What is a FHA Loan?
FHA stands for Federal Housing Administration. An FHA loan is insured by FHA provides mortgage insurance on loans on homes. FHA loans are popular among first-time homebuyers because FHA allows down payment as little as 3.5%
What are the benefits of a FHA Loan?
Minimum down payment of 3.5% on purchases
Less restrictive credit requirements
Do I qualify?
- Do you have a steady employment history for the past two years?
- Do you have a valid social security number or lawful residency in the US?
- Are you purchasing a home as your primary residence?
Did you say Yes to any of these questions? You may qualify for a FHA loan.
Refinancing a FHA Loan
Do You Currently have a FHA Loan? If so, you may be eligible for an FHA streamline.
What is a FHA Streamline?
The FHA Streamline program offers borrowers with an existing FHA mortgage a new FHA-insured loan without requiring credit approval or appraisal. FHA Streamline is generally performed to lower the interest rate and reduce the monthly payment on the existing FHA-insured loan.
What are the benefits of a FHA Streamline?
- No appraisal or credit underwriting package
- Lower your interest rate/payments
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