• Do you need less stringent qualification and credit requirements?

• Is your down payment or home equity less than 20%?

• Do you have an FHA loan and want to save money with an easy and fast FHA Streamline refinance?

To learn more about this program and how it could help you, please contact us.

If you answered yes to any of these questions, an FHA loan may be right for you! The easiest way to qualify for refinancing or home buying, an FHA gives you a government-insured loan with flexible choices. Opt for the security of a fixed rate or the versatility of an FHA 5-year ARM.

FHA Home Loans are mortgages insured by the Federal Housing Administration that feature lower underwriting standards and rates than conventional loans, along with lower minimum down payments of 3.5%. Additionally, FHA borrowers are required to pay for mortgage insurance (MIP) to protect the lender in the event of a default.

FHA loans are offered to low-income individuals who have credit scores as low as 500. Individuals with a credit score between 500-579 can obtain an FHA loan with a down payment of 10%; individuals with a credit score higher than 580 can get an FHA loan with as little as 3.5% down. The Federal Housing Administration does not lend the borrower the money to take on a mortgage or to buy the house. Rather, the borrower pays a monthly or annual mortgage insurance premium to the FHA to insure the loan which the lending institution issues to him or her. In case of default, the lender’s financial risk is minimized since the FHA would step in to cover the payments.

Having no credit history is not a problem with an FHA loan. Instead of your credit report, the lender may look at other payment-history records, such as utility and rent payments.