Providence, Warwick and Pawtucket FHA Loans

If you are considering relocating to Providence, Warwick or Pawtucket, right now is a great time to apply for an FHA loan. Housing prices in these cities have come down in recent years, while the FHA loan limits have increased in most counties. This means you will be able to afford an even bigger, better house for you and your family than ever before.

History of FHA Loans

In 1934 the US Government realized it had to do something about the rising house prices and huge numbers of foreclosures. To help people afford new homes and avoid losing their existing properties, the government created the Federal Housing Association (FHA). What the FHA did was insure privately issued loans, making Americans more secure borrowers. Since that time, millions of people have taken advantage of the benefits of FHA loans and made the dream of homeownership a reality.

The FHA Today

Today both the FHA and US Department of Housing and Urban Development are continuing to help Americans during these tough economic times. The FHA is able to do this by extending really great benefits to those who qualify, such as the low down payment feature. Right now it is possible to qualify for up to 96.5% financing, bringing your down payment to 3.5%. You will also be offered very competitive interest rates and won’t have to pay for private mortgage insurance (PMI). The other benefits of the FHA home loan program include streamline refinancing, easy approval and flexible repayment schemes.

How to Apply

In order to qualify for an FHA loan, you will first need to find a lender who participates in the FHA home loan guaranty program. This lender can be a mortgage company, savings and loans association or bank. Then, you will need to go through all the necessary steps to become a homeowner such as providing income information, credit checks, having the house appraised and paying the closing fees. Your lender will be able to guide you through this process and answer any lingering questions you may have.

Get Started Today!

To get pre-qualified for an FHA loan, take a minute to fill out our secure online form. The process is 100% free with no obligation. Pre-approval has never been easier!

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