It's easy to understand why many people looking for a new home are turning to FHA insured loan programs. Because FHA Loans are insured by the Federal Housing Administration, homebuyers have an easier time qualifying for a mortgage. Those who typically benefit most by an FHA loan are first-time home buyers and those who have less than perfect credit.
In response to the growing housing situation in the United States, the loan limits for FHA Loans has been temporarily raised. Depending on where you live you might find it even easier to qualify for a FHA loan.
As FHA Loan specialists we can help you understand any new changes to the FHA loan program. We're here to create a customized solution that works best for you and your family. To learn more call us at 215-661-1660 or contact us via email by clicking here.
FHA insured mortgages help more people become home owners.
Easier to Qualify – because they’re backed by the federal government, lenders are more likely to give you the kind of loan that you need.
Low Money Down – FHA insured mortgages only require a 3.5% down-payment which makes it easier for people to own homes. Additionally, that 3.5% can come in the form of gifts, unlike many other loan programs.
Lower Credit Score Requiremens – because FHA insured loans are backed by the government those with a poor credit history have an easier time getting this kind of loan.
Better Interest Rates – with the backing of the government, these loans typically have a better interest rate than most traditional mortgage loans.
Better Home Stability – the FHA has programs designed to help homeowners keep their homes during hard times. They will work with you to help your home from falling into foreclosure. Always try to work out problems with your lender before the situation becomes dire.
What is an FHA Loan?
Can I pay an FHA loan off early?
Can I refinance a FHA loan?
Will I have to pay mortgage insurance with an FHA loan?
Can I get a "fixer-upper" of a home with a FHA mortgage?
Qualifying for a mortgage loan can be difficult, near impossible without a sizable down payment and a good credit history. There are fewer restrictions for FHA loan qualification in comparison to a standard mortgage loan.
Qualifications for an FHA loan are:
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When you're applying for an FHA loan the following list of documents will help expedite the process. We can help you understand any part of the FHA loan process so don't hesitate to contact us with any questions.