What is an FHA Loan?
 FHA Loans are backed by the Federal Housing Administration, which makes them less risky for mortgage lenders to offer and allows for lower credit score requirements and down payment minimums. FHA Loans are designed for low-to-moderate income borrowers who are unable to make a large down payment. These loans allow the borrower to borrow up to 96.5% of the value of the home. The 3.5% down payment requirement can come from a gift or a grant, which makes FHA Loans popular with first-time homebuyers.

FHA Loans can make homeownership possible for borrowers with low credit scores or those that want a small down payment.

An FHA Loan can be used to buy a house or refinance an existing mortgage. You can buy a house with a lower down payment than a conventional loan, or use a streamline refinance to refinance your current mortgage in order to lower your current payment, with less documentation than a traditional loan.

Down-Payment Assistance Program with our FHA Loan DAP Programs 
Our DAP FHA Loan Programs provide down payment and closing cost assistance to help reduce the out-of-pocket cost of a new home loan. Sometimes the DAP portion of the FHA Loan are even non-repayable, meaning you never have to pay back that money.  Our FHA with DAP programs are NOT just for first time home buyers. Learn more about our FHA with our DAP program.

Easy Refinances with an FHA Streamline
An FHA Streamline Refinance Loan is available to those with existing FHA mortgage loans who wish to reduce their existing interest rate or repayment term of their FHA Home Loan. If you already have an FHA mortgage on your home, an FHA Streamline Refinance could help you save time and money when you’re ready to refinance.  With this type of refinance you won’t need to gather pay stubs, tax returns, W2’s, or any other kind of income verification like you were required to when you first got the mortgage. There’s also no appraisal required.

Do you want to know more about FHA Loans and if an FHA loan is a good fit for you?

Contact Leo today to find out more about FHA Loans