Mortgages Made Simple!

FHA home loans are a great option for many homebuyers and homeowners looking to refinance!

FHA home loans are a great option for many homebuyers and homeowners looking to purchase or refinance! While the FHA home loan programs were originally designed for first-time homebuyers, that is not the case today. FHA home loans are available to everyone and are a great option to consider.

FHA Purchase Loans – If you are looking to purchase a home, there are many reasons why FHA loans have become so popular today:

• Down payments as low as 3.5%
• A borrower's relative or close family friend can contribute up to the full 3.5% down payment with documented gift funds
• Seller can contribute up to 6% of the sales price towards your closing costs
• Minimum credit score of only 620
• Low 30-year fixed rate
• Loan is insured by the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD).

FHA Purchase or Refinance Loans – The Streamline(k) loan program is an ideal solution for homebuyers or homeowners who need to finance non-structural basic repairs into their FHA home loan. Many people utilize this program for bank-owned properties in less than perfect condition. A partial list of eligible repair items includes:

• Roofs
• Exterior decks, patios, porches
• Appliance purchase and installation
• Flooring
• Window and door replacements
• Exterior residing

FHA Refinance Loans – FHA insures several different types of refinance transactions including:

• Streamline refinances of existing FHA-insured mortgages - Can be made without an appraisal, which especially helps homeowners who owe more than their home is worth.
• No cash out refinances of conventional and FHA-insured mortgages - Proceeds are only used to pay existing liens and costs associated with the transactions. Loan amounts are allowed up to 97.75% of the appraised value.
• Cash out refinances – Loan amounts are allowed up to 85% of appraised home value.