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FHA loans are not score driven. Instead, they are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they're generally going to be credit-eligible for an FHA loan.
In short FHA loans are:
FHA stands for Federal Housing Administration. A Federal Housing Administration loan provides low-cost insured home mortgage loans that suit a variety of purchasing options. Whether you're buying a home or want to refinance your mortgage, FHA loans might be right for you. If you're unsure about your credit rating, or have concerns about a down payment, our FHA loans can give you peace of mind with super low closing costs and flexible payment options.
Interest rates on all home mortgage loans vary according to the economic climate of the country. FHA home loans offer better than standard rates and lower monthly mortgage insurance premiums. Depending on the program, standard FHA home loan interest rates are usually better than a conforming 30-year fixed loan.
Yes! Simple home improvements can be financed with a Federal Housing Administration loan from Local Bank Mortgage. Roof repair, disability accessibility improvements, flooring refurbishment, or the purchase of new appliances are just a few eligible improvements you could make with FHA loans.
Yes & yes! One of the greatest advantages of our FHA mortgage loans is the ability for the loan to be assumed. This allows the buyer a significant advantage in a high-interest rate market, and affords you an excellent sales advantage over your competition. FHA mortgage loans are also eligible for streamlined refinancing, offering you a lower than standard interest rate, which can lower your monthly payment. Streamlined FHA mortgage loans are an excellent selling feature when you're ready to move up or move on.
Federal mortgage insurance for victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.
FHA 203(h) loans are no-downpayment mortgages and borrowers may apply for 100% financing of the loan. Borrowers are eligible for this program if they have a credit score over 500 and their homes are located in an area that was designated by the President as a disaster area. These mortgages may be used to finance the purchase or reconstruction of a one-family home that will be the principal residence of the homeowner. Insured loans may be used to finance the purchase or reconstruction of a one-family home that will be the principal residence of the homeowner.
FHA 203(h) loans offers several features that make homeownership easier including no required down payments, up to 100 percent financing.
Contact us today at (251) 301-8518 to get started or start an application today.
