f you are a first-time home buyer or have bought a home before and have less than perfect credit you have come to the right place. At Mortgage Loan Place our FHA home loan Specialists will take you through the loan process step-by-step.
And because it's an FHA loan, lenders will offer you lower, more affordable rates. This is possible because the FHA insures lenders, so they have less risk by taking you on as a borrower.
With an FHA Loan you can:
Purchase a Home
Remodel the Home you currently live in
Make Home Repairs
Make Energy-Efficient Improvements
Start now by filling out the short form below. We do not require your Social Security Number or conduct a credit check when you get pre-qualifed!
Experience Home Ownership with an FHA Loan
Why put your dream of home ownership off any longer when the FHA can make it happen now? If you're ready to purchase a house, the FHA has home loan programs available to help cover the cost. Because these loans are insured by the FHA, lenders are able to offer you lower, more affordable rates. No matter what your unique situation may be, the FHA can help you. Find out more about different programs below, or connect with a specialist now.
We can help if you are considering a refinance of your current loan. You can learn more about a FHA Refinance and get connected today.
If you are having trouble meeting your monthly mortgage payments, or would just like to take cash out to make home improvements or pay off cash, a FHA refinance can help. Let us help you find the solution. Get started with your FHA refinance online.
Currently, FHA financing requires a 3% downpayment minimum to obtain a home loan, although legislation changes are proposed that would result in a FHA modernization that would eliminate the requirement and raise home loan limits in high cost areas.
FHA loan limits are being increased throught the country. To help get you started and to find out how much you can qualify for, please get connected with a FHA specialist.
FHA loans offer a loan guarantee for mortgage companies. If you acquire a FHA loan to purchase a home, the FHA is not actually lending money to you, the buyer; the FHA simply guarantees the lender in case you, the borrower, default on your mortgage payments.
You can pay as little as 3% of the purchase price of your home for your down payment, and finance your closing costs with your mortgage loan. The FHA can guide you toward programs that require no down payment.
You can purchase a home in need of repairs and finance the repair costs with the mortgage. This way you can make the necessary repairs immediately without having to come up with the money yourself.
You can purchase manufactured homes and condominiums with a FHA loan.
You can finance the cost of energy-efficient repairs with the mortgage.
Find out more about a FHA mortgage using our FHA calculator, or find out how much you can borrow with our FHA Loan Limits calculator.
A FHA loan can allow you to include the costs of your home improvements in your loan. With HUD's 203 (k) program you can purchase or refinance a home that needs improvements and include all repair and improvement costs in the loan. Learn more about FHA refinancing or compare FHA vs conventional loans.
FHA loans can even help you to make your home more energy-efficient. The FHA recognizes that with a more energy-efficient home, the homeowner can afford to pay a higher mortgage; therefore, the FHA can also include these types of repairs in the original loan also. Learn about the FHA Energy Efficient Program.
Additional FHA Information
FHA loans are funded by financial institutions such as mortgage centers or banks. The Federal Housing Administration is a branch of the Department of Housing and Urban Development and provides lenders with insurance on your loan. The FHA is here to help you become a homeowner. Both the FHA and HUD offer low-interest loans to qualified borrowers so that they may purchase homes. The FHA and HUD also offer mortgage insurance for those who are part of the VA Home Loan Guarantee Program. Contact a loan specialist to see if you are eligible for this type of loan.
As always, a loan from FHA insures that lenders will be provided with a payment, even if the home buyer defaults. We invite you to learn more about FHA Loans in our Comprehensive FHA Loan Guide, or start the FHA process below.
