FHA Loans

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FHA Loans

When you are deciding which loan is best for you, there is a lot to consider. If you are looking to finance a primary residence, FHA is a great option to look into as these loans are designed to make homeownership more attainable and are often great products for first time home buyers or buyers that do not have a large sum saved for a down payment.When considering all costs, buyers that finance with an FHA Loan will need to pay what’s termed an Upfront Mortgage Insurance Premium (UFMIP) as well as a monthly Mortgage Insurance Premium (MIP) which is wrapped into the monthly loan payment.

What is an FHA loan?

Congress established FHA loans in 1934 in order to expand homeownership opportunities and help lower income borrowers obtain a mortgage. FHA mortgages are government-backed mortgages insured by the Federal Housing Administration.

FHA loans make it easier for aspiring homeowners to achieve homeownership without the need for a large down payment. This flexible and more attainable loan program is a popular choice for first-time homebuyers, by enabling borrowers to make down payments of as little as 3.5 percent.


What are the  requirements for FHA loans?

In order to use an FHA loan to buy a house, the property must meet the Department of Housing and Urban Development’s minimum property criteria. FHA loans are available for many different types of FHA-approved properties:

1-4 unit residential homes

Townhouses and condominiums

Mobile, manufactured and/or modular homes

To qualify:

Be a U.S. citizen with a valid social security number

Have a steady employment history that demonstrates adequate income

Use the loan to purchase, build or refinance a primary residence

Ensure total debt does not exceed 43 percent of your income

Additional criteria include:

Currently having an FHA loan and good payment history for an FHA refinance

Showing a benefit for the refinance such as a rate reduction or lower term

Credit score minimum 620

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    The FL Mortgage King was a true professional and provided me the world class service I sought. Throughout the process Louis advised me on different mortgage products and ways to save thousands long term, something most bankers never do. We chose a mortgage product with no mortgage insurance saving me $250+ a month and allowing me more financial freedom. If you want someone who will pick up the phone on evenings and weekends.....someone who will save you money and someone who delivers on promises....he is the man! Highly Recommend!

    Steven | Wesley Chapel, FL