part of the US Department of Housing and Urban Development (HUD) and together they have insured millions of new homeowners over the years. While the FHA does not actually issue the money, the insurance policy they provide helps make you a more secure borrower who can then take advantage of huge savings. One of the ways you’ll save is by being approved for up to 96.5% financing. This means you’ll only be charged 3.5% for the down payment on the property. You will also save money through low interest rates and you won’t have to pay private mortgage insurance (PMI).

Who qualifies?

Everyone is encouraged to apply for St. Louis FHA loans. Your approval will be based on your credit history and current financial situation. The lender will look at things like credit scores, bank balances, debt-to-income ratio and employment history. Although your eligibility will be based on this information, the standards are much more lenient than with conventional loans. Even if you have a blemish on your credit history, there’s a good chance you’ll still be able to qualify.

Where do I apply?

In order to apply for an FHA loan you will need to find a lender who participates in the FHA home loan guaranty program. There are quite a few lending institutions who participate, and they vary from mortgage companies to savings and loans associations to banks. Make sure you find a lender who suits all your needs as they will be seeing you through the entire loan process.

Get Pre-approved Today!

We can help you get started today when you fill out our online form. The pre-approval only takes a minute, is totally free and has no obligation. Getting pre-approved for a St. Louis FHA loan has never been easier!

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