FHA Refinancing and FHA Home Loans
Federally insured home loans from the Federal Housing Administration (FHA) are especially appealing to home buyers because of their less rigorous lending standards and low down payment requirements. Loans must be made through FHA-approved lenders for home buyers to qualify for low down payments of just 3.5% of the purchase price*.
Low down payments are one of the main advantages afforded to homeowners through FHA insured home loans. This is especially ideal for first-time homebuyers. Traditional loans typically require a down payment of 20% of the property’s purchase price.
Another advantage to FHA insured home loans is that borrowers with a FICO score of 580 may qualify for the low down payment advantage. If a borrower’s score is lower than 580, they aren’t necessarily excluded, however the FHA requires that they produce a down payment of 10% of the purchase price.
Benefits of an FHA Loan
The reason why an FHA loan is so appealing to borrowers is because they are able to take advantage of a certain set of benefits that may not be available to them through traditional financing methods. With an FHA loan, home buyers can enjoy benefits such as:
Easy Qualifying: Applicants with credit scores as low as 580 and/or questionable credit history may qualify for financing through an FHA-approved lender.
Competitive Interest Rates: FHA loans have some of the lowest interest rates available to financially savvy home buyers.
Low Out of Pocket Costs: In addition to low interest rates, home buyers will enjoy benefiting from low closing costs, down payments and mortgage insurance.
Bankruptcy/Foreclosure: If your credit history includes a bankruptcy or foreclosure, you’re not immediately disqualified from obtaining an FHA loan.
FHA Home Purchase and Refinancing Options
Maximum Lending may be able to help you purchase your dream home, or make improvements to your existing one, even if you have less than stellar credit. We offer the following FHA purchase and refinancing options for you to choose from. Our expert loan officers we work with you one-on-one in securing the right loan for you.
- FHA 30-Year Fixed-Rate Mortgage
- FHA 15-Year Fixed-Rate Mortgage
- FHA 203K 30-Year Fixed-Rate Mortgage
- FHA Cash-Out Refinance
- FHA Streamline Refinance
- FHA Reverse Mortgage
*Subject to change.