FHA Home Loan 3.5% 580 1.75% upfront mortgage insurance premium (MIP) 0.55% of existing loan balance per year Intended for lower-credit or lower-income buyers USDA Home Loan 0% Often 640 1% upfront mortgage insurance (MIP) 0.35% of the existing loan balance per year For low- and middle...
The FHA doesn’t issue loans or set interest rates, it just guarantees against default. FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and ...
Finding a great home loan involves careful consideration of your needs, finances and history. We are here to guide you.
FHA loans aren’t just for first-time buyers with small down payments. The benefit to doing an FHA refinance is that this option, backed by the Federal Housing Administration, does consider borrowers with sub-600 credit scores who hold less than 20%equity in the home. In fact, only those ...
FHA, the VA provides a loan guarantee, so lenders are willing to loan money to qualifying borrowers even if they have no money to put down. Although you don't have to pay for private mortgage insurance, you do have to pay aVA funding fee, which ranges from 1.4 to 3.6 percent of the...
And immediately brings the loan current This loss mitigation method, which is only available forFHA loans, creates an interest-freesecond mortgagethat contains up to 12 months of accrued mortgage payments. It brings your account up to date immediately, and must be paid off in full when the fi...
Imagine not having to wait years and years to save up for a house, or not having to wipe out your savings in order to purchase a home! We can help to make that happen, subject to certain conditions. If you qualify for a FHA home loan, you may obtain a FHA streamline loan with a...
FHA only requires 3.5% for their down payment and does not have income limitations. For people with low down payments, FHA is by far the most common method of purchasing a home.Lastly Capacity has to do with your ability to repay the loan. The lender calculates this ability with a term ...
FHA Streamline Refinance If you already have an FHA loan on the home, you can use the FHA Streamline Refinance to remove a borrower without checking home equity. However, the remaining spouse must show that they have been making the entire mortgage payment for the past six months. A Streamlin...
“Managing Partner at Options Mortgage Service Company of Alpharetta and a resident of Buford, GA, I have been originating mortgages for 21 years. Because the Home Loan is such a weighty decision, I decided I had to commit to being an expert for my clients. As your mortgage loan officer ...