Federal Housing Administration Loans
Looking for other ways to get approved for a mortgage?
Lenders are tightening their restrictions and these rules are making it more difficult to get approved for home loans but FHA mortgages offer home buyers several great programs. We offer both FHA Loans and FHA refinance.
Some Benefits of FHA Mortgages
- Low Closing Costs
- Low Downpayments
- Credit Approvals Made Easy
- No Real Credit Score Requirement
- Easier to qualify if you've had a Recent Bankruptcy
FHA Loans Explained
The Federal Government insures your mortgage loan so your lender can offer you a better deal on your home loan. The Federal Housing Administration is the governmental organization that provides these loans and having been doing so since 1934.
First Time Buyers
FHA offers a program where you can put as little as 3% down! Another benefit is that you can roll your closing costs into the loan which will save you even more money upfront. .
There are programs for Seniors that include a reverse mortgage for persons older than 62 and own their home outright or have a low balance remaining.
FHA Refinancing Loans
Who can qualify WITH an Appraisal:
The new loan will be the lower of the original amount including the upfront premium OR Payoff including any of the following: 1)accured late charges and escrow shortage; 2)closing costs and establishment of impound account minus any MIP refund.
Who can qualify WITHOUT an Appraisal:
The new loan will be the lower of 97.75% of Appraised Value OR the Payoff including accured late charges and escrow shortage, closing costs and establishment of impound account, and minus any MIP refund.
Green FHA Loans
Yes, FHA is even going green. The FHA Energy - Efficient Mortgage which can include the costs of energy improvements into the mortgage. And with the energy costs rising in Las Vegas this can save you money both now and in the future.
- No Cash Reserve Requirements
- Gifts can be used for entire transaction
- Standard 30/15 year fixed mortgages
- Seller can contribute up to 6% of closing costs v. 3% standard
- No penalties for pre-payments
- non-occupying co-borrower makes it easy to qualify (i.e. mom co-signs with her good credit and income but won't live there)
These FHA requirements are meant as a guideline please contact our office for more specific information about your situation.
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