FHA Loans

An FHA loan is a government-backed mortgage loan that can allow you to buy a home with looser financial requirements. You may qualify for an FHA loan if you have debt or a lower credit score. Options include purchase of primary home and refinance of primary home.

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FHA Loans are great for buyers with lower down payments and are sometimes easier to qualify for than a conventional loan.

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Great low rates

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Gift funds allowed.

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Credit score requirements are lower compared to other loans.

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Sellers may contribute up to 6% toward your closing fees.

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The home you consider must be appraised by an FHA-approved appraiser.

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You can only get a new FHA loan if the home you consider will be your primary residence, which means that it can’t be an investment property or second home.

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You must occupy the property within 60 days of closing.

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You’ll pay a mortgage insurance premium (MIP) for all FHA loans. Mortgage insurance is put into place to protect the FHA against losses if you default on your loan.

 

In most cases, you pay mortgage insurance for the life of an FHA loan (unless you made a down payment of at least 10%, in which case, MIP would be on the loan for 11 years). FHA loan mortgage insurance is assessed in a couple of different ways. First, an upfront mortgage premium is charged, which normally amounts to 1.75% of your base loan amount.

 

FHA borrowers also pay an annual mortgage insurance premium, which is based on the term (length) of your mortgage, your loan-to-value (LTV) ratio, your total mortgage amount, and the size of your down payment.

 

Requirements, information, and programs are subject to change without notice.  Please contact us for more information.

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