We are pleased to announce that we have lowered our minimum credit score standard on all FHA loan products. There are countless reasons why an FHA loan may be right for you and these four features are what sets FHA loans apart.
Great Rates and Low Monthly Mortgage Insurance
A distinct advantage of an FHA insured loan, as compared to a conforming loan, is great interest rates and lower monthly mortgage insurance (MI). Depending on the program, standard FHA loan interest rates are usually better than a conforming 30-Year Fixed Loan.
Credit Flexible
FHA loans are not score driven. Instead, they are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they are generally going to be credit-eligible for an FHA loan.
Safest ARM Currently Available on the Market
FHA guidlines give you the option of doing hybrid Adjustable Rate Mortgages (ARM), including a 3/1 ARM and a 1 year ARM that has the lowest adjustment caps of any ARM in the industry.
Variety of Property Types Allowed
While FHA guidlines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.
Streamlined Refinance and Assumable Loans
One of the most important advantages of an FHA loan is the ability for the loan to be assumed. This gives the buyer a significant advantage in a high interest rate market. FHA loans are eligible for streamlined refinance, a program HUD offers that allows the borrower to easily refinance the loan to reduce their interest rate and lower their montly payments.
Great Rates and Low Monthly Mortgage Insurance
A distinct advantage of an FHA insured loan, as compared to a conforming loan, is great interest rates and lower monthly mortgage insurance (MI). Depending on the program, standard FHA loan interest rates are usually better than a conforming 30-Year Fixed Loan.
Credit Flexible
FHA loans are not score driven. Instead, they are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they are generally going to be credit-eligible for an FHA loan.
Safest ARM Currently Available on the Market
FHA guidlines give you the option of doing hybrid Adjustable Rate Mortgages (ARM), including a 3/1 ARM and a 1 year ARM that has the lowest adjustment caps of any ARM in the industry.
Variety of Property Types Allowed
While FHA guidlines do require that the property be Owner Occupied (OO), they do allow you to purchase condos, planned unit developments, manufactured homes, and 1-4 family residences, in which the borrower intends to occupy one part of the multi-unit residence.
Streamlined Refinance and Assumable Loans
One of the most important advantages of an FHA loan is the ability for the loan to be assumed. This gives the buyer a significant advantage in a high interest rate market. FHA loans are eligible for streamlined refinance, a program HUD offers that allows the borrower to easily refinance the loan to reduce their interest rate and lower their montly payments.
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NMLS #418481
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