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For the last six or seven years, the Federal Housing Administration has played a major role in insuring loans for 1st time buyers and existing homeowners that need more flexible credit guidelines for refinancing.
 

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FHA Mortgage Loans

Start here for attractive FHA home loan programs that are government insured options for refinance or purchase mortgages for all credit types. Compare FHA mortgage rates, with conforming and subprime loan terms and closing costs. First time homebuyers should consider FHA for financing because the mortgage rates are low and there is only 3.5% required for a down-payment. The $8,500 first time homebuyer tax credit is still available, but not all states allow you to use the credit for down payment assistance. HUD announced several revisions for the FHA guidelines recently. If you are looking for a home loan with a minimal deposit, then we may have the finance product for you. Congress just passed a law keep the FHA down-payment at 3.5% applicable to most FHA home loan programs.

Finance a New Home with only 3.5% down!

Nationwide Mortgages helps Americans shop FHA home mortgage programs that have been successful bridging the gap from renting to owning a home. Rates on FHA mortgages have never been lower, so don't wait. Get Free info from some of the country's top FHA mortgage lenders.

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  • Low Down Payments on FHA Mortgages
  • Unique First Time Homebuyer Programs
  • Gift Money Ok with Purchase Mortgages
  • Find Competitive FHA Mortgage Rates
  • FHA Mortgage for Bad Credit
  • 85% Cash Mortgage Refinance Options
  • Limited Credit Allowed
  • No Penalty to Refinance When Rates Drop
  • Find the Best FHA Mortgage Lenders

FHA Mortgage Rates Are Low!

With the current FHA mortgage rates this low, consumers should be jumping at the opportunities to save money with low rate refinancing. FHA home loans enable consumers to lock in a very low rate with only depositing 3% down for a new home purchase. The Department of Housing and Urban Development allows borrowers to finance the mortgage insurance premium, so they do not have to come out of pocket. FHA mortgages are generally a little easier to qualify for than conventional loans and may require less of a down payment. The FHA mortgage is great for first time home buyers with less than 3% down. FHA loan mortgage options are popular so expect the loan process to take 3-4 weeks in most cases. Did you know that FHA mortgage programs can be used for purchase, refinance and cash back? Get a free consultation to better understand the requirements for FHA mortgages.

Federal Housing Administration Loans Are Among the Most Popular Options

Under this program, lenders who meet specific criteria make home loans to people with credit challenges or limited income. The total amount of the FHA mortgage is insured and backed by the federal government, so the risk taken on by the lender is lower than usual.

There are many reasons why this is a particularly attractive kind of home loan:

  • The down payment for FHA mortgages is typically just 3.5% of the appraised value or sale price.
  • The minimum FICO score for an FHA loan mortgage is 500, making it ideal for those with low scores.
  • "Gift" funds from others can be used for down payment; assistance may also be available.
  • Closing costs such as the appraisal, home inspection, and deed may usually be financed.
  • A borrower need not show savings, only two years of steady employment and income.

Because so many first-time home buyers are eligible for FHA funding, it is the most popular of options for people who are looking to buy a home after some financial difficulty in their past. Other requirements of FHA mortgages are very minimal. For example, the home must be intended as the borrower's primary residence. It cannot be intended as an "income property," so it is not possible to buy commercial properties through FHA.

The Streamline Refinance Protects You If Interest Rates Drop Lower than Your FHA Mortgage Rate

These FHA mortgage loans are insured by the Federal Housing Administration. To qualify for a streamline refinance you must already have a FHA mortgage and to be approved for a streamline refinance, your last 12 mortgage payments must have been on time. The streamline option has been popular for nearly two decades now. This last year, FHA went a step further by waiving the "loan-to-value" requirements for borrowers that were underwater. Rates are competitively low and the process for refinancing could not be any easier. Nationwide provides a no cost consultation with FHA home mortgage quotes in all 50 states. Without a doubt one of the most significant benefits of having a FHA mortgage is that when rates fall the FHA borrower can reach out for the streamline option which helps them lower their interest rate and monthly payment. Often the streamline can be done at no cost to the borrower. Talk to an FHA mortgage lender today and find out if the streamline product can better your situation.

Apply Online and Compare FHA Mortgage Lenders Now


Getting approved for a home loan can be a stressful time for many people, so make sure you compare home loan quotes with experienced lenders like Nationwide. The FHA, which insures about 10% of the nation's mortgages, makes hundreds of thousands of reduced or zero money down loans to borrowers nationally, sometimes allowing sellers to put money up for the buyer through a third party. For example, In Tennessee, Home sellers even paid down payments for 23% of the 14,243 FHA mortgages last year.

FHA Mortgage Rates Won't Stay this Low Forever! Lock in Now!

