FHA Home Mortgage Loans

The main advantage to a FHA home loan is that the credit criteria are not as strict as Conventional Loans sold to Fannie Mae (FNMA) or Freddie Mac (FHLMC). Someone who may have had a few credit problems or no traditional credit should not have a problem obtaining FHA financing. The monthly mortgage insurance premium is cheaper for an FHA loan verses a conventional loan with 3% down.  Finally, FHA loans may may require less income to qualify as they will exceed the Conventional debt ratios of 28/36% as their standard is 29/41%.

The most popular FHA home loan program is by far is the 203(b).  This is your standard fixed rate or adjustable rate loan for 1-4 family owner occupied houses and only requires a minimum of 3% from the borrower.  This loan also permits 100% of their money needed to close to be a gift from a relative, non-profit organization, or government agency.

Competitive and attractive rates
Low down payment
No income limit restrictions
Long-term amortization
Fixed and arm loan rates
Financing for 1-4 unit properties
PMI is less than what it would be for a conventional loan
3.5% down for 96.5% financing
100% financing with gift money is available. Please call for details.