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FHA Mortgages

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FHA Mortgages

HOME / LOAN PRODUCTS / FHA MORTGAGES

FHA loans can offer a gateway to homeownership with less stringent
credit and down payment requirements.

FHA Snapshot

An FHA loan is a mortgage insured by the Federal Housing Administration. FHA borrowers have the ability to put as little as 3.5% down to purchase a home, and often have access to much lower interest rates than those offered on conventional loans.  In return, FHA borrowers pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. The FHA doesn’t issue mortgages, the agency simply provides insurance on mortgage payments, so more borrowers are able to attain home financing.

FHA Eligibility

As stated above, FHA loan guidelines are typically less stringent than conventional loan guidelines.

  • Less than perfect credit acceptable
  • Low down payment options
  • Gifts allowed toward down payment
  • Sellers, builders, or lenders may pay some of borrower’s closing costs

Debt to Income ratio is more lenient

FHA Benefits

FHA loans are designed to make home ownership more affordable. Though they were originally intended for borrowers with less than perfect credit, they are now popular with a wider group of borrowers.

Some of the key benefits associated with FHA loans include:

  • Low Down Payment Options: Purchase a home with as little as 3.5% down, without having to fit inside any special income/location matrix.
  • No Restriction on Gift Funds: Your entire down payment can come from a gift.
  • Finance Multiple Property Types: FHA loans are available on single-family homes, 2-4 unit homes, condos, and manufactured homes.
  • Renovation Loan Programs: Multiple FHA loan programs make funds available at closing for renovation and energy efficiency upgrades.
  • Streamline Refinance: Refinance with no credit qualification, no income verification, and no appraisal when using an FHA Streamline.

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FHA Loan Options

Below are some of the different types of FHA loans and their specific benefits.
FHA Fixed Rate Mortgages

FHA 15 Year Fixed Rate Loan:

  • Maximize the amount you pay towards equity each month
  • Lower interest rate than longer term loans
  • Put yourself in a position to eliminate MI faster

FHA 30 Year Fixed Rate Loan:

  • No prepayment penalties
  • Low down payment options
  • Streamline Refinance available in the future

FHA 203k 30 Year Fixed Rate Loan:

  • Use loan funds to make improvements to your property after closing
  • Add value without contributing more equity
FHA Adjustable Rate Mortgages

FHA 5/1 Adjustable Rate Mortgage:

  • Offers a low interest rate for 5 years
  • Typically enables borrowers to qualify for a larger home
  • Best for buyers who expect an income increase after closing or plan to move in the future
FHA Streamline Refinance Loans

FHA Streamline 30 Year Fixed Rate Refinance Loan:

  • FHA Streamline refinance loans require less documentation than a traditional loan
    • No appraisal required
    • No credit check
    • No income documentation
    • No appraisal required

FHA 203k Streamline 30 Year Fixed Rate Refinance Loan:

  • Take out up to $35,000 in cash to pay for home improvements or renovations

FHA Streamline 5/1 Adjustable Rate Refinance Mortgage:

  • FHA 5/1 ARM establishes a lower initial interest rate for the first five years, and thereafter adjusts based on market conditions
  • Can be a good option if you plan to move or refinance in the future

FHA Mortgages

HOME / LOAN PRODUCTS / FHA MORTGAGES
HomeFirst Mortgage

FHA loans can offer a gateway to homeownership with less stringent
credit and down payment requirements.

FHA Snapshot

An FHA loan is a mortgage insured by the Federal Housing Administration. FHA borrowers have the ability to put as little as 3.5% down to purchase a home, and often have access to much lower interest rates than those offered on conventional loans.  In return, FHA borrowers pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. The FHA doesn’t issue mortgages, the agency simply provides insurance on mortgage payments, so more borrowers are able to attain home financing.

FHA Eligibility

As stated above, FHA loan guidelines are typically less stringent than conventional loan guidelines.

  • Less than perfect credit acceptable
  • Low down payment options
  • Gifts allowed toward down payment
  • Sellers, builders, or lenders may pay some of borrower’s closing costs

Debt to Income ratio is more lenient

FHA Benefits

FHA loans are designed to make home ownership more affordable. Though they were originally intended for borrowers with less than perfect credit, they are now popular with a wider group of borrowers.

Some of the key benefits associated with FHA loans include:

  • Low Down Payment Options: Purchase a home with as little as 3.5% down, without having to fit inside any special income/location matrix.
  • No Restriction on Gift Funds: Your entire down payment can come from a gift.
  • Finance Multiple Property Types: FHA loans are available on single-family homes, 2-4 unit homes, condos, and manufactured homes.
  • Renovation Loan Programs: Multiple FHA loan programs make funds available at closing for renovation and energy efficiency upgrades.
  • Streamline Refinance: Refinance with no credit qualification, no income verification, and no appraisal when using an FHA Streamline.

FHA Loan Options

Below are some of the different types of FHA loans and their specific benefits.
FHA Fixed Rate Mortgages

FHA 15 Year Fixed Rate Loan:

  • Maximize the amount you pay towards equity each month
  • Lower interest rate than longer term loans
  • Put yourself in a position to eliminate MI faster

FHA 30 Year Fixed Rate Loan:

  • No prepayment penalties
  • Low down payment options
  • Streamline Refinance available in the future

FHA 203k 30 Year Fixed Rate Loan:

  • Use loan funds to make improvements to your property after closing
  • Add value without contributing more equity
FHA Adjustable Rate Mortgages

FHA 5/1 Adjustable Rate Mortgage:

  • Offers a low interest rate for 5 years
  • Typically enables borrowers to qualify for a larger home
  • Best for buyers who expect an income increase after closing or plan to move in the future
FHA Streamline Refinance Loans

FHA Streamline 30 Year Fixed Rate Refinance Loan:

  • FHA Streamline refinance loans require less documentation than a traditional loan
    • No appraisal required
    • No credit check
    • No income documentation
    • No appraisal required

FHA 203k Streamline 30 Year Fixed Rate Refinance Loan:

  • Take out up to $35,000 in cash to pay for home improvements or renovations

FHA Streamline 5/1 Adjustable Rate Refinance Mortgage:

  • FHA 5/1 ARM establishes a lower initial interest rate for the first five years, and thereafter adjusts based on market conditions
  • Can be a good option if you plan to move or refinance in the future
""
1
Learn More About This Product
Type of Loanpick one!
State
First Nameyour full name
Last Nameyour full name
Cityyour full name
ZIPyour full name
Phoneyour full name
Previous
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HomeFirst Mortgage Bankers, NMLS #1373777, is a licensed mortgage bank that originates, underwrites and funds both conventional and government insured loans. HomeFirst Mortgage Bankers is not a federally chartered bank or trust company, or depository institution. It is not authorized to accept deposits or trust accounts and is not licensed or regulated by any state or federal banking authority. HomeFirst Mortgage Bank holds various state licenses as a mortgage lender in California, Colorado, Florida, Texas, Oregon. California: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. DFPI License # 41DBO-46410. Click here to view our current licensing information as listed on NMLS® Consumer Access.

CONSUMERS WISHING TO FILE A COMLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. REFER TO H1mb.com .

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILLED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV .

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