FHA Loans
Cary, NC
The FHA Home Loan is one of the oldest mortgage programs designed around being flexible in it's underwriting guidelines and policies to allow more families to purchase the home of their dreams.
But it's not just a first time home buyer program. The FHA loan can be used by first time home buyers, repeat buyers and even for refinances. It's all about whether the program is the right fit for you.
FHA MORTGAGE LENDER NEAR ME
What is an FHA Loan
An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require lower minimum down payments and allow for lower credit scores than many conventional loans.
As of 2019, you can borrow up to 96.5% of the value of a home with an FHA loan (meaning you'll need to make a down payment of only 3.5%). You’ll need a credit score of at least 580 to qualify. If your credit score falls between 500 and 579, you can still get an FHA loan provided you can make a 10% down payment and have compensating factors for your FHA lender to consider. With FHA loans, your down payment can come from savings or a financial gift from a family member.
FHA LOANS VS CONVENTIONAL MORTGAGES
While conventional mortgages come in a number of shapes and sizes, the FHA has only 2 programs. There is an FHA renovation loan known as a 203k and the traditional FHA mortgage that's often referred to as a first time home buyer program.
easier qualifying
lower credit scores
Unlike the comparable low down payment conventional loans, FHA loans will allow you to have lower credit scores, going all the way down to 580 while still only putting 3.5% down... and you aren't penalized with higher rates or mortgage insurance because of it.
Lower monthly payments
lower interest rates
When your credit score is below 700, the interest rate and mortgage insurance on conventional 3% down programs begins to creep up higher and higher with every 20 point drop in score. FHA rates and mortgage insurance are the same regardless of your score.
AVAILABLE TO MORE FAMILIES
NO INCOME LIMITS
While the low down payment conventional loans have income limitations, the FHA mortgage guidelines do not. You are only limited by the loan amount limit for your county. In North Carolina, this is at least $314,827 and in some counties as high as $726,525.
FHA LENDER MORTGAGE LOAN OFFICER
Choosing the Best Loan Program Begins with Choosing the Best Loan Officer
You can't be expected to learn everything about every program and know exactly which mortgage program is right for you.
That's your loan officer's job to do that for you!
We take care to review your information and determine which programs you qualify for and the pros and cons of each so we can share it with you and help you make the right the choice for yourself.
Click below to get started today.
We'd love to hear from you!
MortgageBroker.Pro
The Source for Connecting Home Buyers with
Reliable Trusted Mortgage Experts
Why waste time searching for mortgage companies, mortgage brokers, mortgage lenders and banks? We will connect you with a trusted expert loan officer in your area.