Philadelphia FHA Loans

Right now is the ideal time to apply for an FHA loan if you are planning to relocate to Philadelphia. The Federal Housing Administration (FHA) has a really great home loan program that has been making the loan process simple and affordable for over seventy years. The FHA has done this by offering really great benefits to all who qualify.

History of FHA Loans

In 1934 the US Government created the FHA in order to help Americans who were struggling through the Great Depression. The FHA made it possible for families to still afford new loans and avoid losing their existing homes during a time when foreclosures were at an all time high. Since that time, the FHA and US Department of Housing and Urban Development (HUD) have helped make the dream of homeownership a reality for millions of Americans.

FHA Loans Today

Today the FHA and HUD are still going strong, and are once again helping families through these tough economic times. The FHA does this by insuring privately issued loans – making you a much more secure borrower. As a secure borrower, you get to take advantage of huge benefits such as the low down payment feature. While most conventional loans require around 20% down, FHA loans only require 3.5% for a down payment. The other great benefits of a Philadelphia FHA loan include low interest rates, simple refinancing, programs to help you avoid foreclosure, easy approval and flexible repayment options.

How to Apply

Before you start house hunting, you will want to get pre-approved for your Philadelphia FHA loan. That way you will be able to make sure you meet all the requirements for the loan. Then, you can start looking for your new home or shop around for a private lender. The lending institution you decide to go through can be a mortgage company, bank or savings and loans association as long as they are FHA-approved. Keep in mind that although the qualification standards are more lenient than conventional loans, you will still need to provide credit checks and financial documents in order to qualify.

Get Pre-approved Today!

Pre-approval has never been simpler than it is today. Fill out our online form and we’ll have you pre-qualified instantly. Plus, it’s 100% free, totally secure and has no obligation. What are you waiting for!

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