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An FHA mortgage is simply a home loan that is insured by the Federal Housing Administration. The Federal Housing Administration is a government agency within the Department of Housing and Urban Development.
Qualifying for an FHA mortgage is a breeze. You get all of the benefits of a government insured home loan that is safe, free of pre-payment penalties, and yet flexible at the same time.
Borrowers with FHA loans pay for mortgage insurance for the entire duration of the loan. Mortgage insurance is a completely different charge from hazard insurance. Mortgage insurance protects the lender from a loss if the borrower defaults on the loan.
The only way to remove your mortgage insurance as of June 3rd, 2013 on an FHA loan is to refinance out of it and into a conventional mortgage.
From 30, 25, 20, and 15 year fixed rate loans to 3, 5, and 7 year adjustable rate mortgages, the Federal Housing Administration has the loan options you need to get into a new home or refinance your existing mortgage.
Refinancing an existing FHA home loan with the FHA streamline refinance is just about as easy as it gets. We don’t have to verify your employment, assets, or your homes current value with an appraisal. This means that you will not have to order an appraisal, which typically cost $500.00.
An FHA home loan may be right for you if you answered yes to any of the above questions.
|Gift funds are allowed||Costly up front mortgage insurance premium (UFMIP)|
|Easy to qualify||Monthly mortgage insurance increases the payment|
|Seller credits towards closing costs are allowed||Condominiums must be FHA approved|
|Alternative credit allowed under some circumstances||The subject property must meet certain guidelines in an FHA appraisal|
Start our easy loan application process today and take one step closer to home ownership.
Phone: (661) 799-8515