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FHA Loans

Federal Housing Administration Loans are loans that are insured by the Department of Housing and Urban Development (HUD), but are provided by independent lenders, giving borrowers the opportunity to obtain loans with low interest rates and significantly reduced down payments. Fill out our short form to contact up to four FHA loans lenders today.

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Overall, FHA insured loans offer an alternative to conventional loans, providing insurance for loans (the premiums of which are paid by the borrower) so that buyers who are unable to secure a large deposit can still secure a home. Though the loan maximums are less than some borrowers could find through a conventional loan, FHA loans are insured by the U.S. Department of Housing and Urban Development and gives families, who otherwise would not have the option, an opportunity to own a home.

The insurance on FHA loans is provided by the government, but not the loans themselves. Though little or no down payment is necessary, fair credit and sufficient income to repay the loan are requirements. While there is no maximum to the amount of income one may have in order to qualify for a FHA loan, it is important that your monthly housing payments (insurance, principal, interest, etc.) not exceed 29% of your monthly income and also that the loan not exceed the maximum allowed for your particular county. For example, in Hertford, North Carolina, the maximum for a one-family home unit is $160,176.00. However, for New York, New York the maximum is $290,319.00 for a one-family home unit.

FHA insured loans are also available to teachers and officers as a part of a HUD’s efforts to revitalize low to moderate income neighborhoods. Full-time state certified teachers, whether employed by public school or private, can purchase a home in their district using a FHA insured loan as long as they are in good standing with their employer. Likewise, full-time police officers can purchase a home with a fifty percent discount using a FHA insured loan and a $100.00 down payment.

 


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  • Poor to Excellent credit borrowers welcome – low rate mortgage loans
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  Need Cash? Considering a Home Equity Loan? Why not get cash out from your equity and refinance in one process. Select ‘Refinance’ on the application and specify your ‘Cash-Out’.
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FHA loans are insured by the government and offered with special programs for people in particular professions such as law enforcement or teaching. FHA loans can also be used to purchase investment properties with little to no money down at the time of closing… A mortgage loan is a big decision for any consumer. Important in every home buyers mind is what kind of interest rate they can expect on their new home loan. In the early 80’s, a rate of 12% of was great, but today that number is around 5%… Refinance your mortgage today and get locked in at a low fixed rate interest. If you are planning on staying in your home for more than a few years you should be able to easily recoup your refinancing expenses…
Mortgage calc programs will help you easily estimate your monthly payments on a new loan. Before you even apply you can get an idea of how affordable your new mortgage or loan will be. Adjust the interest rate to see how your monthly payments change… Mortgages are as common as the people that live in. It is a reality that most all of us will have to finance the purchase of our home and that it will be the biggest investment we ever make in our financial futures…

Mortgages advice is what all rely on to ensure that we are getting the best rates and loans for our needs. Knowing the basics can help us to at least tell good advice from nonsense advice when looking for a mortgage…

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