Still Working When Others Might Not
The FHA Loan program continues to evolve, and total mortgage insurance costs have risen. While the increase makes these loans less advantageous than in the past, they are still a good option if your needs and situation preclude you from qualifying for a conventional loan.
Here are a few of beneficial features:
Low Down Payment:
As little as 3.5% down will work in most instances, and 5% covers most others.
Lower Total Cash to Close:
Sellers can help pay closing costs, and borrowers can receive gift money towards their down payments.
Streamline and Cash Out Refinances:
Subsequent refinancing can be far easier and more lenient than with conventional loans.
Purchase and Rehab Financing:
The FHA 203K loan can be an excellent option for the purchase of homes in need of a quick spruce up or even major remodeling when you don’t have sufficient funds to do it on your own.
OF course, we’ll always fully assess your situation, educate you on available options and help guide you to financing that suits your needs.