You can be confident with a FHA mortgage, because it is Funded by Sun American Mortgage and backed by a government program called the Federal Housing Administration. The FHA mortgage has been around since 1934 and assists homeowners get a great deal on their mortgage loan. FHA mortgages allow purchasers to put as low as 3.5% down on their new home, it is also one of the world’s largest mortgage insurer.
An FHA mortgage offers more flexible guidelines, making this a great option for first- time home owners and individuals with slightly lower credit. If a consumer has less money to put down, or if they have a higher debt-to-income ratio, an FHA loan is a great option for them.
Why an FHA loan might be a good choice
- Only 3.5% down payment
- Flexible guidelines
- debt-income-ratio as high as 55%
- Up front and monthly mortgage insurance required
- County loan limits
- FHA offers a no cost, no qualifying streamline refinance
- (MI) mortgage insurance required for full length of the loan
*Loan terms and limits subject to change. This page is meant for educational purposes and is not a commitment to lend. To qualify for an FHA home loan, please contact one of our licensed loan officers or apply online.
Why We Chose an FHA Loan
We called Becky and Brandon after seeing how many positive reviews they had online. It was our first home purchase and we wanted to make sure we knew about all of our options. We met with them and they showed us all of our options. We ended up choosing an FHA loan because of the great interest rate and the fact that we only had to put 3.5% down. Our realtor negotiated to have all of our closing costs paid for by the seller so it worked out perfect for us! We are so grateful! We recommend them to all our family and friends!
-The Cervantes Family