FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA). FHA loans are available for single family and multifamily homes. These home loans allow banks to continuously issue loans without much risk or capital requirements. The FHA doesn't issue loans or set interest rates, it just guarantees against default.
FHA loans allow individuals who may not qualify for a conventional mortgage obtain a loan, especially first time home buyers. These loans offer low minimum down payments, reasonable credit expectations, and flexible income requirements. This loan is ONLY for those homebuyers who will live in the home. Here are some highlights:
Up to 96.5% financing for home purchases or refinance
lower mortgage ratyes than conventional mortgages
1-4 family homes
non-occupant co-signors o.k.
credit scores as low as 560
rehab and renovation financing available
down payment can be a gift (credit scores over 580)
no income limit
Want to discuss FHA financing to see if it's right for you? Contact us today at 207-878-7770 or go on-line to our secure application and fill out your prequalification application here.
We've been helping customers afford the home of their dreams for many years and we love what we do.