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. Get Free info from some of the country's top FHA mortgage lenders.
- 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 mortgage 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 FHA. To qualify for refinancing 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.
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