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.
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
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.