Federal Housing Administration Loans

Buy a Home With As Low As 3.5% Down Payment

fha loan

An FHA (Federal Housing Administration) loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay.

FHA loans are not for everybody. Nevertheless, they are a great help to some borrowers.
FHA loans allow people to buy a home with a down payment as small as 3.5%. Other loans might not allow such a low down payment.

Who can get an FHA Loan?

Almost anybody can get an FHA loan. There are no income limits. However, there are limits on how much you can borrow. In general, you're limited to median home prices in your area. To find the limits in your region, visit HUD's Website. To qualify for an FHA loan, you'll need to have reasonable debt to income ratios. You don't need perfect credit but you will need to have a credit score of at least 620.

Benefits of FHA Loans

  • 3.5% down payment required on purchase

  • You can use gifts for down payment and closing costs.

  • No prepayment penalty

  • There are no income limits



Streamline Your Loan And Lower Your Rate

Changing the terms of your FHA loan can benefit you and maximize your monthly income. A lower monthly mortgage payment can help free-up money you can save, invest or use for other expenses. When rates are favorable, refinancing to a lower rate or longer-term mortgage can keep more money in your pocket every month. FHA refinancing is only available to homeowners who are currently using their home as their principal residence.

FHA Cash-Out Refinance

FHA Cash-Out Refinancing is especially beneficial to homeowners whose property has increased in market value since the home was purchased. It allowes homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe.

FHA Streamline Refinance

This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and sometimes even without an appraisal. FHA Streamlined Refinance also minimizes the amount of paperwork that you have to file, saving you valuable time and money.

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It's a great time to purchase your new home. Get the process started by applying with The Newfinity Group today!

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