Middlesex, Somerset and Union FHA Loans

Right now is a great time to apply for an FHA loan in Middlesex, Somerset or Union. The Federal Housing Administration (FHA) has been making home loans affordable since 1934. Since that time, both the FHA and US Department of Housing and Urban Development (HUD) have helped over a million Americans become first time homeowners. Today, the home loan guaranty program is better than ever, and extending really great benefits to all who qualify.

Benefits

One of the greatest benefits of an FHA loan is the low down payment feature. When you apply for an FHA loan in Middlesex, Somerset or Union, you will only have to provide 3.5% down. The overall cost of FHA loans is also much more affordable than conventional loans because you will get to take advantage of great interest rates and won’t have to pay for private mortgage insurance (PMI). A few more benefits include easy approval, streamline refinancing and flexible repayment plans.

Eligible Homes

If you are planning on purchasing a one to four-unit family home priced below your county’s loan limit, you’ll want to apply for a standard FHA loan. There is also an Energy Efficiency Mortgage (EEM) for those who want to buy a new house and then upgrade the energy efficiency of the house by installing things like solar water heaters and low-energy appliances. Finally, for houses that need a lot of work done to them there is the 203(k) mortgage. The 203(k) rolls the cost of acquisition, repairs and final value of the house into one loan.

Finding a Lender

In order to obtain an FHA loan, you will need to find a bank, savings and loans association or mortgage company that participates in the FHA home loan guaranty program. Once you have your lender, you’ll have to go through the necessary steps to procure the loan. These steps include supplying financial information, having the house appraised and paying any closing fees. You might also want to get pre-approved for the loan so that you are assured you meet all the FHA’s requirements.

Get Started Today!

We have a team of FHA home loan specialists who are happy to help you get started today. Simply fill out our FHA form and we’ll have you pre-approved instantly for free!

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