FHA Loans
FHA, or the Federal Housing Administration, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the United States and its territories. It is the largest insurer of residential mortgages in the world, insuring tens of millions of properties since 1934 when it was created.
FHA Loans
FHA Loans were designed with the first time homebuyer in mind and are mortgage loans insured by the Federal Housing Administration. They are generally easier to qualify for than conventional financing, allowing lower credit scores and higher debt-to-income ratios. FHA home loans require as little as 3.5% down but require an upfront mortgage insurance premium that can be financed with the loan, and monthly mortgage insurance. The up-front and monthly rates vary depending on down payment amount and loan term. With the minimum down payment of 3.5%, these rates are currently at 1.75% for the front premium, and 0.85% for the monthly mortgage insurance.
Advantages of FHA Loans
Borrowers with lower or no credit scores who can’t qualify for conventional loans.
Someone who wants to buy multifamily homes and owner occupy one unit with low down payment.
Borrowers who can’t pay 5% minimum down payment. A lot of first-time home buyers.
Clients who can’t qualify with debt to income and need a non-owner occupied co-borrower.
FHA Home Loans
Additional Details
Very recently HUD dropped the monthly mortgage insurance premiums from 1.35% annually, to 0.85% for 30 years fixed FHA Home Loans. With this change, or if rates ever drop to the benefit of the home-buyer, an FHA Loans can be easily refinanced through the Streamline Refinance option. USA Mortgage has many options for a simple FHA streamline refinance that do not require the borrower to credit qualify, or require a new appraisal.
Specializing in the State of Florida.
From start to finish we are there through processing, underwriting and funding.
Accepts some lower and no credit scores for these loans.
Offers competitive mortgage rates and fees.
Apply for FHA Loans
At GlenLakes Mortgage we have all the resources needed to make your dream a reality. Are you ready to move forward with your next home purchase? One of our experienced mortgage professionals will guide you every step of the way. Apply now and find out if you qualify for an FHA home loan.
FAQs about FHA Home Loans
FHA is a home loan backed by the government that has flexible requirements as far as allowing a lower credit score along with no income limits. The maximum loan amount for 2024 for FHA is $498,257.
FHA is for all types of homebuyers whether you are a first-time homebuyer or a non-first-time homebuyer. You can qualify for an FHA loan with a credit score of 500 with a larger down payment only with select lenders.
FHA home loans require as little as 3.5% down for qualified homebuyers who have decent credit scores.
Other Loan Types
Contact Us
Customer Service
- (352) 200-2546
- info@glenlakesmortgage.com