80% of my loans are FHA loans. The information below help you determine weather an FHA loan is right for you.
Why Refinance on an FHA Loan?
With an FHA loan, you can finance up to 85% of the home value to consolidate debt or take cash out. This is significantly a higher percentage than conventional loans. The FHA program is open to anyone, even where credit histories are not perfect. There are no restrictions on whom, or how many times a person is eligible to qualify for an FHA loan. FHA does not require a higher rate when taking cash out, making FHA loans the best choice for refinancing.
Why Purchase with an FHA Loan?
There are many benefits to purchasing with an FHA loan. You can take advantage of a low-fixed rate or a low margin/index ARM. Purchase a home with little or in some cases, no money down. With an FHA purchase, less than perfect credit is not a problem. In fact, lower credit scores or no credit scores can be approved. You might have a past bankruptcy and still qualify for an FHA loan! Additionally, a down payment can be a gift. With lower PMI than conventional loans, now might be a good time to take advantage of the benefits of purchasing with an FHA loan.
What is an FHA Streamline Refinance Program?
The Federal Housing Administration (also known as FHA) has allowed FHA streamline refinances on federally insured mortgages since the early 80’s. Given that, many FHA homeowners have utilized this program to lower their interest rate with relatively low, or no costs. The FHA Streamline Refinance Program has been saving borrowers thousands of dollars on their mortgage interest. We make it easy to refinance. Our customers are constantly telling us how informative and easy our site and services are to use. The term “streamline” simply means; there is very little documentation and underwriting that needs to be performed by the lender. No appraisal & no income verification required.
Are FHA Loans Assumable?
Yes. You can assume an existing FHA-insured loan, or, if you are the one deciding to sell, allow a buyer to assume yours. Assuming a loan can be very beneficial, since the process is stream-lined and less expensive compared to that for a new loan. Also, assuming a loan can often result in a lower interest rate. The application process consists basically of a credit check and no property appraisal is required. And you must demonstrate that you have enough income to support the mortgage loan. In this way, qualifying to assume is similar to the qualification requirements for a new one.
We are dedicated to making your FHA loan as effortless and hassle free as possible. We look forward to helping you save thousands on your FHA home mortgage.