FHA Home Mortgages

A FHA Mortgage is your standard mortgage loan backed by GNMA bonds and regulated by  the Federal Housing Authority.   While conventional loans require 5% down or more, FHA requires 3.5%.   Get pre-qualified today!

Keep up to date on FHA news!

Government Mortgages

The loan limit for a FHA Mortgage varies depending upon area.

The three most popular FHA Mortgages are the 30 year fixed rate mortgage, the 15 year fixed rate mortgage and an adjustable rate mortgage (ARM.)

The FHA 30 year fixed rate mortgage is the most popular loan.  It provides a stable, fixed rate for 30 years and the loan is amortized for the same period of time.

The FHA 15 year fixed rate mortgage is a more conservative loan, normally used by move-up buyers.  The rate is fixed for 15 years and the loan is amortized for the same period of time.  The payment is higher than the 30 year fixed rate mortgage because of the shorter amortization schedule.

The FHA adjustable rate mortgage or FHA ARM is generally utilized by the short term buyer.  Someone who will be in the home for less than three years.  Unlike conventional loans, FHA offers a narrow range of ARM's.

Steamline FHA Refinance

FHA Steamline Refinances can help homeowners reduce their monthly payment by reducing their mortgage rate.  A FHA streamline refinance can be one of the simplest and most cost effective ways to refinance.

Items needed:
	Present mortgage must be a FHA mortgage
	Written application, complete with present mortgage info
	Mortgage credit rating - must be current on the existing loan with no late payments in the last twelve months
	You must have owned your current home for at least six months
	No appraisal is required, unless you want to include your closing cost in the loan.

Streamline FHA 203k (Rehabilitation Loan)

If you haven't heard of the FHA 203(k), you may be missing out on a real estate opportunity. Many people avoid FHA loans because of the requirements on property conditions, also, they find it difficult to negotiate on REO's for repairs. Therefore, many home buyers are missing out on the opportunities that bank owned properties present.

Loan Requirements:
	The 203(k) has a minimum of $5,000. The maximum loan amount is $35,000. Anything over $35,000 requires a full 203(k) mortgage
	You are required to use at least one contractor to do the repair work. Self-help renovations are not allowed unless the borrower can prove they have proper expertise.
	When choosing a contractor, FHA guidelines state you must get an estimate which is broken down into specifics regarding the costs of each project. Contractors must sign an agreement to do all the work included in the estimate for the amount and within the time specified.
	You must obtain all permits required by law.
	You cannot use the 203(k) loan to do major structural repairs such as altering a load-bearing wall or work that needs architectural plans. These alterations require a full 203K.

For more information on FHA Mortgages, contact us at your convenience.

Compare rates today on a FHA Mortgage.