FHA Loans
The Federal Housing Administration (FHA) insures the loans for this program making it possible for buyers who may have limited cash availability, low to moderate income, and lower credit scores to purchase a home.
Take a look at the many great benefits of using the FHA Loan programs:
- Easier borrower qualification
- Low minimum down payment requirement- just 3.5%!
- Gifts and government down payment assistance are acceptable sources for the down payment
- Great rates that are comparable to conventional loan rates
- Lower mortgage insurance premiums, and under certain conditions, automatic cancellation of the premium
- Limited closing cost fees (e.g., the origination fee cannot exceed 1% of the mortgage loan)
- Loans can be assumable to qualified buyers
- State down payment assistance programs, like MSHDA , are allowed
- Renovations and repairs can be included when financing with the FHA 203k Renovation Loan
Contact me today to see if this is the right loan program for you!
Latest Blog Post
HOW TO PROTECT YOUR MORTGAGE RATE WHEN CLOSING GETS DELAYED
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Are you under contract on a home with an expiring rate lock? Need a rate lock extension?
Yesterday, a buyer called me in a total panic. They locked in their mortgage interest rate 30 days ago while shopping for a home near the Westwood neighborhood. Everything moved along fine until the seller asked to push closing back by ten days to finish clearing out their garage.
The buyer asked me, “Jeremy, if our rate lock expires before we close, will our interest rate jump up? Will our monthly payment go through the roof?”
I told them straight up: “Take a deep breath! An expiring rate lock will not ruin your deal, and you will not lose your low rate!”
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