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:

• VA Loan
• 30 Year Fixed Rate Mortgage
• Interest Only Home Loan
• Jumbo Mortgage Loans
• 15 Year Fixed Rate Mortga