Summit Lending - Mortgages & Refinancing, Serving all of Missouri, Kansas, & Arizona (2021)
FEDERAL HOUSING ADMINISTRATION (FHA)
FHA loans originate from the Federal Housing Administration and are insured by HUD (US Dept. of Housing) so that lenders can offer more affordable mortgage rates. FHA loans require lower down payments and closing costs. There are even options for financing 100% of the loan, and several grant programs that provide FHA loan customers financing for the down payment.
FHA loans offer options to those who’ve undergone bankruptcy or foreclosure. They’re available to first time home buyers, refinancers, and anyone who’s purchasing property and doesn’t already have an existing FHA loan. The guidelines for debt ratio and job qualifications are more lenient than a conventional loan.
What is an FHA Loan?
FHA loan requirements are more flexible than conventional loans and provide the easiest application.
This program is easy to apply for and you can find out within minutes if you may qualify for the FHA Streamline Loan. Take advantage of the lower interest rates and everything else this FHA program has offer.
If you have an FHA loan that originated before June 2009, you may qualify for a FHA Streamline refinance mortgage loan. This process is incredibly simple when compared to standard refinance or loan applications.
Who is eligible for an FHA Loan?
Those with two years of consistent employment – preferred by the same employer
Income over the past two years is the same, or increasing
Credit guidelines vary; please ask The Summit Lending Team for details
Bankruptcies must be 2 years old; good credit since the bankruptcy
Foreclosures must be 3 years old; good credit since the foreclosure
Mortgage payment of your new home must be around 30% of your gross income
The Top Benefits of an FHA Streamline Loan
Better loan terms
You do NOT need an appraisal on your home, even if you are upside-down
You do NOT need to verify your income or employment
Your credit score will NOT be pulled