FHA Loans

An FHA loan is partially insured by the Federal Housing Administration (FHA).The FHA’s insurance lessens a lender’s risk when offering loans to buyers with limited funds for a down payment and/or for imperfect credit.

Purchase and Rate/Term refinance with 580 credit score
3.5% down payment – Great for first-time buyers with little money to put down
Borrower with only 1 credit score may qualify
Fixed Rate options

FHA 203(k) Loans

An FHA 203(k) Rehab loan enables you to buy a home that’s in need of repairs or renovations by providing additional funding before move-in. There are two types of products: Standard for remodeling and repairs, and Limited for minor remodeling and non-structural repairs.

Standard 203k: This loan requires less paperwork from the borrower for approval and is designed for projects that don’t involve structural improvements. The maximum repair limit is $35,000 and the home must not be lived in during the renovation.
Limited 203k: The minimum requirement for renovation costs is $5,000 and covers structural repairs. There is no repair limit as long as the entire loan is below the FHA’s maximum loan amount for the particular region.

FHA STREAMLINE REFINANCE

If you currently have an FHA mortgage, an FHA Streamline Refinance offers several options. If interest rates have fallen, you may refinance to the lower rate and enjoy lower monthly payments or shorten your loan’s term to reduce the amount of interest you pay over the life of the loan.

Minimum 620 credit score requirement
A new property appraisal may not be required
To qualify, you’re required to be current on your monthly loan payments

FHA 203(H) Loans with 100% financing

Recovering from a major disaster is never easy, especially when a loved home is destroyed. With this product, we can make a major difference in helping you get your borrowers into a new home quickly.

FHA financing for homebuyers in Presidentially Declared Major Disaster Areas(PDMDAs)

The FHA 203(H) loan is designed specifically for disaster victims who are replacing a lost home, available for single-family properties and FHA-approved condominium units. Features include:

100% financing – no down payment required
Displaced homeowners and renters may qualify
15- and 30-year fixed-rate loan terms
Minimum FICO scores from 600