Let FHA Loans Help You Purchase Your Home

FHA loans have been helping people become homeowners since 1934.  The Federal Housing Administration (FHA) – which is part of HUD – insures your mortgage. 

• Low down payments  -  as little as 3.5%
• Low closing costs  – seller can agree to give you the buyer, up to 6% closing costs assistance
• Easy credit qualifying -  credit scoring is easier to qualify
• What does FHA have for you?  Call us to see.

Buying Your First Home or Even Your Second Home?

Some buyers think you can only use FHA once, not true. FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

FHA loans are a great resource and one you should consider when making your home purcahse. 

To see if you qualify for an FHA insured mortgage,  just complete our contact form or give us a call at 302-266-9500 or toll free 877-266-9500.

FHA Refinance

Homeowners enjoy the benefits of investing in their property year after year. For some, there comes a time when that investment can come in handy. Refinancing with an FHA loan can prove to be an effective way to put that equity to work. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.

FHA options to homeowners who are considering an FHA refinance mortgage:

FHA CASH-OUT REFINANCE

This refinancing option is especially beneficial to homeowners whose property has increased in market value since the home was purchased. A Cash Out refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe.

FHA STREAMLINE REFINANCE

This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

See if you qualify – CLICK HERE
************************************************************************************************************************** FHA 203 K

Another great FHA program is the 203K.  This program has grown in popularity recently, because many homes are being abandoned,  left in disarray and need repairs.

What is a 203k  FHA insured Mortgage?

Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.

The Section 203(k) loan program is HUD’s primary program for the rehabilitation and repair of single family properties.  These loans are beneficial for families since the loan down payment can be as little as 3.5% given the property must be used as a principal residence.  This program allows you to roll the rehabilitation and repair cost directly into your mortgage and turn your “fixer upper” into your  DREAM HOME.

Purpose of the 203K

Section 203(k) fills a unique and important need for homebuyers. When buying a house that needs repair or modernization, homebuyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment.   However, Section 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money.