Have you ever considered a FHA Loan? Why not?
An FHA loan might not be what you think? In fact, it might just be what you are looking for!
Many of today’s home buyers never consider a FHA loan because they don’t understand what an FHA loan is all about and how it can help. FHA loans have been helping first-time home buyers since 1934. The Federal Housing Administration (FHA) is part of the Department of Housing and Urban Development.
HUD helps communities grow though insuring home loans so your lender can offer:
- Down payments as low as 3% of the purchase price
- Down payment can be in the form of a gift
- Closing costs and fees can be included in the loan
- Easy credit qualifying
- Loans for 1 to 4 unit properties
Can I get a FHA Loan for a fixer-upper?
Yes! FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add in the cost of repairs all in one loan.
What if I want to make my home more energy efficient?
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.
Does FHA offer loans on manufactured and mobile homes?
Yes! FHA offers to products: one is for those who own the land that the home is located on; the other is for the home that is (or will be) located in a mobile home park.
What about seniors who own their home? Is there any help available for them?
Yes! If you are 62 or older, own your home outright or have a low loan balance, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of the equity you’ve established in your home into cash.
Here are some other advantages of a FHA loan:
- The entire down payment can be borrowed or received as a gift from the a relative, close friend, employer, charitable organization, or government agency.
- The seller or other third-party can help pay the buyer's closing costs and down payment.
- Currently there are no income limits on FHA loans.
- FHA offers more relaxed credit quality, income, and asset requirements.
- You can use a non-owner occupant as a co-borrower. In other words, your co-borrower doesn't have to live in the home with you.
- Unlike conventional loans, it is not required to have two months' principal, interest, taxes, and insurance payments at closing.
- FHA rates typically are lower than conventional fixed-interest loans.
- FHA loans have no prepayment penalty.
- Eligible properties are one-to-four unit structures.
- FHA underwriting guidelines are typically less restrictive than conventional fixed-rate loans.
A FHA loan might be just the perfect loan for you. Call Citywide Mortgage today at (952) 224-2424 to learn more about a FHA loan and if it is the best option for you.
___________________________________________________________________
My current mortgage payment increased and I can’t make my monthly payments. Can I get an FHA loan to refinance my current home loan?
Yes! FHA recently began offering FHASecure to help homeowners keep their homes by refinancing their current home loan.
To qualify for FHASecure, homeowners must meet the following 5 criteria:
-
A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
- Interest rates must have or will reset between June 2005 and December 2009;
- Three percent cash or equity in the home;
- A sustained history of employment; and
- Sufficient income to make the mortgage payment.
An FHASecure might be just the loan you need to help you stay in your present home and avoid an excessively high mortgage interest rate.
Call Citywide Mortgage today at (952) 224-2424 to learn more about a FHASecure and if it is the best option for you.
|
|
