Is an FHA Mortgage right for you?
The Federal Housing Administration (FHA) offers assistance to first-time homebuyers and those looking to re-enter the housing market. FHA loan programs can offer several benefits to homebuyers.
FHA Mortgage Details
- Can be used to purchase or refinance a primary residence.
- Purchase a new home with as little as 3.5% down
- Refinance up to 97.75% of your primary home's value.
- 100% of the downpayment can be gifted.
- A credit score as low as 580 may qualify.
- FHA loans are available to both first-time and repeat homebuyers.
- Limit closing costs by financing the up-front mortgage insurance payment.
- Up to 6% of seller contributions are allowed toward closing costs.
- Cash out refinance is permitted.
- If you have an existing FHA mortgage, a streamlined refinance option is available with reduced mortgage insurance, no appraisal and no income qualification.
Additional Information
- Both fixed and adjustable-rate options are available.
- Eligible properties include Single Family Residences and approved Planned Unit Developments (PUDs) and Condos.
- Receive generous loan limits in designated locations, such as a high-cost area.
- Pay off your mortgage at any time without prepayment penalties.
- Low mortgage insurance options depending on loan terms and loan-to-value ratio.
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Mortgage application process
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This information is being provided for informational purposes only and is neither a loan commitment nor a guarantee of any interest rate. If you choose to apply for a mortgage loan, you will need to complete our standard application. Our consideration for approval of your mortgage loan application will include verification of the information obtained in connection with your request, including but not limited to income, employment, asset, property value and/or credit information. Our loan programs are subject to change or discontinuation at any time without notice. Not all products are available in all states. Refinancing to reduce total monthly payments may lengthen repayment term or increase total interest expense. Interest rates are subject to change without notice.