Opening the Doors to Homeownership
FHA loans are insured by the Federal Housing Administration (FHA) and make it easier to qualify for a purchase or refinance in scenarios where a borrower may not qualify for a conventional mortgage.
FHA Loan Highlights
FHA loans are used by first-time homebuyers and people with low-to-moderate incomes since this government-insured mortgage features:
- Low down payments (As low as 3.5%)
- Flexible income and credit requirements
- Fixed- and adjustable-rate mortgages
- Loans for 1-4 unit properties and condos may be available
- Down payment funds can be a gift
- Home sellers can contribute up to 6% of the closing costs
If you currently have an FHA mortgage, we may be able to help you reduce your interest rate and lower your monthly mortgage payments with an FHA streamlined refinance. Plus, a streamlined refinance requires limited borrower credit documentation and underwriting for an even easier process. This may be the right solution if you want to convert your ARM to a fixed-rate loan.