FHA Loan articles and updates for first time homebuyers, homeowners looking to refinance an existing mortgage, and anyone looking to learn how to buy a home with a low down payment mortgage.
FHA loans are ideal for first time home buyers with 3.5% down. Check out FHA requirements, rates, loan size limits, premiums, closing costs and FHA pros and cons. Reviewed by FHA loan officers.
FHA loans work like most other mortgages, with either a fixed or adjustable interest rate and a loan term for a set number of years. There are two term options: 15 years or 30. You’ll also payclosing costs for an FHA loan, such as appraisal andorigination fees. The FHA allows home ...
Yep. They have a construction program called a203k loanthat allows FHA borrowers to renovate their homes while also financing the purchase at the same time. Fun fact – the standard FHA loan program is technically known as the “FHA 203b” in case you’re wondering where that name comes ...
For either loan type, the appraisal is not a home inspection. Property types Lenders also look at what buyers plan to use the home for. FHA loans require the borrower to live in the home as their primary residence, so they can’t invest in or flip properties. With conventional loans, in...
We are a residential mortgage lender providing government insured FHA and Conventional rehab and construction loans as well as down payment assistance loans for those who do not have the required funds for a down payment. Whether you qualify for our 3%, 3.5% or 5% down payment assistance loan,...
Construction-to-permanent loans: This loan type helps borrowers finance the purchase of a home that’s still being built by paying the contractor in installments. When the home is finished, the loan converts to a permanent mortgage. Qualifying for these types of loans can be more difficult and...
Today's mortgage rate for FHA loans. Credit score needed for the lowest 30-year fixed rate mortgage to purchase a home or refinance with an FHA loan.
If none of the above mortgages seems to fit your unique needs, take a closer look at some of these less common options to determine if they could be right for you. 203K FHA Loans A 203K FHA loan (also known as an FHA Construction Loan) is designed to be used for a massive remodel...
A Federal Housing Administration (FHA) loan is a mortgage that is insured by the government and issued by a bank or other approved lender.