Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5% is required. Borrowers who cannot afford a traditional down payment of 20% or can’t get approved for private mortgage insurance should look into FHA loans.
FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner’s default. Loans must meet certain requirements established by FHA to qualify for insurance.
What are the Benefits of an FHA Loan?
Minimum down payment of 3.5% on purchases
No prepayment penalties
Less restrictive credit requirements
FHA loans are assumable
Our FHA Loan Rates Are Low & Our Process is Quick & Painless
A FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments. FHA loans are popular among first-time homebuyers because FHA allows down payment as little as 3.5%
The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable.
We’re here to make the FHA home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE FHA Loan Qualifier.
US Lender will help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
The FHA Loan Process
Here’s how our FHA loan process works:
Complete our simple FHA Loan Qualifier
Receive options based on your unique criteria and scenario
Compare mortgage interest rates and terms
Choose the offer that best fits your needs
Do I Qualify?
Do you have a steady employment history for the past two years?
Do you have a valid social security number or lawful residency in the US?
Are you purchasing a home as your primary residence?
Did you say Yes to any of these questions? You may qualify for a FHA loan.
Refinancing a FHA Loan
Do You Currently have a FHA Loan? If so, you may be eligible for a FHA streamline.
What is a FHA Streamline?
The FHA Streamline program offers borrowers with an existing FHA mortgage a new FHA-insured loan without requiring credit approval or appraisal. FHA Streamline is generally performed to lower the interest rate and reduce the monthly payment on the existing FHA-insured loan.