A FHA mortgage is run by the Federal Housing Administration, FHA home loans were created to make it easier for homeowners to qualify for a loan - whether to buy a home or refinance your mortgage.
Whom is an FHA Loan Best For?
FHA home loans can benefit almost all homebuyers and refinancers - first-time homebuyers, military families, lower-income families and homeowners who don't want to tie up many cash in their homes. FHA mortgages are great for people who desire a secure government-insured home loan, while also needing to finance more that 80% of their home value.
What Are The Benefits of a FHA Loan?
Qualifying for a FHA loan is less difficult than other loan options. With a FHA mortgage, you can buy a home with a down payment as small as 3.5% and lower credit scores. There are also no income limits for a FHA loan, which you might find with other programs. With an FHA loan, you are able to use gifts (such as borrowed money or a monetary gift from a family member) towards down payments and closing costs.
There are no prepayment penalties with a FHA mortgage, allowing you to refinance or pay off your home early without having to worry about paying an extra fee.
FHA Streamline Refinance Program -
In June 2012, the Federal Housing Association announced its Streamline Refinance program. This program dramatically reduces mortgage insurance costs and does not require an appraisal of your home - even if you're underwater on your mortgage.
To qualify, borrowers must be:
holders of FHA mortgages since May 2009.
Perfect on their mortgage payments for the most recent twelve months.
Save at least 5% on their monthly mortgage payment (including the mortgage insurance) due to the refinance.
Other Popular Loan Options:
30 Year Fixed Rate Mortgage
Interest Only Home Loan
Jumbo Mortgage Loans
15 Year Fixed Rate Mortgage
Scott Kepler Mortgage Team - Your Tampa Mortgage Lender
Scott Kepler Mortgage Team- Mortgage Approval Group, LLC
Office: (813) 444-8537
Fax: (813) 200-1116
2918 Busch Lake Blvd
Tampa, FL 33614
MLO License Info
Scott Kepler | NMLS# 833792
Mortgage Approval Group, LLC | NMLS# 1742769 (www.nmlsconsumeraccess.org) 2918 Busch Lake Blvd, Suite A, Tampa, FL 33614