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.
- 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.
We’re with you every step of the way.
Buying a home can be stressful. That’s why we’re here to help answer questions and keep the process moving, so you can focus on what matters most.Mortgage application process