Why Choose an FHA Loan?

If you are thinking about becoming a first time homeowner or want to refinance your current mortgage, you’ve probably heard of FHA loans. However, you may not be aware of the great benefits that come with an FHA loan. The features of these loans make them much better, more secure options than conventional loans. Here are just a few of the many great FHA benefits you’ll be able to take advantage of as a borrower.

Easy qualification: As an FHA insured borrower, you are an incredibly secure and attractive borrower. Because of this, lenders are often willing to lower their qualifications for you, making it easier to qualify for the loan.
Low down payment: The FHA strives to make homeownership affordable for all Americans, which is why they offer a low down payment on loans. Conventional loans usually come with a 20% down payment, whereas FHA loans can be as low as 3% of the total cost of the house.
Less than perfect credit: Even if you have less than perfect credit, it is still possible to qualify for an FHA loan or refinance.
Lower overall cost: The total cost of FHA loans is much lower than conventional loans because you will often get a much better interest rate on the FHA mortgage.
Streamline refinancing: Once you have your FHA loan, refinancing for a lower interest rate is incredibly simple. Because the FHA will already have all your information on file, you won’t be required to supply any additional paperwork or out-of-pocket expenses.
Help keep your home: The FHA does not want you to lost your home, which is why they have created programs that help you avoid foreclosure.

How much can I borrow?

How much you can borrow with an FHA loan depends on the county you reside in, how many units the property is and what type of mortgage you want. To find out more about the loan limits, you can check out the US Department of Housing and Urban Development (HUD) website.

Where do I start?

Even before you start looking for houses, it’s a good idea to get pre-approved for an FHA loan. With a pre-approval you will know how much you’ll be able to qualify for when it comes time to buying your new house. Let us help you get started today by taking a minute to fill out our free online form.

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