FHA Loans
Federal Housing Administration (FHA) loans are a popular option for home buyers, particularly first-time buyers, who may not have a large down payment or a high credit score. FHA loans are insured by the government, which means lenders are more willing to offer these loans to borrowers who may not qualify for a conventional mortgage.
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FHA loans typically require a down payment of just 3.5% of the purchase price, making it easier for buyers to get into a home. In addition, FHA loans have more flexible credit requirements than conventional loans, allowing borrowers with less-than-perfect credit to still qualify. These factors make FHA loans an attractive option for many home buyers looking to achieve their dream of homeownership.
Some Key FHA Characteristics
1) Low down payment requirement of just 3.5% of the purchase price
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2) More flexible credit requirements compared to conventional loans
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3) FHA loans are backed by the government, which makes lenders more willing to approve borrowers who may not qualify for a conventional mortgage
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4) FHA loans have fixed interest rates, which can provide stability and predictability in monthly mortgage payments
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5) FHA loans allow for higher debt-to-income ratios, which can help borrowers with higher levels of debt qualify for a mortgage
6) FHA loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
7) FHA loans offer options for refinancing, including streamline refinancing and cash-out refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
5) FHA loans allow for higher debt-to-income ratios, which can help borrowers with higher levels of debt qualify for a mortgage
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6) FHA loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
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7) FHA loans offer options for refinancing, including streamline refinancing and cash-out refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
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"Sheryl is great. Was very helpful every step of the way. Quick to respond to questions. I am so glad I choose to go with Sheryl for my Home loan. I would recommend her to anyone."
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"I highly recommend Sheryl Nolan because she is amazing at what she does and the entire process of getting a new home loan was so easy. She made sure that every T was crossed and every dot dotted and actually found a mistake at closing that saved me $450! She has the knowledge and expertise to get things done! Sheryl helped me understand every charge on my loan and took great care to ensure I understand the entire process. You will never regret using Sheryl. She is amazing and the right person to use!
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Copyright ©2021 | Inside Edge Team
Licensed to Do Business | NMLS #957489
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | NEXA Mortgage
Corporate | NMLS ID NMLS# 1660690
Corporate Address : 3100 W Ray Road #201 Office #209 Chandler, AZ 85226
Copyright ©2021 | Inside Edge Team Licensed to Do Business | NMLS #957489
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply
Corporate | NMLS ID NMLS# 1660690
Corporate Address : 3100 W Ray Road #201 Office #209 Chandler, AZ 85226 https://nexamortgage.com