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FHA Loan

Qualify easier with an FHA loan

Federal Housing Administration (FHA) loans are insured by the US Government.  These loans are government-assisted alternatives to conventional financing, and were originally offered for first-time home buyers with imperfect credit. Now, FHA loans are open to a wider audience, and are even popular options for homeowners looking to refinance.

Overall, FHA loans provide more flexibility in credit, income, and equity/down payment requirements, and are great alternatives to conventional loans. They do include a Mortgage Insurance Premium (MIP), as well as monthly mortgage insurance, but FHA loans still enable many homeowners who wouldn’t qualify for conventional financing to purchase or refinance a home.

  • 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?

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 Loan gives you a government-insured loan with flexible choices

FHA loan qualification requirements

  • Refinance up to 97.75% of your primary home's value

  • Buy a home with as little as 3.5% down payment (primary home)

  • Qualify with a lower credit score than most conventional loans

  • Have a maximum loan amount that varies by county. Learn your FHA loan limit.

How an FHA loan works
•Your actual payment will vary based on your situation and the current interest rates when you apply
•Pay your mortgage at any time without pre-payment penalties

 
FHA loan extras
• Refinance your FHA Loan easier and faster (and potentially with no appraisal) with an FHA Streamline loan.  Ask your licensed Loan Officer for details on this program.

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                             Divison of Banking Locations                                                                                  Phone Numbers

          Springfield Office                               Chicago Office                                          General Inquires                              TTY

        Division of Banking                         Divison of Banking                                       1-888-473-4858                   1-866-325-4949 

 320 West Washington Street       100 West Randolph, 9th Floor                                                  Divison of Banking

       Springfield, IL 62786                        Chicago, IL 6060                                                                 1-844-768-1713

NMLS# 935629

1701 52nd Avenue, Moline, IL  61265

866-441-1862    customerservice@ruhlmortgage.com

 

For more information regarding licensing, go to www.nmlsconsumeraccess.org

                             Divison of Banking Locations                                                                                  Phone Numbers

          Springfield Office                               Chicago Office                                          General Inquires                              TTY

        Division of Banking                         Divison of Banking                                       1-888-473-4858                   1-866-325-4949 

 320 West Washington Street       100 West Randolph, 9th Floor                                                  Divison of Banking

       Springfield, IL 62786                        Chicago, IL 6060                                                                 1-844-768-1713