In most cases, FHA mortgage loans, offer as competitive an interest rate as conforming mortgages. If you are sick of being turned down because you have bad credit scores, give Nationwide a try, because we offer FHA loans to people with good and bad credit scores. For many years people have trusted the government to insure bad credit FHA mortgages. If you have low fico scores, this may be the solution that best meets your current financing needs. Ask about New FHA Loan Programs to Help Buy a House.


 

Are Cash Gifts Allowed to Use for the Purpose of Making a Down Payment?

Buying a new home can be a huge process, one that involves a lot of effort and a lot of different financial factors to fall into place. One of the biggest challenges for many is the need to come up with a down payment. Over the years we have found that not all lenders allow "gift money" to be used for down-payments when buying a house.

The down payment amount that is needed for a loan varies depending upon the actual type of loan and what it requires. For example, traditional loans often require 20% of the total purchase price of the home as a down payment. Other loans like the FHA mortgage can require much less, sometimes even as little as 3% down.

However, that 3% down is still a considerable amount to some people, and being able to come up with that money isn't always easy to do. Certain grant programs are out there that can help if you qualify, but another option is simply to use gift money to make a down payment. Gift money from friends and family is a valid way to go about coming up with a down payment, however it is important to understand a few things.

fha down payment

  • The biggest issue is that underwriters will often need to ensure that the money in your account is yours if they determine that it was gift money, it could mean that you're more of a risk to the lender than if it was your own funds. That means that they can determine you can't really afford the loan.
  • Several loans exist that do allow you to use gift funds, and many will allow you to use gift funds for the entire down payment amount like the previously mentioned FHA mortgage loan. Some may only require a portion of the down payment to be covered by a gift. IN generally, most traditional loans with a 20% down payment will also allow for all of the funds to come from gifts smaller down payments may have different requirements. As such, your first step should be to look into which loans allow gift funds to cover the down payment and which ones don't.
  • You'll have to provide some documentation about the gift, as well. A basic letter including the name of who gave you the gift, their relationship to you, the date you were given the gift, and a statement that says it was given with no expectation of ever having the money repaid are the primary things that need to be included in the letter.
  • It's also important to understand that if the gift has been in your bank account for several months, additional red tape and paperwork may not even be required. Lenders usually go back about 3 months in your bank history to check for gifts. If you've had the gift for longer, keeping the documentation and letter on hand is still a good idea, but may not become a major issue.

If you're trying to purchase a home, being able to use gift funds to cover the down payment is something that is well worth understanding. The points above should help.

Understanding the Qualified Mortgage Rules with FHA

The FHA has long been an important resource to both first-time homebuyers and individuals with less than perfect credit who are interested in purchasing a home. Unfortunately, many of these individuals are now concerned that they may not qualify for loans with the FHA due to the new Qualified Mortgage Rules that are going to be put in place. In order to understand how these will affect borrowers, it is first important to understand exactly what Qualified Mortgage Rules are.

How will FHA mortgages be affected with the new laws and rules? Beginning this year, lenders will be required to prove that borrowers have the ability to pay back their loan. In most cases, this will result in lenders concentrating primarily on loans that have minimal risk and that are given to borrowers who have exceptional credit and very low debt to income ratios. In fact, federal guidelines require that banks declined loans to anyone with the debt to income ratio higher than 43%. While it is easy to understand why these regulations will be put into place in order to prevent defaults which could lead to a slower economic recovery or possibly even a recurrence of the financial meltdown that occurred nearly a decade ago when the housing market crashed, the unfortunate side effect is that many individuals will no longer qualify for a new home loan.

Fortunately, the Federal Housing Administration, which has always been a valuable asset to individuals who are unable to qualify for traditional loans from banks and other lenders, may still be able to offer interesting options to these individuals. HUD spokesman Brian Sullivan has stated that the FHA has the authority, granted to it by the Dodd-Frank Act, to issue its own ability to pay rules for the FHA mortgages that it guarantees.

The FHA, generally, is able to offer loans to individuals who have a dead income ratio as high as 55% and offers the same rates for all the products that it has available. Additionally, it provides individuals with the ability to make a down payment as low as 3.5% and even those people with a credit score as low as 500 are able to qualify for a loan through the agency. By giving the FHA the ability and autonomy to set its own ability to pay rules, there are still a number of options available to individuals who have limited credit histories, low credit scores, or who have a debt to income ratio that would be too high for traditional banks to provide them with FHA mortgage loans.

 
 
 

Corporate:
This is not an advertisement for credit. See Privacy for Details. Nothing on this web site contains an offer promise either to make a mortgage loan or that any participating lender will guarantee any home loan for any purpose or on any specific terms. NationwideMortgages.net has no affiliation with the Federal Housing Administration. FHA mortgages cannot be made online or be approved without an underwriter analyzing your credit score, debt to income ratio and combined loan to value.

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